“Istanbul to become a major retail center”

Today’s Zaman - Turkmall CEO Levent Eyupoglu spoke at Retail Days in Istanbul on Wednesday, where he underlined that growth in retail sales will be reflected in a rise in employment at shopping malls by the end of 2012, as they are expected to employ 500,000 people in total. Turkmall and its Dutch partner Multi Development have been dealing with construction and management of Forum-branded malls under Multi Turkmall JV.

Eyupoglu noted that Istanbul will become an important retail center along with Moscow and several Chinese cities within the next ten years, as shopping activities are concentrated in shopping malls nowadays. He said Turkey is a great market for the retail sector and that Istanbul is expected to become one of the leading retail centers in the world. Istanbul leads the way in the number of shopping malls in Turkey, but malls are not confined to Istanbul alone, as new malls are continually opening their doors throughout the country.

The revenue generated by shopping malls in recent years has grown annually by USD 7 billion. Revenue in 2009 stood at USD 21 billion, grew to USD 28 billion in 2010, and is predicted to be around USD 35 billion by the end of 2011.
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