CEOs Dinner | Leading Through Change: Vassilis Fourlis on the Future of Retail

At the latest CEOs Dinner hosted by Endeavor Greece, we had the honor of welcoming Vassilis Fourlis, Executive Chairman of Fourlis Group, for an open and insightful discussion with members of our entrepreneurial community.

Over dinner, Mr. Fourlis reflected on the evolution of family businesses, the shifting nature of retail and real estate, and the broader transformations shaping consumer behavior today. Drawing from decades of experience leading one of Greece’s most prominent family groups, he offered a grounded yet forward-looking perspective on how legacy companies adapt, innovate, and thrive amid change.

From Legacy to Reinvention

Marking 75 years of the Fourlis Group, Mr. Fourlis spoke about the balance between heritage and renewal - the dual challenge faced by every family business transitioning from one generation to the next.

He shared that while the company’s roots are deeply tied to its founding values, long-term growth depends on the ability to embrace new ideas, empower younger leadership, and constantly reimagine how value is created. The key, he noted, is not to view continuity and innovation as opposites, but as complementary forces that sustain a company’s evolution.

The Era of Fast Conclusions

Reflecting on global shifts, he described today’s business environment as an “age of rapid conclusions” - where technological acceleration and constant information flow push leaders to form opinions and make decisions faster than ever before.

However, this speed also brings risk: assumptions can be overturned just as quickly as they are made. Drawing examples from global brands that misread post-pandemic consumer trends, he underscored the importance of patience, observation, and humility in leadership. In a world that moves at algorithmic speed, business strategy must be guided not only by data, but by perspective.

Retail Real Estate and the Greek Market’s Next Chapter

The conversation turned to the transformation of retail real estate in Greece. Mr. Fourlis explained how, in the years following the financial crisis, the market began recovering from a decade of underinvestment in modern retail infrastructure.

Recognizing this gap, the group pivoted strategically toward developing organized retail parks - spaces designed for accessibility, environmental consciousness, and value for money. Unlike traditional malls, these developments aim to create convenient, experience-driven destinations that reflect how today’s consumers want to shop: efficiently, sustainably, and socially.

He noted that the demand for modern retail space in Greece remains significantly lower than in other European markets, signaling untapped potential for future development, especially in regional cities. Projects that combine retail with green technology - such as solar power and EV charging infrastructure - are becoming the new standard, driven both by environmental priorities and evolving consumer expectations.

Understanding the New Consumer

Mr. Fourlis shared findings from consumer research illustrating how purchasing decisions are now shaped by five key mindsets:

1. Affordability first - prioritizing price and value.

2. Experience first - seeking emotional connection and enjoyment.

3. Planet first - aligning choices with environmental values.

4. Society first - purchasing based on social or ethical impact.

5. Health first - focusing on wellbeing and quality of life.

He observed that younger generations, particularly those under 45, are far more conscious of sustainability and authenticity - yet remain selective with spending. This complexity is redefining how brands communicate and operate. For many, the winning formula lies in experiences over possessions and purpose over excess.

Technology, AI, and the Human Factor

Turning to the future of technology in retail, Mr. Fourlis spoke about how AI and data-driven tools are reshaping both strategy and operations. Fourlis Group is already experimenting with AI-powered platforms that analyze company data to support decision-making in demand planning, forecasting, and customer insights.

He stressed, however, that technology alone is not the differentiator - people are. The greatest impact comes when technology augments human judgment rather than replacing it. In his view, strategy accounts for 40% of success, people for another 40%, and everything else - including technology - makes up the rest.

The challenge for leaders today is to keep pace with innovation while preserving the clarity, intuition, and culture that make an organization resilient.

Lessons in Adaptation

As the conversation unfolded, one recurring message resonated: resilience is built through trial and error. From global crises to local transformations, adaptability remains the defining quality of enduring businesses.

Mr. Fourlis described how the group continuously tests new retail concepts - adjusting formats, store sizes, and customer experiences in response to market signals. This iterative approach, he said, is how companies stay relevant through uncertainty.

A Last Word on Leadership

The evening concluded with a discussion on what it means to lead responsibly in times of disruption. For Mr. Fourlis, sustainable growth is inseparable from transparency, awareness of global trends, and a deep understanding of people - employees, consumers, and partners alike.

His closing message to the CEOs present captured the spirit of the conversation: transformation is constant, but leadership rooted in values endures.