River West is the first shopping center in Greece to combine two different trends: a traditional shopping center and a leisure destination in one space.
Noval Property AEEAP expects to increase its annual rental income by 30% to 14 million euros over a three-year period, due to the expansion of the River West shopping center, which is expected to become operational at the end of July. The € 30 million investment is called the River West Open and has the character of a shopping park with large stores.
In the context of the presentation, the River West Open is expected to contribute significantly to increasing traffic at the group’s shopping complex on Kifissos Avenue, executives said.
Maria Kaluta, head of retail at Noval Property, said: “We estimate the entire complex will attract about 8 million visitors per year in three years, compared to 5.3 million in 2019.”
The new investment has been harmoniously integrated with the existing River West and is the first shopping center in Greece to combine two different trends, a traditional shopping center and a leisure park in one space.
The River West Open will double the space available for shopping and dining (cafeterias and eateries) compared to the current River West Mall, with 17,450 sqm of space. given over to commercial shops and about 1550 sq.m. for restaurants (for comparison: in the current center of 18,000 square meters). Together with neighboring IKEA, the country’s largest commercial center with an area of 62,050 sq.m. is being created.
Currently, the new shopping park is 80% completed: 5016 sq.m. leased the Decathlon sportswear chain (it will be the company’s flagship in Greece) and 4600 sq.m. will be leased by the Moustakas chain, which will retain the space currently rented inside the shopping center. The same is with the Kotsovolos chain, which will move to the River West Open in a store with an area of 2,170 sq.m. In addition, a shop with an area of 1300 sq.m. also rents home furnishings store chain Jysk. In the catering sector, lease agreements have already been signed with the KFC chain, the Lukoumades store, a new offer in the steakhouse category and the School Pizza chain.
It should be noted that the adjacent land plot was leased by the Muzakis group to expand the total area.