In the retail sector, and especially malls, 2026 will be the year where those who offer real experiences and not just stores will stand out, the General Manager at Mall of Cyprus Kypros Hadjistyllis emphasises.
In an interview with InBusinessNews as part of the IN Business Forecasting 2026 series of interviews, he notes that people continue to want a physical environment- as opposed to an online shopping experience- but they want it to be more integrated, with shopping, food, entertainment, and social experiences, explaining that the biggest challenge is that the consumer is now much more demanding.
Referring to 2026, Hadjistyllis explains that it is a year of targeted upgrading, with the aim of the Mall of Cyprus continuing to evolve and remaining the first choice for consumers and retailers.
"We are focusing on improving the visitor experience, enriching the tenant mix with brands and concepts that will add value, but also on more actions and events that give people a reason to visit the mall again and again," he says, characterising development as the only way to go and a matter of quality.
How do you think the Cypriot economy will perform in the new year and what are its prospects? What are the biggest risks and how can they be addressed?
Personally, I am cautiously optimistic. The Cypriot economy has proven in recent years that it can withstand pressure and adapt, and I believe that 2026 will also move in a positive direction, albeit at a slower pace.
The biggest risks I see regarding trade are the cost of living, which directly affects consumption, but also the lack of human resources. These cannot be solved with one move, but with serious planning, a stable framework and cooperation between the state and businesses. Cooperation with the aim of finding solutions!
The biggest challenge is that the consumer is now much more demanding. They compare, look for value and choose where to spend their time and money.
Those who offer real experience will stand out
How do you anticipate that your company's sector of activity will develop in 2026? What trends and challenges do you expect?
In the retail space, and especially malls, 2026 will be the year that those who offer real experiences, not just stores, will stand out. People continue to want the physical environment, but they want it more complete: shopping, food, entertainment, and social experience.
The biggest challenge is that the consumer is now much more demanding. They compare, looks for value and choose where to allocate their time and money. For us at Mall of Cyprus, which is already the most successful mall in Cyprus, this means continuous development, investment in the experience and support of our partners to remain the benchmark in retail.
Mergers and acquisitions are a strong trend. Will we see it in your sector as well?
We are already seeing changes in brands, new groups and greater concentration of forces. In our sector this is not necessarily negative. On the contrary, it can create opportunities for stronger concepts and better collaborations.
For a mall, the important thing is to be able to adapt quickly, understand where the market is going, and accommodate those combinations that have prospects and durability over time.
We focus on improving the visitor experience, enriching the tenant mix with brands and concepts that will add value, but also on more actions and events.
Targeted upgrade and continuous development
What can we expect in terms of your organisation's growth plans and strategy in 2026?
We do not see 2026 as a year of radical change, but rather as a year of targeted upgrading. Our goal is for Mall of Cyprus to continue to evolve and remain the first choice for consumers and retailers alike.
We focus on improving the visitor experience, enriching the tenant mix with brands and concepts that will add value, but also on more actions and events that give people a reason to visit the mall again and again. For us, growth is the only way to go and it is a matter of quality.
How do you anticipate that the tax reform will affect the economy and attracting investment?
I believe that businesses are not so much afraid of taxation as of instability and uncertainty.
Cyprus remains attractive not only because of its tax framework, but because it offers stability, access to the European market and quality of life. If the reform strengthens the country's credibility and simplifies procedures, I believe it can work positively both for the economy and for attracting further quality investments.
(Source: InBusinessNews)
