George Georgiou: Nicosia Mall is not just a shopping mall but an all-encompassing family entertainment centre

Nicosia Mall is not just a shopping mall but an all-encompassing family entertainment centre, according to its General Manager George Georgiou, who in the October issue of IN Business magazine laid out the main factors that have led to its success.

Among other, Georgiou explains why he believes an increasing number of consumers are choosing to shop at the malls, while he also reveals what’s in the works in terms of future expansion plans – which include joining forces with the Papantoniou Group to open another mall in eastern Limassol.

What key categories do you cover in trade and services?

Nicosia Mall is not just a shopping mall, but an all-encompassing family entertainment centre. Therefore, we try to host not just a large number of shops, but also a broad range of facilities and options, which fully cover our visitors’ needs.

As such, Nicosia Mall has the biggest selection of shops that cover, among other, the following categories: clothing, shoes, cosmetics, sports, electrical appliances, devices and home appliances, telephony, supermarket, cinema, video arcade, children’s play area, food, beverages and coffee.

What are the main characteristics that make Nicosia Mall stand out from the competition?

Nicosia Mall is the largest shopping mall in Cyprus, both in terms of size and number of stores.

It also hosts all the important brands that are active in the Cypriot market under the same roof, while it is the only Mall that includes all important facilities, fully meeting consumers’ needs.

Also, in Nicosia Mall consumers can find several shops that are unique in the Nicosia province such as Kiko Milano, Etam, Undiz, Parfois, Vans, Sunglass Hut, Gant, US Polo and others, while there are also several shops that are unique in global level such as Nike, North Face, Timberland, Napapjiri, Lee/Wrangler, Swatch, Lyle & Scott, Asics, Puma, Dickies and others.

What are the main reasons for the increase in shopping malls and what are its benefits for consumers and the Cypriot economy?

In a free economy like the Cypriot one, the market moves freely without state intervention or other restrictions and protectionism, as it is regulated by the rules of demand and supply.

This significant growth in malls in recent years is a result of increased consumer demand for such developments.

The most important reasons that more and more consumers choose to visit shopping malls are the following:

• Weather conditions
• Ease of finding products of all uses as well as brands under the same roof
• Increased visitor safety
• Convenient opening hours
• Free parking spaces

It is also noteworthy that the increase in shopping malls has prompted many international brands to become active in the Cypriot market, either alone or through Cypriot franchisees, significantly upgrading the products and services offered to the Cypriot consumer, contributing at the same time to the growth of the Cypriot economy.

The children's soft play area

How do you manage the changes that have been taking place in retail in recent years?

It is indeed a fact that in recent years there have been huge changes in retail for many and varied reasons such as the coronavirus pandemic which has led to the rise of e-commerce and many new online platforms such as Temu and Shein.

There is also the dramatic rise in social media such as Instagram, X and TikTok, a change in consumer lifestyles with an emphasis on healthy eating, exercise and entertainment.

At Nicosia Mall we identified these changes and new trends early on, and proceeded with a number of changes to our tenancy mix in order to be able to satisfy the ever changing needs of consumers.

What has made Nicosia Mall such a great success?

The most important factors for the success of Nicosia Mall are the following:

• Placing our customer at the centre of all our actions
• Continuous monitoring of the global market and timely recognition of new trends
• Continuous effort to satisfy the constantly changing needs of the consumer
• Creating a sincere and honest relationship with all our partners (tenants, banks, subcontractors, suppliers, staff, etc.)
• The excellent human resources of both Nicosia Mall and our partners

I left as the last factor what I personally consider the most important, which is none other than the shareholders of Nicosia Mall, who are Cypriot self-made entrepreneurs.

Their excellent knowledge of the Cypriot market and their timeless respect for Cypriot society and the Cypriot consumer is fully reflected in the philosophy, decisions and all actions of Nicosia Mall.

People have noticed the diversity in Nicosia Mall's approach and it has brought us to where we are today.

Last Christmas at Nicosia Mall

Is there an ecological policy and how is it expressed in Nicosia Mall?

Given the vast experience of Nicosia Mall’s development company, K. Athienitis, we managed through proper planning and construction to implement many actions in this direction.

Some of the actions that were implemented include:

• Operation of a 2 MW photovoltaic system.
• Use of rainwater as well as water from air conditioning units to cover 70% of the total irrigation needs of Nicosia Mall.
• Operation of the Building Management System (Building Management System) which optimises the control and performance of all our machines, ensuring the reduction of energy consumption.
• Operation of intelligent Energy Consumption Control Systems.
• Installation and operation of advanced heat recovery systems, which allow a reduction in electricity consumption.
• Actions to raise public awareness, such as free charging of electric cars, planting and management of more than 700 trees both in Nicosia Mall and in the surrounding area; and more.

All the above actions have reduced the environmental footprint of Nicosia Mall by approximately 40%, while our ultimate goal is to reach zero by 2030.

The outdoor cinema at Nicosia Mall

What are your future plans for Nicosia Mall?

Drawing strength from the business success of Nicosia Mall but also encouraged by huge demand from both consumers and various brands, its shareholders have decided to join forces with the Papantoniou group, another important group of Cypriot interests, for the development of a modern shopping mall in eastern Limassol.

We are absolutely certain that the proposed development will make a decisive contribution to the growth of Limassol’s retail trade sector, while at the same time strengthening the local and Cypriot economy.

Most importantly, however, it will contribute towards upgrading the products and services on offer, as well as the Limassol residents’ quality of life.

What does the current state of the Cyprus economy look like from the perspective of the island’s biggest shopping mall?

The issue of the Cypriot economy is multidimensional and must be treated as such. There are many aspects and areas that need to be considered in order to reach safe conclusions.

On the one hand, the growth rate of the Cypriot economy has been one of the highest in the Eurozone in recent years, showing admirable resilience despite the significant challenges.

On the other hand, however, our economy is facing some serious problems that are putting the brakes on its further growth. These include:

• The delay in implementing the state’s reform agenda
• The bureaucracy that continues to plague all sectors of the economy
• Staff shortages in important sectors
• The weakening of Cypriot consumers’ purchasing power
• The unreasonably high cost of borrowing and the large accumulation of wealth in banking institutions at the expense of the real economy and consumers
• The large wage gap between the public and private sectors
• The state's inability to implement important projects that will contribute significantly to the economy
• The housing crisis, especially among young people
• The wave of flight of several young Cypriot scientists who immigrate for work purposes
• Corruption in all layers of society and the state
• The discrediting of political parties and institutions more broadly.

Therefore, some indicators may be satisfactory today, but in order for us as a state and society to move forward, we must immediately resolve all the above issues.

Otherwise, sooner or later we risk being led to a new crisis, like the one we faced in 2010-2013, and we all know how that ended up.