11/27/2009

Shopping center turnover in Turkey to spike

Hurriyet Daily News – Turkish shopping centers’ turnover is expected to exceed TRY 20 billion this year, said the chairman of the Shopping Center Investors Association (AYD). The turnover of Turkish shopping centers stood at TRY 16 billion at the end of 2008. “Compared to last year, we can see a 25 percent increase in shopping centers’ turnover. Part of this is due to the increase in square meter retail space but another part is due to the recovery of the real economy”, AYD Chairman Hakan Kodal stated. During 2009, rentable shopping center retail space increased from 4.8 to 5.8 million square meters. The number of visitors to shopping centers in Turkey also saw an increase. Shoppers made approximately 650,000 visits to malls in 2008; however this figure is expected to reach 1 million in 2009.

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