Shop occupancy in the old town is high with 94% in Ledra Street and 86% on Onasagorou Street, according to a recent study that examined retail trends in Nicosia.
The study conducted by Leaf Research profiled 218 retail stores in pedestrianised Ledra and Onasagorou streets with data collected during December 2013.
It found that occupancy and vacancy rates on side streets of Ledra and Onasagorou was 69% and 31% respectively.
It said the higher vacancy rate at the Eleftheria Square end of both streets was partly attributed to the delays in completion of the area’s revamp project.
The study also showed that even though most shops in old Nicosia are fashion shops there is a growing trend that is seeing numerous restaurants and bars springing up in Onasagorou and Ledra streets, while the fashion sector appears to have remained static.
In fact, 51% of restaurants and bars on both streets opened up in the last two years, while the remaining 49% includes shops that fall in the 3-10 years occupancy category and 10-20 years of occupancy (29% and 11% respectively).
On Ledra Street fashion is the dominant factor with 44 boutiques representing 39% of total shops while on Onasagorou boutiques amount to 24, equal to 30% of all shops there.
Food and beverage outlets have an almost equal percentage in both streets, amounting to about 22%, with 26 restaurants and bars in Ledra and 17 in Onasagorou.
In general there are not many new fashion stores opening up, with only 7% of the shops having a 0-2 years occupancy period.
In fact, more than 30% of boutiques in the old town have been there for more than 30 years.
According to the study, the average period of occupancy in both streets is 20.8 years.
Recently opened shops were most common in Ledra, with most shops falling within the 3-10 years occupancy period.
In Onasagorou, most shops belonged to the 30+ years of occupancy category.
No new jewellery shops have opened in the last two years on both streets while 50% of them have been there for more than 30 years.
Leaf Research is a real estate advisory firm, providing real estate market research, strategic consultancy, valuation and financial modelling.