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The phenomenon of urban shrinkage is multidimensional, concerning regions, cities, towns, or metropolitan areas that are facing population reductions and simultaneously intense economic and social transformations. Greek cities are experiencing strong signs of urban shrinkage such as thousands of enterprises closing down, the emergence of a series of vacant commercial spaces, even whole buildings abandoned, as a result of the economic crisis, mainly from 2011 and onwards. This paper documents, analyses and investigates the changes brought by urban shrinkage in Larissa—a medium-sized Greek city. It highlights the characteristics of emerging new economic urban landscapes in Greek cities at a time of uncertainty; it also introduces a methodological research framework for urban shrinkage, which may be applied in other Greek cities.