Mall euphoria in Turkey fading

A shopping mall construction boom is starting to fade in Turkey, after a ten-year period, with cancellation or delays in projects.

According to data from Eva Gayrimenkul, a local real estate research company, the number of newly built shopping malls has slowed down during the first nine months of this year.  The construction market in the country was expected to open a total of 64 new malls this year, but only 16 have opened in the nine-month period.  According to feedback from construction companies, it is highly unlikely that the 48 remaining malls will be opened before the close of the year.  

The report states that there is a total of 342 malls in the country as at the end of September, compared to a figure of 326 at the close of 2013.  During the period from 2006 to 2013, 30 new shopping malls were opened on average, per year.

According to the report, the estimation is that the total number of malls within Turkey will reach 432 by the end of 2015, and 449 by the end of 2016.

Fewer malls may be opening, but the accessibility of the malls still allows for frequent visitors.  Ten years ago, there were a small number of malls in the larger cities, such as Ankara, Istanbul and Izmir, which attracted affluent customers who wanted to be able to dine, shop and gain access to entertainment in one venue.  The shopping culture has changed since the number of malls has increased and receives thousands of visitors on a daily basis.

The large-scale shopping center culture commenced during the 1980s in Turkey, with Galleria in Atakoy, Istanbul.  Time has seen the number of malls grow and enter its current slowdown.