End of Season after over 25 years for the department store Notos the contribution of Aeolus and Stadium Streets, one of the most historic commercial sites in «heart» of the capital.
Yesterday Notos Com officially announced termination of the department store on 31 August 2026, a development which emerges as indicated in this regard «on the basis of a decision by the owners of the building not to renew the lease contract, which expired on 31/12/2024 and our company must comply with the requirement to deliver the premises». The information of the employees and the other announcement by the Athens Merchants Association was preceded.
Note that The owner of this building is the Piraeus Bank Group, which has announced jointly with Piraeus Bank since 2024. DIMAND the reconstruction plan of the building for its total reform with «green» characteristicsPiraeus (through special purpose companies in the umbrella of which the property is located) remains at the moment 100% owner. DIMAND, in addition to the restructuring plan under a general, wider agreement with Piraeus Group that includes other properties, has agreed for 100% of the purchase of the surface property around 8,000 square meters. The plan had been announced in 2024, with the cost of redevelopment being placed during the information, in the vicinity of EUR 20-25 million without, however, moving on to the next step.
In relation to the use of the property that is a trademark for the area as early as 2024 (so that the renovation plan was announced) it had become known that one of the proposals that had fallen to the table was for mixed uses, given that, on its part, DIMAND has implemented a few reconstruction projects, having among them the experience of the other, iconic property for the reconstruction of the historic MINION. From 2024 until today the ownership side of the property seems to be have not finalized the development plan, much more since, as it is claimed, efforts were made to find a common place with Notos to remain as a tenant in the new building. In this case, of course, the rent would be clearly higher since it would be a completely new building with environmental certifications and this raises the reasonable question whether and whether this would be a mutually beneficial solution for all parties involved. In fact, at times, DIMAND's own CEO Dimitris Andriopoulos had confirmed the negotiations, even saying that there was no hostile climate between the two sides, with the aim of notos remaining in the property after the redevelopment. Market information indicated that interim solutions had been considered for the period of redevelopment, even the possibility of transferring activities to another site, in central Athens, although in this case the project proved to be difficult in practice due to the lack of large spaces.
The department store of notos, in its present form, opened in 2001- when Notos Galleries Lambropoulos passed through the new era of the new millennium with a modern face and image. The However, point at the corner of Aeolus Street with Stage has been associated for many decades and throughout the past century almost with the history of domestic retail, when there he was the historical department store of Lambropoulos that then changed in the late 1990s when the historical «Lambropoulos» passed to the Papaellen Group"Average output power" exceeding 1 W;
Communications
Yesterday Notos Com announced that the Notos department store in the historic building at the confluence of Stadium and Aeolus Streets «a social landmark in the city centre and headquarters of the department store for over two decades should be evacuated, after the date of August 31», speaking of a forced development, very unpleasant for all of Notos' big family, «which expresses sincere gratitude to workers, suppliers, partners and consumers for their timeless trust and support throughout the long history of the store».
The company is in contact with the employee union to develop the appropriate programme to reduce the effects of this evolution. Over the next few months notoscom will focus on supporting employees -180 in number - and the smooth completion of activities at the shop of Aeolus.
Note that the activity of Notos department stores in Piraeus, Thessaloniki and Kalamata, as well as the notos online store. gr, continues normally as specified by the company.
The issue, as it is reasonable, has stirred up the workers for whom the Athens Association of Merchants, with its official announcement, is calling for their rights to be safeguarded, causing a provocative and infuriating development and while the group «Advertises «Development» and «profitability» of. Only in 2024 did it earn 468 thousand euros, increased by 105% compared to 2023, with a total turnover of EUR 129 million (129,13 with an increase of 3.3% over 2023). He made new investments in other sectors, while at the same time in 2024 he made a costly renovation of the Stadium store.».
At the end of the week there is expected to be a meeting of workers with management in order to discuss the next steps.
The Association invites workers to organize and move collectively against the decision, arguing that «Most of them for 20-25 years worked on salaries confined to previous decades, with their majority in part-time status, with constant change of hours», as noted in this respect.
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