Sabah - Turkey has the highest organized retail sector growth in Europe with 26 new shopping mall projects under construction as of 2011, according to an analysis by international real estate consultancy company CB Richard Ellis (CBRE).
When it comes to new mall projects, the analysis shows emerging markets breaking away from their developed peers, with Turkey being the most active country in Europe, thanks to its rapid economic growth. Turkey’s 26 new shopping centers account for 1.3 million m2 of retail space. Russia and Poland follow Turkey in mall development, said the CBRE study.
Turkey’s organized retail sector showed no signs of slowing down during the global financial crisis, when the construction of new shopping centers declined 43 percent globally. Major international names in shopping center development and management have invested in Turkey’s organized retail sector, which has attained a 25 percent average growth rate for the last five years. The country currently has 279 shopping centers, mostly located in the country’s populous cities of Istanbul, Ankara and Izmir.