Venetis: Why do the real fillets remain unused

By George Lampiris

Another building, in which Veneti has invested in recent years, paying rent for a number of years, is the Bagion in Omonia Square, where in 2020 the Veneti Great store operated. In this case, the coffee chain spent 3m euros to upgrade and maintain the listed property, which is the work of architect Ernest Ziller.

At the same time, however, since 2006, when the building began to be leased by the Baggeio Foundation, which is responsible for its management, the company has paid a total rent of 2.5 million euros, without, however, exploiting the property until last year. The reason, according to the head of Veneti, Panagiotis Monemvasiotis, is the fact that the company was faced with significant delays that are mainly related to approvals from public services, in terms of the character and parameters of development of the historic property.

Similar cases in which the company rents real estate, paying the rent for a number of years are so much the former Jackson’s Hall on Milioni Street in Kolonaki, where the main problem that Venetis was called to solve was the fact that the property had a semi-basement, which in then he had to turn it into a ground floor space to house a bakery shop. Thus, in this case he proceeded to the complete demolition of the interior of the building, in order to create instead of a semi-basement, mezzanine and first floor that you had before, ground floor and first floor, where the ground floor will be in the near future the Veneti store and on the first floor entertainment area.

The third case -so far- of unused property for which rents are paid, is the former retail store of the bakery company Katselis (in the building of the former hotel Megas Alexandros), at the junction of Athinas streets and Omonia square, which has been renting since 2012 and the relevant approvals are pending from the Central Council of Modern Monuments for the revival of the site.

Waiting for tender in Bagion and Alexander the Great for hotel accommodation

It should be noted that the two adjacent properties located on Omonia Square, namely Bagion and the hotel Megas Alexandros, are in the lobby of a tender by the Baggeio Foundation for their lease, with the prospect of creating hotels on the upper floors , as has been the case in the past. It should be noted that Bagion has frescoes and is a property created in 1890, while both this and the building of Alexander the Great (1889), are works of Ziller, being until the 1950s one of the most famous hotels in Athens , before falling into decline.

Export of concept stores in USA, UK, S. Arabia

It should be noted that the concept Veneti Great, which operates in Bagion, is intended for export outside Greece, with the company already oriented to markets such as the United States, the United Kingdom and Saudi Arabia, where Veneti has signed according to different businessmen for the grant of the brand in the form of a master franchise.

In addition to the advent of the pandemic, the reasons for the delay in the implementation of the project were the increase in property prices by 20% in the United Kingdom, despite their initially expected fall when leaving the European Union, as Panagiotis Monemvasiotis pointed out.

At the same time, Venetis, significantly affected by the pandemic, in 2020 lost 24% of its turnover, making corrective moves in 2021 with the entry of four codes under the label Veneti Family in supermarkets such as AB Vassilopoulos, Bazaar but and small retail, while the first exports of these products began, the range of which includes Smyrna and Politiko galaktoboureko as well as Politiko and Gianniotiko baklava.

In the context of strengthening its size, the company moved in the direction of implementing its plan and operated Cremeria Veneti, a dairy in Kifissia. Also next Saturday begins the operation of the first store, Veneti Go in Monastiraki, a form of mini bar that will offer quick snacks, coffee varieties, natural juices and sandwiches in the form of take away and franchise development model, with an average investment cost of around 80,000 to 100,000 euros.

However, despite the aforementioned growth moves, Venetis managed to make up for the losses in 2020 in terms of turnover, it was 8 points, ultimately limiting the fall of 24% last year to 16% and the turnover for this year is estimated to close at + 11% compared to 2020, while the increase in profitability will reach + 25%.

Double digital project in delivery through dark kitchens

It should be noted that recently the company has created new stores in Chania, Filothei and Nea Kifissia. Venetis will soon open new points in Volos, in the center of Peristeri, Kifissia and before Easter will inaugurate the former Jackson’s Hall. In addition, the company has in the plan a new cafeteria scheme in the form of take away, but also a concept of digital orders with catering of orders through dark kitchens (ie there is no public dining area). Both brands will focus exclusively on product delivery. One will be called Pizza Mia and the second Jackson’s Burger.

Engagement for the restaurant in the Gallery

Regarding the restaurant area in the Gallery, where Venetis was hired, the company received the canteen that it completed and operates only for customers within the Gallery and, as noted by Mr. Monemvasiotis, serious problems are pending for the creation of a restaurant in specific building. “These are,” he said, “issues related to disputes between the Gallery and the company that built and delivered the property.”

It does not increase prices until December 31

Finally, the businessman commented on the increase in prices for raw materials and energy, noting that energy has increased by 200% -300% in stores, raw materials from 20% -40%, talking about the final blow to the restaurant. Asked if there has already been a price increase on the products, he said that “the company is family and flexible and decided that until December 31 it will not make any price increase”.

He even noted that he invited its suppliers to negotiations, while he also changed suppliers where necessary, adding that “Venetis is struggling to keep price increases low. From 2022 it will conduct single-digit price increases assessing the situation.”