Cyprus’ shopping malls reported record-breaking performance in 2024, with December emerging as a standout month for both footfall and sales.
George Georgiou, general manager of Nicosia Mall, told local outlet Stockwatch that annual visitor numbers increased by 3 per cent compared to 2023, reaching nearly 5.7 million.
Preliminary data suggest an 8 per cent-10 per cent rise in turnover, expected to close at approximately €195 million excluding VAT.
Georgiou attributed this success to improved store offerings and, to a lesser extent, inflation.
He highlighted the mall’s cinema as a significant draw, particularly after K Cineplex at Mall of Cyprus ceased operations in July.
December was noted as the busiest month, with strong November results fuelling optimism for 2025.
“When the year closes positively, it creates confidence for continued growth,” Georgiou said.
Meanwhile, Andreas Hadjimitsi, director of My Mall Limassol, reported a 10 per cent rise in footfall over two years and an anticipated 12 per cent increase in turnover for 2024 compared to 2023.
What is more, during the holiday season, daily visitors peaked at 30,000.
However, Hadjimitsi voiced concerns about the impact of two new malls planned for eastern Limassol on small businesses and traffic congestion.
Construction of one, adjacent to Jumbo in Agios Athanasios, is expected to commence in 2025, pending permit approval.
In Larnaca, Metropolis Mall’s director Dinos Mavrolefteros noted a 10 per cent annual rise in visitor numbers and record sales in cafes, with Costa Coffee leading nationwide.
Plans for 2025 include incorporating green development initiatives, though details remain under wraps.
