Kypros Hadjistyllis, General Manager of the Mall of Cyprus and the Mall of Engomi, discusses the strong performance of both in the past year and offers his insights into the current state of the retail sector and the changes that are affecting it.
As he says, “Online shopping is part of today’s reality but what we see is that people still want experiences – and this is where malls have an advantage”.
The Mall of Cyprus and the Mall of Engomi both registered significant growth last year. How has 2025 compared and how has the overall retail market performed in the past 12 months?
This year has been another very strong one for both malls. At the Mall of Cyprus, we are proud to say that, after 18 years since the commencement of operations, we continue to hold our position as the leading shopping destination in the country, for consumers and retailers alike. Traffic and revenues have remained at record levels, which shows the trust and loyalty we’ve built over time.
For the Mall of Engomi, 2024 was particularly important because it was the most successful year since its redevelopment. The Mall is now fully let and performance has exceeded our expectations, proving that the changes we made have really strengthened its role in the market and that it has been fully embraced by the public.
Overall, the retail sector in Cyprus has been positive and both malls have been able to capture that momentum in a way that supports our tenants and benefits our visitors.
Do you have any plans to expand or bring in any new brands to the malls?
We are always working to keep both malls fresh and attractive by bringing in new brands that complement our existing mix. Over the past year, we have welcomed several new retailers and the response from visitors has been very positive. At the same time, we are already in discussions with additional international and local brands that are interested in joining. Our approach is not just about adding more stores but about making sure that we have the right variety to meet the needs of our customers and to give our tenants a strong environment to perform in. This way, both malls remain dynamic and continue to set the standard in the market.
Consumers are increasingly drawn to online sales, which has affected retail stores. How do you plan to keep customers interested in visiting the malls, while also remaining forward-thinking?
Online shopping is part of today’s reality but what we see is that people still want experiences – and this is where malls have an advantage. Our role is to go beyond just shopping. We focus on creating a complete experience that combines retail with food, entertainment and events, making a visit to the mall something that online shopping cannot replace. At the same time, we remain forward-looking. A good example is our Mall Gift Card, which is available in both physical and digital formats and is performing extremely well. This shows that people value convenience and flexibility and it’s a reminder that we all need to adapt to new standards and consumer expectations if we want to stay relevant and maintain our strong position in the market.
Inflation has been on people’s minds significantly over the past view years. How has it affected the retail market and what can be done to help maintain a balance?
Inflation has indeed influenced consumer behaviour over the past few years, as people have become more careful and cautious about how they spend. At the same time, retailers have had to balance rising costs with the need to remain competitive. Despite these challenges, the retail market in Cyprus has shown strong adaptability and both our malls continue to perform well. Collaborating with our partners – our retailers – is the way to maintain balance. Together, we create initiatives that drive traffic, such as events, promotions and marketing activities that give people more reasons to visit. For consumers, a mall offers not just shopping but also value through choice, convenience and experiences that go beyond price alone.
Younger consumers demand more from their retail experience. How are you planning to adapt the malls to meet these new demands?
Younger consumers are looking for more than just shopping; they want entertainment and brands that fit their lifestyle. To cater to this, at the Mall of Cyprus, we’ve expanded our entertainment options with the Players Arcade area, featuring Wall Climbing units, a Laser Tag Arena and a Ninja Course – the first of its kind in Cyprus. These additions have been very well received and help make the Mall a destination for teenagers and young adults, who want to challenge their strength and stamina. On the retail side, we continue to introduce brands that appeal to younger audiences and are exclusive in Nicosia, such as CP Herbalist, Kiabi, Overall, Columbia Confectionery, Miniso and more. In addition, we plan specific activities and events designed to attract younger generations, giving them reasons to visit, spend time and fully enjoy everything the malls have to offer. This includes a signature Christmas event that the Mall of Cyprus will host, which we expect to become the talk of the country, creating a memorable experience for all visitors. By combining unique experiences, carefully selected brands, and engaging events, we ensure that our malls remain vibrant, relevant, and appealing to all consumers.
(Photo by TASPHO)
This interview first appeared in the September edition of GOLD magazine. Click here to view it.
