A significant increase in foot traffic is expected at shopping centers in 2026 compared to last year, boosting the performance of brick-and-mortar stores in the real estate market.
Although e-commerce clearly remains the dominant trend in the sector, the search for an in-store experience is once again driving more and more consumers back to brick-and-mortar stores.
This is a development that not only strengthens the shopping centers owned by ,, but also attracts the interest of major investors such as banks and real estate investment trusts (REITs) in stores located in popular areas.
6% increase in 2026
According to market sources, 2026 is likely to be one of the best years for large brick-and-mortar stores despite the war in Iran. In fact, a senior executive at AEEAP told Euro2day.gr that in 2026, the increase in foot traffic is estimated to reach “high single-digit levels.”
Analysts agree that 2026 will be a good year, but they set the bar lower, forecasting an increase in the range of 5-6%. In any case, this represents an increase from last year’s levels.
For example, Lamda Development reported a 2% increase in the number of shoppers visiting its shopping centers in 2025, contributing to the group’s profitability.
At Noval Properties, which has properties such as the River West and Mare West shopping centers in its portfolio, CEO Georgios Koutsopodiotis stated in a company briefing that shopping activity in stores does not appear to have decreased due to the war, and foot traffic remains high, slightly higher than last year, according to the company’s tenants.
New Balances
It is interesting to note that new balances are emerging between e-commerce and the traditional stores that consumers visit.
“At the beginning of the decade, there was concern that we would move away from physical stores and toward e-commerce; but this trend has reached a point where brick-and-mortar stores have begun to marginally win back some customers, without this meaning that the trend will be reversed,” noted Ioannis Gkanos, CEO of Alpha Real Estate Services, at an industry conference.
Upcoming Investments
Meanwhile, the retail sector remains on the radar of real estate investors. With the continued rise in tourism in the country and the “return” of consumers to stores, the sector’s prospects are strengthening.
On Ermou Street, market sources report strong buying interest from private investors, family offices, Greek and foreign funds, and banks. Developments regarding the building housing the Notos department store—owned by Dimand and Piraeus Bank—are also being watched with particular interest, as the business is set to close at the end of August.
In Elliniko, two new shopping centers are in the works. The first (Riviera Galleria) is expected to be completed in late 2026 or early 2027, with its opening scheduled for around spring 2027.