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Thessaloniki commercial association: 800 stores closed as soaring rents cripple market
🇬🇷 Greece /Economy & Trade

Thessaloniki commercial association: 800 stores closed as soaring rents cripple market

From Ta Nea · () Greek

Translated from Greek, summarized and contextualized by DistantNews.

At a glance

News Named sources Outcome reported
  • The Commercial Association of Thessaloniki reports 800 stores have closed in the city.
  • Soaring rent increases are cited as the primary reason for the closures.
  • One property owner reportedly increased rent from 2,100 euros to 4,500 euros per month.

Thessaloniki is facing a significant wave of business closures, with the Commercial Association reporting that approximately 800 stores have shut down across the city. This alarming trend is primarily attributed to drastic increases in rental prices, making it unsustainable for many small and medium-sized businesses to operate.

One stark example illustrates the severity of the situation: a property owner in a central commercial area reportedly sought to raise the monthly rent for a shop from an initial 2,100 euros to 3,000 euros, and eventually to a staggering 4,500 euros. Such figures are described as unmanageable for entrepreneurs.

This phenomenon is not confined to Thessaloniki's prime locations but is also extending to regional areas. The escalating rents are effectively 'locking out' businesses, particularly those operated by small and medium-sized entrepreneurs who form the backbone of the local economy. The article highlights that at least 20 shops remain closed on one of Thessaloniki's main commercial streets due to these prohibitive rental costs.

DistantNews Editorial

Originally published by Ta Nea in Greek. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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