Ippokratis Kourkoumpas: Public’s €10m investment plan and new commercial developments in Limassol

Despite challenges such as inflation's impact on consumer purchasing power and the chronic issue of skilled labour shortages, innovation and adaptability are creating positive prospects for Public in Cyprus for 2025.

In an interview with InBusinessNews as part of the "IN Business Forecasting 2025" series, Public Cyprus' Marketing Director, Ippokratis Kourkoumpas, highlighted the company's focus on enhancing omnichannel experiences by introducing new services and faster deliveries to meet modern consumer needs.

Regarding Public's expansion plans, Kourkoumpas mentioned the ongoing upgrades and expansion of stores in Paphos and Paralimni. Simultaneously, Public has secured its presence in new commercial developments in Limassol, which are expected to significantly boost the local market. Additionally, the company is implementing a three-year €10 million investment plan, expanding its network and incorporating household appliances into more stores.

Economic outlook for Cyprus in 2025

Asked about his outlook for Cyprus's economy in 2025, Kourkoumpas expressed optimism due to the country’s notable resilience. Based on current data, GDP growth in 2024 is projected at 3.3%, with early indications pointing to a 3.1% growth rate for 2025. He emphasized that Moody’s recent double upgrade, elevating Cyprus to investment grade A for the first time in 13 years, signals strong confidence in the country’s economy. However, he noted that economic performance will depend on external factors, such as global markets and geopolitical developments.

Despite uncertainties, traditional pillars of the economy—tourism, financial services, real estate, and retail (Public’s sector)—continue to drive growth. With targeted reforms and investment in innovation and green development, Kourkoumpas believes 2025 will outperform 2024.

Key risks for Cyprus' economy

He identified external challenges, including geopolitical tensions in the Middle East and the war in Ukraine, as major threats. Such developments could negatively impact tourism, a sector highly vulnerable to external shocks. Inflation and potential further interest rate hikes also pose risks to households and businesses.

To ensure sustainable growth, Cyprus must further diversify its economy. Investments in technology, research, renewable energy, and healthcare are crucial. Additionally, effective use of EU funds and workforce development will be essential in tackling modern challenges.

Enhancing Cyprus' attractiveness for foreign investments

Foreign investments play a significant role in Cyprus’ economy, with an estimated €3.2 billion attracted in 2023. These investments are vital, creating jobs and boosting expertise.

To remain competitive, Cyprus needs to improve its infrastructure, accelerate digital transformation, promote innovation and renewable energy, and continue targeted campaigns to position the country as a prime investment destination.

Inflation reduces purchasing power

How do you expect the retail sector to perform in 2025? Are there any challenges that concern you?

The retail sector in Cyprus follows global trends, with consumers favoring both online shopping for convenience and in-store experiences for personalized service.

However, we are concerned about inflation and its impact on consumers’ purchasing power. Additionally, the persistent issue of a shortage of skilled labor remains a significant challenge.

At Public, we focus on enhancing the omnichannel experience by offering new services and faster deliveries to better meet the needs of the modern consumer.

Despite these challenges, our emphasis on innovation and flexibility creates positive prospects for 2025.

Expansions, upgrades, and presence in new developments in Limassol

What are Public’s development plans for 2025?

At Public, growth remains at the core of our strategy. In this context:

• We are expanding and upgrading our stores in Paphos and Paralimni, strengthening the local market.
• We have already secured our presence in new commercial developments in Limassol, which are expected to significantly boost the local economy, further expanding our commercial footprint in the city.
• We are implementing a three-year €10 million investment plan, expanding our network and incorporating household appliances into more stores.

Through these initiatives, Public continues to lead the retail sector by offering innovative solutions and an enhanced consumer experience in both Greece and Cyprus.