Its remodeling work lasted only a few weeks property at 1 Ermou Street and Syntagma Square in Athens. It is a store familiar to most not only because of its location, but also because it is the most central point of sale of Nike. Nike’s representative office in Greece was owned by Folli Follie (FF), but the American chain decided, under the weight of the financial scandal that had erupted in the retail group, to gradually stop from May 2019 all the import and distribution contracts it had with the FF. The Syntagma store was the last of the American brand left in the Folly Folly. And this after the acquisition of control of Nike by Percassi group which has business in retail, real estate, with its founder Antonio Percassi being the president of Atalanta Bergamasca Calcio, the football club in Bergamo, Italy.
The rent
According with information from “K”the Percassi group will pay for the five-year lease of the store in Ermou 1 monthly rent 85,000 euros, an amount that is increased by 9%, compared to the starting price set by the Civil Servants Equity Fund. The store, which due to the high traffic of Ermou Street, is considered a cash cow, consists of a ground floor of 272 sq.m., a loft of 170 sq.m. and two basements of 340 sq.m. and 278 sq.m. each. According to the recent research of the real estate company Cushman & Wakefield, in Ermou streetbelonging to 15the most expensive commercial artery in the world, the monthly rent per square meter amounts to 290 euros. In other words, the Italian group gives a higher rent, compared to market levels.
While much can be said about the amount of rent the Italian group is paying for the Ermou store, few would dispute the deep business and real estate knowledge of $1.1 billion founder Antonio Percassi. , according to Forbes.
In 1960 his older brothers founded a real estate company, which acquired a portfolio of purely commercial properties in 1980. In 1976, when Percassi met Luciano Benetton, he began his retail business, managing stores for the Benetton brand. In 2001 he brought the Zara chain to Italy and in 2018 opened the first store of the American coffee chain Starbucks in Milan, while he controls 52% of the Italian cosmetics company KIKO Milano.
Ermou 15th most expensive street in the world
According to Cushman & Wakefield Proprius, based on the rents per year and per square meter of the stores, Ermou Street with an annual rent of 3,480 euros per square meter, occupies the last place in the list of the 15 most expensive commercial arteries worldwide.
The first five positions are occupied by:
– 5th Avenue in New York (20,384 euros / sq.m.)
– Via Montenapoleone in Milan – (18,000/sq.m.)
– Tsim Sha Tsui in Hong Kong – (15,219/sq.m.)
– New Bond Street in London – (14,905 / sq.m.) and
– the Avenue des Champs-Elysees in Paris – (11,414 /sq.m.)
