What: Notos will close its flagship Athens department store after more than 25 years, following a landlord’s decision not to renew the lease on this historic city-center location.

Why it is important: The loss of a historic retail landmark underscores how rising rents and shifting consumer behavior are accelerating the transformation of city-center retail across Europe.

After more than a quarter-century of operation, Notos’ flagship department store near Omonia Square in Athens will close its doors on August 31, following the landlord’s decision not to renew the lease. The building, a city landmark that previously housed the Lamprianopoulos department store, has been a fixture in central Athens for decades. This closure is emblematic of a broader trend across Europe, where department stores are increasingly vulnerable to real estate pressures and changing urban priorities. Notos will continue to operate stores in Piraeus, Thessaloniki, and Kalamata, and is working closely with employee unions to mitigate the impact of the closure on staff. The decision reflects the growing challenge for legacy retailers to maintain large, centrally located stores as consumer behavior shifts and city-center rents rise. As department stores across Europe reassess their networks and focus on more resilient formats, the closure of such historic locations signals a significant transformation in the urban retail landscape.

IADS Notes: The closure of Notos’ flagship store in central Athens reflects a broader pattern of contraction and restructuring among European department stores. BoF in June 2025 highlights the mounting distress in the sector, with legacy retailers increasingly vulnerable to real estate pressures, lease expirations, and shifting urban priorities. Croatia Week in January 2026 documents the closure of another historic department store, underscoring the trend of landmark retail locations shuttering as a result of changing consumer behavior and property negotiations. Le Temps in October 2025 provides context on the operational and financial challenges facing major department stores, including the impact of property dynamics and the need for network optimization. Lindex Group’s strategic assessment, as reported in December 2025, emphasizes how lease liabilities and landlord decisions are central to store closure strategies across the sector. Retail Week in August 2025 further illustrates how department stores are responding to rising rents and evolving consumer patterns by closing underperforming or high-cost locations and focusing on more resilient formats. Collectively, these sources demonstrate that even well-established retail institutions are not immune to the pressures of property negotiations and the evolving urban landscape, making network optimization and workforce transition planning critical for future resilience.

Notos department store in central Athens to close after 25 years