When you think of the world’s most prosperous shopping streets, you probably don’t think of Greece.
But back before the double whammy of the 2008 financial crisis and 2010-2012 eurozone crisis, Athens was home to some of the most prime retail space on the planet.
In 2012 Joe Weisenthal wrote a post about Ermou, which real estate firm Cushman & Wakefield said was the 10th most expensive in the world for retail space in 2007.
I thought I’d update Joe’s post to see what had changed in the last three years — what I didn’t realise is that I’m actually staying on the street in question. Like him, I never would have guessed this was once such a prosperous area.
The price of retail space in the area has fallen by nearly half since then and it’s lost a lot of its former glory — take a look.