Istanbul, Turkey's financial centre and most populous city, has a third of all shopping centers in the country, according to figures released by the Turkish Council of Shopping Centres AMPD. The city not only has 41 of Turkey's 127 retail areas but will also be home to almost half of the malls (45 out of 100) to be developed in the coming years.
Istanbul, Turkey's financial centre and most populous city, has a third of all shopping centers in the country, according to figures released by the Turkish Council of Shopping Centres AMPD. The city not only has 41 of Turkey's 127 retail areas but will also be home to almost half of the malls (45 out of 100) to be developed in the coming years.
AMPD Administrative Board President Nusin Oral said there are 68 malls currently under construction in the country, 35 of which are in Istanbul. According to information provided by the international property advisor Cushman & Wakefield, about 40% of the country's 1.9 million m2 of shopping centers floor space has been opened in the last five years.
Oral emphasized that this will double over the upcoming five years. 'Approximately 150 shopping centers will be opened in Turkey in five years. They will provide $25 bn of extra endorsement to the sector. Besides, substantial employment will be procured. Taking a look at the upcoming process, these centres will double the current situation. Despite the fact that the figure seems high in the first sight, it is still low compared to the European average,' she said.
