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Tuesday, May 30, 2023

The turnover of the malls exceeded half a billion

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Traffic rising, better performance than 2019, and up 25% from 2022 in Q1

ΞεπΕρασε το μισδι σ ο τζΙρος των malls

In the summer period of June-August, the volume of visitors to Makarios decreased and amounted to approximately 20% of the shopping centers.

ΞεπΕρασε το μ&iota ;σδισ. ο τζΙρος των malls

Her Maria Herakleous

The annual turnover of closed shopping centers all over Cyprus is over half a billion. For the 1st quarter of 2023, turnover is up 25% compared to last year, while traffic levels are also up 30%. Better performance compared to 2019 as well, with fluctuations in the percentage of growth for each mall. There are cases, such as Nicosia Mall, where the annual turnover of 2022 increased by 23% compared to 2019. The turnover is clearly linked to the increase in traffic, which seems to be steadily winning the biggest pie of the consumer public in Cyprus market.

Millions of traffic

According to data collected by “K”, visits in 2022 are higher than in previous years – also due to the restrictive measures of the pandemic that had a serious impact on retail trade. The latest figures show the rise compared to 2021, with these showing that every month, traffic is higher than the corresponding month of the previous year. 4.7 million visitors to Nicosia Mall for 2022. It is the mall with the highest visitor numbers for the previous year, recording higher figures almost every month. It is followed by Mall of Cyprus with 4.64 million, My Mall Limassol with 3.79 million, Kings Avenue Mall in Paphos with 3.53 million and Metropolis Mall with 3.08 million (not counting 1st quarter of the year).

Strongest month

The highest percentage of increase (with the exception of January, with the increase skyrocketing since in the corresponding month of 2021 the malls were closed) was recorded in the month of May (+76% in Paphos Mall, 43% in My Mall Limassol, 37% in Mall of Cyprus and 31% in Nicosia Mall). The highest traffic in absolute numbers, however, occurred in December, which has established itself as the most commercial month of the year, and not without reason. Across Cyprus, indoor shopping center traffic reached around 2.34 million visitors for the month alone – these are repeat visits, which increase due to the Christmas and New Year holidays. Of the five main indoor malls, the highest number of visitors is recorded at Nicosia Mall (560,791) and Mall of Cyprus (538,905). The highest, of course, traffic in relation to the other months of the year is also recorded in December by the Limassol mall with 427,468 visitors and the Metropolis Mall in Larnaca with 451,834 visitors. In the case of the Pafos mall, the highest levels of traffic were recorded in August – 376,300 which is of course linked to tourist arrivals and overnight stays in the area.

Shopping outside malls

However, retail is moving satisfactorily outside the closed shopping centers. For his part, the g.c. PASYLE Marios Antoniou, said that the first quarter of the year and also April moved very well for the market, which was strengthened in the indicators of traffic and purchases and from the first arrivals of tourists for the Easter holidays. However, the official February figures from the Statistical Service show that both the value and volume of retail trade turnover have increased by 7.3% in volume and 13.9% in value. A very important part of this turnover is gathered by the malls, which seem to attract large portions of consumers, mainly 14-35 years old, who are considered big spenders. This is because they don't just offer shopping options, but attempt to give the consumer a holistic entertainment experience. On the positive side of malls is the fact that they offer – also – a controlled and safe environment regardless of weather conditions, with parking facilities and different options in entertainment, dining and shopping – from clothing and footwear, technology items to supermarket shopping. At the same time, it is also very important to strengthen the commercial streets of the cities, which so far seem to be losing shares to the closed shopping centers. “Commercial streets are very important to have life, but it is also important to have facilities and parking areas, public toilets, squares and pedestrian streets. The commerciality of shopping malls must be combined but under no circumstances should the traffic and life in the shopping streets be lost. We want both,” emphasizes Mr. Antoniou. He emphasized the need for input from local government to improve visitor accessibility, to have facilities and to hold events that can attract the public to the main commercial arteries. He emphasized that the key to increasing visitors to shopping streets is public transport.

The case study strong> of Makarios

Indicative are the traffic records concerning Makariou Avenue. According to which, within one year, from March 2022 to March 2023, the volume of visitors reached 1.3 million. The best performance was recorded in March this year with visitors exceeding 212 thousand in one month, recording a significant increase compared to March 2022 of 142% and 70% compared to December 2022. (Measurements were made by the Counting Analytics system provided as part of the implementation of the co-financed Smart City project of the Municipality of Nicosia). Despite the increase in traffic, the data that “K” has before it demonstrate the long way that the center of the capital has to travel to actually enter the game of competition mainly in the field of clothing and footwear markets. For example, in March 2022, around 1/4 of all visitors to Nicosia Mall and Mall of Cyprus visited Makariou Avenue. In the summer period of June-August, the volume of visitors to Makarios decreased and amounted to approximately 20% of the shopping centers. This is of course linked to the high summer temperatures that do not favor open spaces mainly during the day, while almost the same ratio is recorded in December. The opening of food venues on the boulevard worked positively to increase visitors, with the latest March figures showing a significant increase in visitor numbers (212,177).

ΞεπΕρασε το μισδισ &omicron ; τζΙρος των malls

In the summer period of June-August, the volume of visitors to Makarios decreased and amounted to approximately 20% of the shopping centers.

Three new investments

< p>In addition to the new entrances in the catering sector, in the area of ​​the center of Nicosia, investments of millions are coming, which show that in the long run, the central commercial streets will be significantly strengthened. “K” spoke with the Cyfield company, which is preparing three multi-million residential projects, two of which are on Stasikratous Street. In total the company will invest 134 million for all three projects. The first investment has already been announced, a €30 million residential project in Stasikratous, Stasikratous Residences – a building of 26 floors and 46 apartments (23 1-bedroom and the remaining 23, three-bedroom). On the ground floor of the building, two shops will operate, for which luxury goods agreements have already been signed. The project is in the process of laying the foundations. This is a project that will be aimed at the Cypriot market and with prices lower than 360. There is also a 2nd high-rise building of 20 floors coming again in Stasikratous, an investment of €24 million. The 3rd development is located opposite the old GSP, it is building of 25 floors and is worth €80 million and they are awaiting permits from the municipality. As the CEO of the group Giorgos Chrysochos mentioned, there is sustainability and an upward trend for the center of Nicosia, which is strengthened by the opening of restaurants little by little and the increase in visitors. Therefore, the company is proceeding with new investments while movements are expected from other players.

ΞεπΕρασε το μισo δισ. ο τζΙρος τ&omega ;ν malls

The Cyfield company is preparing three multi-million residential projects, two of which are on Stasikratous Street.

Source: www.kathimerini.com.cy

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