LAMDA Development’s Shopping Centers continue to break new records, reaffirming their leading position in the Greek market. With four iconic destinations – The Mall Athens, Golden Hall, Mediterranean Cosmos, and Designer Outlet Athens – the company consistently offers a unique shopping, entertainment, and leisure experience, shaping the future of retail in Greece.
The growth and performance of its shopping centers are reflected in the company’s impressive annual financial results for 2024, announced just a few days ago. EBITDA before valuations for the four operating malls reached a historic high of €88 million, marking a 9% increase compared to 2023, while foot traffic rose to 25.6 million visitors, confirming strong public preference. At the same time, store sales across the four shopping destinations reached €865 million (a 5% increase from 2023), setting new record levels. The total portfolio value also achieved a historic high, reaching €1.2 billion.
The company’s momentum is further strengthened by the development of two new, innovative retail destinations: The Ellinikon Mall and Riviera Galleria. Heads of Terms have already been agreed for 63% of the GLA (Gross Leasable Area) of The Ellinikon Mall, indicating strong retailer interest, while 76% of the GLA for Riviera Galleria has also been secured. Construction is in full swing: excavation at The Ellinikon Mall has been completed, and the contracting phase is underway; at Riviera Galleria, concrete works across all buildings have progressed. Development of the Riviera Galleria secured a bank loan of €185 million (including €39 million for VAT financing), signed in February 2025, with the participation of Eurobank, Piraeus Bank, Alpha Bank, and Attica Bank.
Enhancing the visitor experience remains at the heart of the company’s strategy. The four Shopping Centers now host 637 stores, including 79 dining venues and 11 leisure and cultural spaces, offering options that go beyond the traditional retail experience. A nearly 100% occupancy rate highlights the long-standing relationships of trust built with top-tier brands. In 2024, the brand portfolio expanded with the addition of 50 new stores, including major brands such as Nespresso and JD Sports at The Mall Athens, Ma Cherie, Alviero Martini, and ENA Athletics at Golden Hall, McDonald’s and KOI at Mediterranean Cosmos, and Zadig & Voltaire, Jack & Jones, and Starbucks at Designer Outlet Athens. Additionally, 53 store renovations took place in Athens and Thessaloniki in 2024.
The continuous renewal of the retail mix, strategic collaborations with dynamic brands, and the development of experiential events offer unique moments of interaction and entertainment, making LAMDA Development’s Shopping Centers much more than just shopping destinations.
The company remains committed to the ongoing enhancement of its spaces, investing in new technologies, sustainable solutions, and infrastructure that elevate the visitor experience. Its strategy focuses on improving efficiency and innovation, creating a more user-friendly, sustainable, and high-performing environment. For example, all Shopping Centers have seen upgraded landscaping, new hangout areas, and enhanced security and parking management systems.
In 2024, the company also implemented a new energy upgrade plan, including the installation of photovoltaic systems across all centers, replacement of energy-intensive heating and cooling systems, and the switch from conventional lighting to low-energy LED fixtures. In addition, 60 electric vehicle charging stations are now in operation in the parking areas.
At The Mall Athens, renovation of the interior and exterior spaces is progressing rapidly, creating new leisure areas, sustainable interventions, and innovative dining concepts. During the year, the Urban Roof Garden was inaugurated – a unique new space offering panoramic views of the city, delivering an entirely new experience to visitors. Similarly, at Mediterranean Cosmos in Thessaloniki, the renovation of the outdoor plaza is being completed, enhancing both its aesthetics and functionality.
The year concluded with the acquisition of 10 new ISO certifications for both the management company and each Shopping Center, covering quality, environment, energy, health, and safety standards.
With a steady growth trajectory, continuous investments, and adaptation to new consumer trends, LAMDA Development is shaping the future of Greek retail, positioning its Shopping Centers as top destinations that exceed the expectations of both visitors and partners.
