A great cycle that started 4 years ago was completed for the Fourlis Group with the opening of the new IKEA complex at the airport, which now houses Holland & Barret, Intersport and Plaisio stores.

The group's President, Vassilis Fourlis, explained that the group's management followed the decision taken by IKEA internationally to reduce store size, increasing retail activity, which is linked to the rise of e-commerce and omnichannel. The shrinkage does not involve retail space but only inventory space and warehouses.

Thus, IKEA, from 25,000 sqm previously, now has 15,000 sqm of space and this space saving has resulted in the creation of the 26th 3,000 sqm Plaisio store, which is the company's largest—a Holland & Barrett store and a 1,000 sqm Intersport store.

According to the group's management, the move resulted in improved operations, with IKEA at the airport recording a 30% growth rate.

STRENGTHENING COMMERCIAL ACTIVITY

"Starting from Ioannina, Larissa and IKEA at the Airport, we proceeded to reduce warehouses, increasing commercial activity, and creating a commercial magnet for each region," Mr. Fourlis pointed out, stressing that IKEA at the airport, as it has been configured, is the most representative example of this effort.

THE NETWORK

The group's plan is to operate 10 IKEA stores, which will either be new locations under the new concept or small stores that will be relocated to other areas, such as IKEA in Kalamata. "There may be stores in Tripoli, Alexandroupoli in Rhodes and elsewhere," Fourlis noted. He added that the group has also proceeded with the restructuring of the premises at the store in Larissa, while it is not yet known when the retailers will start. There, he said, it is very likely that a Kiabi store will also be opened. However, for the Top Park in Heraklion, the group is in the process of negotiations and has not reached 100% agreement.

PATRA

Commenting on the recent opening of Top Park in Patras, Fourlis stressed that "it is going well" and that all stores there will open in a few weeks.

THE MARKET'S PROGRESS

Asked about the course of the market, Mr. Fourlis stressed that September was a strange month, while until mid-October, particularly for the clothing sector, due to the heat, there was a lag in sales. "This is something we saw at Intersport, while from mid-October onwards we are seeing dynamic movement."

Overall, IKEA is expected to close the financial year with growth of up to 7%. Intersport, on the other hand, will close with single-digit growth compared to last year.