Successful innovative malls expanding

By 2014, there will be nearly 350 shopping malls operating in Turkey, a significant increase on the 265 shopping malls currently open. 40 new malls are slated to open this year with 29 opening in 2013 and a further 13 in 2014, according to figures from a report by EVA Garimenkul Değerleme Danışmanlık and Akademetre Research & Planning on Turkey’s shopping mall potential between 2012-2014.

To support this growth, Turkish membership of ICSC has more than doubled in the last 18 months and is now at record levels as more shopping center professionals seek to share their expertise, draw experience from more developed shopping center markets and make new contacts across a country that still has huge development potential.

Country of opportunity

The report goes on to say that in 2011 an average of 108 million people a month visited Turkish shopping malls and this is expected to increase to 122 million per month in 2012. These figures prove that while the traditional shopping center development markets of South and West Europe have reached a level of maturity (where shopping center owners are now starting a new cycle of dynamic asset management and asset repositioning), developers and investors now see Turkey as the European country of opportunity.

Turkish shopping malls among Europe’s best

Underlining this huge increase in shopping malls across the country is news that no less than three Turkish shopping malls made the final shortlist of the 2012 European Shopping Center Awards – more than from any other country across the whole of Europe. Each year award winners are announced at the annual ICSC European Conference in April. Antalya Özdilekpark Shopping Center, located at Antalya in Turkey and developed by Özdilek Alisveris Merkezleri veTeks, was designed to meet the need for an advanced shopping and cultural complex in Antalya, the most significant cultural and tourism center in Turkey. The project is based in the Kepez district, which has seen the biggest population boom in the region. One of the most important advantages of the project has been its location, close to both the city center and the Antalya Airport, allowing easy transportation from all regions of the city.

Renaissance Development’s KOZZY - Anatolian side of Istanbul. Renaissance Development’s KOZZY - Anatolian side of Istanbul.

The second finalist, Marmara Forum, developed by Multi Development Türkiye, is located in Istanbul, and offers a breath of fresh air to the culture of shopping malls with its outdoor market concept, an integral part of Turkish urban life, in the shopping mall. The Outdoor Market, opening onto the terrace with green areas, water ducts and views to a waterfall will feature a wide variety of boutique stores from fresh fish to groceries, nut stores to butchers, delicatessens and pastry shops. Torium AVM is also located in Istanbul. Here the developer is Torunlar Reic, part of the Torunlar Group which has been active in Turkish real estate construction since 1977. Torium is located in the most densely populated residential area of Istanbul, accessible within 10 minutes to nearly 3.5 million people from Beylikduzu. This brand new center, now the largest in Istanbul, offers unique features such as a snow park with ski and snow boarding runs, and a starpark with a rollercoaster and haunted house. In addition there are 180 retail stores, along with cafés and restaurants. These finalists build on the 2011 Turkish winner, KOZZY, developed by Renaissance Development, located on the Anatolian side of Istanbul. Kozzy features a 400-seat classic theater, 778-seat movie theater and an 800 m2 Art Exhibition Center.

Creativity drives footfall

Creative advertising campaigns from Turkey were the toast of ICSC’s Marketing Conference last year, held for the first time in Istanbul. Every year ICSC invites entries into its annual ICSC Solal Marketing Awards that showcase the best marketing, advertising and promotion campaigns across the industry. Last year a record 177 entries were submitted for these awards, the only ones of their kind across Europe, but just six achieved the coveted Gold awards, and two of those were from Turkey. Forum Istanbul, owned and managed by Multi Development, rolled out an exciting campaign called Guinness World Records Live, which made record-breaking an interactive and accessible activity to shopping center visitors. Kanyon, also located at Istanbul and managed by Kanyon Yonetim Isletim Pazarlama ve Ltd, introduced a brand new initiative at the time: an iPhone fitness application similar to a pedometer, which calculated calories as visitors walked around the shopping center. Two further Turkish shopping center campaigns won silver in the Awards program.

ICSC support

ICSC consistently supports its Turkish members in the development of their businesses through networking, education, research, information, deal-making and action on legislation and regulation. ICSC membership increases visibility within the industry, enables members to grow their business and engage in a vibrant community of tens of thousands of colleagues around the globe. With the current economic difficulties, this objective is more important than ever before.

 By Nicky Godding

Source: Turkey Real Estate 2012 Reference Book

About ICSC

The International Council of Shopping Centers (ICSC) is the premier global retail real estate association for the shopping center industry, serving over 55,000 members across 80 countries. ICSC members have direct access tosenior industry professionals as well as high level networking opportunities to do business across the world and engage in continuous professional development. In Europe, ICSC membership is now more representative of the industry sector than ever, welcoming professionals from more countries and sectors directly and indirectly related to the shopping center industry. The ICSC’s network of National Shopping Center Councils and Committees provides a critical link in this process. A wealth of specific country information is held by each national council and committee, which will share it with ICSC members from other countries.

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