Nicosia Mall's George Georgiou: Plans to also develop shopping centre in Limassol

The upward trend that shopping malls in Cyprus are experiencing, especially after the end of the Coronavirus pandemic, is expected to continue in the future, mainly due to the comparative advantages of malls over their competition, notes the General Manager of Nicosia Mall, George Georgiou.

In an interview with InBusinessNews, as part of the IN Business Forecasting 2025 series, he emphasises that some of the advantages of shopping centres are the abundance of stores and uses under the same roof, ease of access and free parking, controlled weather conditions, as well as security.

Asked about Nicosia Mall’s plans, he explains that the goal for 2025 is the continuous strengthening of the tenancy mix and the ongoing improvement of services for the benefit of the mall's customers.

The immediate plans also include the development of a shopping centre in eastern Limassol with the aim of upgrading the services and products offered to consumers in the Limassol district.

How do you think the Cypriot economy will perform in the new year? How optimistic are you about its prospects?

It is a fact that the Cypriot economy, despite the challenges it has faced over the last ten years or so, has demonstrated incredible resilience.

Based on current economic data, namely the upgrading of the Cypriot economy by all major rating agencies, the continuation of prudent economic policy by the current Government, the positive course in almost all major sectors of the economy, as well as the reduction in interest rates, I remain very optimistic about the course of the economy in 2025.

The timeless problems of the economy

Who do you see as the biggest risks to our country's economy? What should be considered in order to ensure its growth trajectory?

There are certainly several challenges that could potentially act as a ‘brake’ on the Cypriot economy. There are challenges, e.g. wars, increases in the cost of raw materials, increases in the price of basic consumer goods, increases in transportation costs, etc., about which there is not much we can do.

However, there are significant problems that have plagued the Cypriot economy for a long time and which, although recognised by everyone, we do not corresponding actions being taken. Among others, the following are noted:

1. The gangrene of bureaucracy, which despite the occasional announcements of successive governments and the Parliament, remains one of the most significant obstacles to the development of the Cypriot economy
2. Delay in the digital transformation of government services
3. Continuous increase in the state payroll and the consequent increase in the gap between the salaries of public and private employees
4. Corruption in all sectors of the economy and society, but especially in the state sector
5. High energy costs, which beyond the obvious negative impact on the economy, can lead to us becoming uncompetitive
6. High borrowing costs, which result in an unjustifiably high transfer of wealth from all strata of the economy and society to banking institutions, with all the negative consequences.

What should Cyprus do to become an even more attractive destination for foreign investments? And how important, in your opinion, are they to its economy?

We all understand the importance of foreign investment for the Cypriot economy. I believe that the measures taken by both the Government and the Private sector are in the right direction.

The results of these actions are tangible since, in 2023, Cyprus succeeded in attracting €3.2 billion in foreign investment, recording an increase of 129% compared to the previous year, creating 2,500 new jobs.

Equally important are the actions to rebrand Cyprus with the aim of strengthening the country's reputation, which admittedly suffered serious blows from various decisions and practices of the past, such as the programme for issuing passports to third-country nationals, etc.

The advantages of malls

Regarding your company's sector of activity, how do you estimate it will develop in 2025?

In general, shopping centres in Cyprus are on an upward trend, especially after the end of the coronavirus pandemic.

I believe that this picture will continue in the future, mainly due to the comparative advantages of shopping centres over their competition.

Among other things, the abundance of shops and uses under the same roof, the ease of access and free parking (with few exceptions), the controlled weather conditions, and also the security are noted.

Strengthening tenancy mix at Nicosia Mall and new shopping centre in Limassol

What can we expect in terms of your organisation's plans and development strategy in 2025? What moves do you intend to make in this direction?

Nicosia Mall has managed, in its six years of operation, to become the undisputed leader in its sector of activity, as it is in 1st place in almost all comparative indicators.

Among other things, Nicosia Mall has the largest number of visitors, the highest total turnover and the largest number of stores.

Our goal for the new year is to continuously strengthen our tenancy mix and continuously improve our services for the benefit of our customers.

In closing, I would like to mention that our immediate plans include the development of a shopping centre in eastern Limassol with the aim of upgrading the services and products offered to consumers in the Limassol district.

(Source: InBusinessNews)