ANNOUNCEMENT OF BUSINESS DEVELOPMENT

October 15, 2019

 

PRESS RELEASE

New Smart Park stores open in November –

New agreements with STRADIVARIUS, OYSHO and JUMBO extension.

Phase 2 of “Smart Park” retail park  from its subsidiary, ELLAKTOR, REDS, enters its final phase of development with expansion work to be completed at the end of October and new stores' opening is expected  this upcoming November.

The lease coverage ratio of the new leasing surfaces  of 15,000 sq.m. now exceeds 80%, with the recent signing of commercial real estate leasing agreements under the name STRADIVARIUS, OYSHO, HANS & GRETEL, SUNWEAR, CROCS and SUGARFREE, while similar agreements have already been signed with MARKS & SPENCER, DIAFANO, BO CONCEPT, GAP, ASHLEY HOMESTORE, and TOYS CENTER.

At the same time, the extension of the guaranteed term of the commercial lease of the Jumbo store until September 2029 was signed, with the company re-arranging the lease premises, increasing the sale area of the existing store to approximately 8,000 sq.m.

The expansion of the Smart Park, with a total  space of 53,000 sq m., with the addition of new brands will further enhance the positive growth path already evident in 2019, with a 5,8% increase of footfall in the first nine months of 2019 compared to 2018, a 9,7% increase in total sales of Smart Park shops and an 8,5% increase in comparable sales (Like-to-like).


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