Revenue Increase Aimed in Turkey Shopping Malls

Turkey is reported to have a rapidly expanding shopping mall sector. It is expected that this sector aims to raise revenues by 25% this year to 20 billion lira even though the country has experienced sharp economic contraction amid the global financial crisis.

This growth however is reflected in the growing number of shopping centers in what is known as a large emerging market economy. Growing personal incomes and have certainly helped give a boost to the Turkish economy. In the last year alone, shopping mall space has increased by a whopping one million square meters, according to Shopping Centre Investors Association.

It was recently reported by global property services provider Savilis that while Turkey was not immune to economic strain, the country is surprisingly remaining attractive to international retailers looking to gain a foothold in the eastern European/central Asian region. Statistics show that the number of visits to the malls rose from 54 million to 67 million according to a new AYD index even though consumer spending has been hit hard with revenues at existing shopping centers falling by 4% from a year earlier. This index was developed for the first time based on responses of 15 shopping malls in Istanbul and 20 malls in the main Asian part of the country.