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A General Outlook on the Shopping Mall Sector in Istanbul

A General Outlook on the Shopping Mall Sector in Istanbul

Istanbul Shopping MalThe shopping mall sector in Turkey, which has started in 1988 through the opening of Galleria, continues to increase by developing and growing each year. The shopping malls that are designed in the periphery of urban areas, both in city centers , as well as in the form of satellite towns, form a serious center of attraction in the regions where they are established. When we take a look at the Shopping Mall sector throughout Turkey, we note that the most developed province in the sector is Istanbul. Taking into consideration the fact that people from all sections of society prefer shopping malls, we note that this situation is no surprise for Istanbul, as a metropolitan area of who population exceeds 16 million.

During the period of development of the pertinent sector, the shopping malls are mostly preferred by the people from the middle income, upper middle income and the upper income groups; whereas today, it is noted that the shopping malls are being preferred by people from every segment of society. The visitor profile of the shopping malls vary, depending on the region where they are located, and the specific nature of the stores that are located in the concerned shopping mall.

When we look at the shopping mall sector in Istanbul, we note that the Bakırköy area, which is one of the oldest settlement and business centers, and Sisli, where most luxurious housing projects are located, are among the areas where most of the shopping malls are established. Currently, the rentable shopping mall area in the district of Bakirkoy is more than 420.000 sqm. The most effective shopping malls in the formation of this vast area are mainly Marmara Forum, followed by Capacity, Galleria, Atakoy Plus, Aqua Florya and Airport Outlet. Taking into consideration the years on which the supply of shopping malls, it is noted that the shopping mall investments were realized on certain periods. During the process that has started by the entry into service of Galleria in 1988, it is marked that mot of the shopping mall investments were realized after 1995, and the number of shopping malls in the region have increased through the investments realized since 2003.

When we look at the Sisli region, we note that since the opening of the Profilo AVM in 1998, the first shopping mall has been Metrocity, that has entered into service in 2003. During the decade that followed the opening of Metrocity, the number of shopping malls entered into service in Sisli, has increased considerably. Together with the opening of the Zorlu Center, which is the last shopping mall who has entered into service in Sisli, the total rentable shopping mall area in Şişli has been raised above 471.000 sqm. Currently there exists 4 shopping mall investments in progress in Şişli, that are located in the regions of Levent, Ayazaga and Seyrantepe, and we have been informed that of these investments, the Ozdilek Levent Mall will enter into service within 2014, and that the shopping mall functions in Maslak 1453, Vadi Istanbul and Skyland Istanbul projects will enter into service within 2015. Through the completion of the concerned investments, according to the figures disclosed in the projects, in addition to the current figures, an area supply of approximately 237.000 sqm., will be in question.

Meanwhile, the shopping mall area in the district of Sariyer, which has more green areas than the other districts thanks to the “Belgrade” Forests, consists of the Istinye Park Shopping Mall, which offers a total rentable area of 87.000 sqm. In the neighborhood district of Besiktas, the only shopping mall is Akmerkez, which is one of the first shopping malls of Istanbul, that has entered into service in 1993, and offers a total rentable area of approximately 35.000 sqm. In the neighborhood area of Kagithane, where the office projects are especially worth mentioning, the first and the only shopping mall is the Axis Shopping Mall which has entered into service in 2013, and which offers a total rentable area of approximately 29.000 sqm.istanbul istiklal street

In the İstiklal Street, which is one of the most significant actors of stores situated along the street, the only shopping mall is the Demiroren Shopping Mall, located on the Istiklal Street, offering a total rentable area of approximately 20.000 sqm.

Moving towards the west of Istanbul, in the district of Fatih, one of the districts that contain few numbers of shopping malls, there is Historia Shopping Mall, that offers a total rentable area of approximately 26.000 sqm.; in Zetinburnu, there is Olivum

Shopping Mall, which offers a total rentable area of approximately 35.000 sqm.,; and in Gungören, there is the Kale Outlet Shopping Mall, which offers a total rentable area of approximately 26.000 sqm. Vialand, the first and the only project complex that offers the first theme park, a show center and a shopping mall, is located in the district of Eyup, which offers a total rentable area of approximately 110.000 sqm., has entered into service in 2013.

In Bayrampasa, where the first shopping mall investment entered into service in 2003, following the opening of Akvaryum in 2005, Forum Istanbul which offers a total rentable area of approximately 180.000 sqm., has entered into service in 2009.

Currently, the total rentable area in the district is approximately 213.000 sqm. In Bagcilar, which is the neighbor of Bayrampasa, 212 Power Outlet which has entered into service in 2009, offers a total rentable area of approximately 68.000 sqm., and currently, there exists 3 shopping malls in the district, which offer s total rentable area of 139.000 sqm.

In the district of Kucukcekmece, currently there are 2 shopping malls which offer a total rentable area of approximately 63.000 sqm., and through the opening of the shopping mall that is included in the Mall of Istanbul project, planned to enter into service in 2014, the total rentable shopping mall area shall increase more than 3 fold the present capacity.  istanbul pelican avmThe shopping malls located in Bahçelievler, which is one of the neighbors of Kucukcekmece, are not very large, and the total rentable area supply is approximately 64.000 sqm. In Büyükçekmece, which shows a similar development pattern from the standpoint of shopping malls, the current shopping mall supply consist of Atirus AVM and Aymerkez AVM, and the total rentable area in the district is approximately 34.000 sqm.

Avcilar has two shopping malls, Pelican AVM and Torium AVM, of which both have entered into service in 2010, offers a total rentable area of approximately 124.000 sqm.

When we look at Beylikduzu, Basaksehir and Bahcesehir, which are among the newly developed areas of Istanbul, we notice that the oldest shopping mall investment in the region has been the Beylikdüzü Migros, which has entered into service in 1997. It is noted that the subsequent shopping mall investments have become more frequent especially after 2010, and have currently reached the supply of rentable areas amounting to 267.000 sqm. With a total rentable area of approximately 100.000 sqm., Marmara Park is one of the most significant shopping mall investments in Beylikduzu.

In Bahcesehir a portion of approximately 64.000 sqm, of the shopping mall supply of about 86.000 sqm belong to the Akbatı Shopping Mall. The Basaksehir zone offers a total rentable area of 94.000 sqm., and a major part of this rentable area is met by Deposite Shopping Mall which have entered into service in 2008 and the Merkez Kayasehir Shopping Mall which has entered into service in 2011.

Following the announcement of the Finance Center, the demands for the West Atasehir, which were already high, have further increased, and the rentable shopping mall area in the shopping malls located in West Ataşehir and in the borders of the district, have reached approximately 150.000 sqm. When we review the shopping mall investment realized in the district of Atasehir, we note an increase in demand as of 2008. The leading shopping mall investments in the region include the Palladium Shopping Mall, Novada Atasehir, Optimum Outlet, Brandium Shopping Mall, and Kozyatagi Carrefour.

Together with the completion of the Metropol Istanbul project, which is currently under construction, and which is estimated to enter into service in 20115, the supply of total rentable area is the region is expected to reach approximately 223 .000 sqm.

In Kadikoy, which is one of the oldest settlement area in Istanbul, where the supply of vacant lots are rather limited in both the district and in the neighborhood areas, there exists two shopping malls that are currently in operation. Since there exists a great number of stores along the main streets, the presence of shopping malls are rather low as compared to the overall population of the district. The total rentable areas offered by the Nautilus AVM and the Kozzy AVM are approximately 64.000 sqm., and following the entry into service of the Akasya Shopping Mall within 2014, the total rentable areas in the shopping malls are anticipated to reach approximately 150.000 sqm.

Capitol, which is the first shopping mall in the Anatolian Side of Istanbul and which offers a total rentable area of approximately 30.000 sqm., continues to be the only shopping mall of Üsküdar, the district where the concerned shopping mall is located.

The shopping mall function of the Emaar Istanbul project planned to enter into service within 2014, is anticipated to introduce a total rentable area of approximately 123.000 sqm., to the district.

In Umraniye, following the entry into service of CarrefourSA as the first shopping mall of the district, after the opening of M1 Meydan AVM Shopping Mall, and the Asya Park located in Dudullu in 2007, and the Buyaka Shopping Mall in 2012 the rentable areas offered in the district have reached approximately 170.000 sqm. In the neighborhood district of Cekmekoy, there are no shopping mall areas, and the Metrogarden Shopping Mall which will offer a total rentable area of 26.000 sqm., is planned to enter into service within 2014.

The first shopping mall in Sultanbeyli has entered into service under the name of Plato in 2012, and through the entry into service of the Rea Sultanbeyli Shopping Mall which is currently under construction and which is anticipated to be opened in 2014, which will offer a total rentable area of 54.701 sqm., the total shopping mall area is expected to increase by 4 fold.

In Kartal, where a great number of new and prestigious residence and office projects are offered together with the completion of the contraction of the Palace of Justice, the only shopping mall is the M1 Meydan Shopping Mall, which offers a total rentable area of 38.000 sqm. In the neighborhood district of Maltepe, there exists the Maltepe Park

Shopping Mall, of whose renovation works were completed in 2013, and which offers a total rentable area of 34.000 sqm.

In the district of Pendik, following the construction of Via/Port Outlet Shopping, which has created a difference with its concept, Pendorya AVM and Neomarin AVM have been constructed across each other alongside D-100 Highway, near the Tuzla border of the district, in 2009. Meanwhile, İstanbul City Port is more than just a port, and is supported by shopping areas and cafes, and together with the Marinturk AVM, which has entered into service in 2011, and which conceptually resembles a promenade with stores on both sides of the street, the total rentable areas in the district have reached 154.000 sqm.

When we look at the shopping malls located within the borders of Istanbul, we note that the shopping mall investments realized during the recent years, were attempted to be located in district centers even in areas that offer limited land supply. Meanwhile, it is also noted that the high quality mixed projects that are realized in settlement areas, also contain shopping mall areas. It is also marked that shopping malls are also constructed in the periphery of urban areas that begin to grow during the recent years, in order to create an attraction to such areas. When we approach the subject matter from this perspective, we note that there exists a great number of shopping mall projects that are currently in the stage of design and construction in the outskirts of the urban area. In Istanbul, of whose population is rapidly increasing, the increase in the number of shopping malls as areas where the population prefers to enjoy, shall obviously increase.


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