Athens takes the lead from Middle East

Like a large proportion of the expats that live in Dubai, I have just spent a few weeks out of the city on holiday. My requirements for enjoying some time off are relatively simple, and typically extend to plenty of reading material, coupled with some peace and quiet, as well as some good, authentic food.

Consequently, my recent experience of spending two weeks in Greece with a large group (34 to be precise) of friends and family may seem at odds with what would normally be on my list of requirements.

During the time that I wasn't teaching my nephew how to walk, or my soon to be nephew-in-law, the finer points of the game of beach cricket, I had time to think about how very different the retail markets of Dubai and this area of Europe are. That was until I stumbled across the two newest malls in Athens. It then occurred to me that although the Middle East is still playing catch up with some global retail markets, it may also now be a showcase for other retail markets.

Athens has a fantastic esoteric past that is steeped in myth, mystery and almost unimaginable architectural wonder and as a result (certainly for me) it was the last place that I expected to see the advancement of large-scale malls. However juxtaposed against the ancient skyline are increasing numbers of malls which are serving an economy and population that is finding its feet in the aftermath of the heady heights that the 2004 Olympics brought with it.

The real surprise for me however was not that the retail scene was prospering as a direct result of these malls but because of the duality that these malls offer, in context with the retail offering that is increasingly present on the many and varied high streets. The result then is that the city (although being geographically quite wide-spread) now has a burgeoning retail sector that appears to be covering all the bases that are essential for maintaining stability in a sector that is currently being hit very hard by the current economic downturn in Europe.

Diversification

The size of the retail market may well be a factor here as typically, Germany France and Italy account for around 80 per cent of the total Euro-Area retail sales. As a consequence, Greece could well be holding its own against this widespread downturn as it's not being hit as hard as some of the other more dominant markets.

However by offering a strong retail scene - that is, embracing both the modern day mall culture while also maintaining the street and high-street style retailing that typifies this area of Europe - the market is able to avoid stagnating. The lessons that can be learnt in the Middle East from such a model are as transferable our region, as the mall ideas that Athens appears to be embracing there.

As any successful retailers knows the recipe of success lies not in a single dominating platform but in providing the right mixture of products and services, and the same is true of the sector as a whole. Consequently for the Middle East to continue to prosper we will need to continue to build retail space, however diversification of this space and the ability to provide new and interesting destinations will be required if we are to do so.

- The writer is Head of GRMC Retail Services, Dubai.