Turkish shopping malls, having made TL 60 billion in profits last year, are looking to increase their revenues for 2014 by 25 percent to TL 75 billion, Turkish Tradesmen’s and Artisans’ Confederation Chairman Bendevi Palandoken said…
Turkish shopping malls, having made TL 60 billion in profits last year, are looking to increase their revenues for 2014 by 25 percent to TL 75 billion, Turkish Tradesmen’s and Artisans’ Confederation (TESK) Chairman Bendevi Palandoken said on Sunday.
In a written statement, Palandoken explained that malls are planning to increase their sales this year; currently people who visit malls spend an average of TL 105 per person per visit. “Sixty-three percent of people who visit a mall will not leave without spending money.” Palandöken also noted that foreign investors have redirected flows of funds into the Turkish market specifically to invest in malls to make up their losses in European markets. He also stated that the largest growth in the retail sector was seen in the subsector of supermarkets — an increase of 19 percent in November year on year.
However, Palandöken called for the creation of a law that would limit the number of malls built. “There are currently 333 malls, and this is expected to go up by 35 to total 368 next year. City centers are full of malls and it’s clear the new direction builders will take will be the 24 Anatolian provinces that do not have malls. The rise in the number of malls will increase the leasable area, [and they are doing this because] average [mall] profits in the country stood at TL 549 per square meter [per month],” he said.