SHOPPING CENTER GUIDE TURKEY 2013
EDITORIAL 1
SHOPPING CENTER GUIDE TURKEY 2013 Editor-in-chief Kuyaş Örs Editors Cüneyt Tabanoğlu Sedef Güneş
WELCOME
Advertising sales manager Nuran Yıldız Corporate communication director Mürüvvet Can
Reaping a bounty from strong demographics, the Turkish retail market continues
Publisher Depo Publishing Büyükdere Cad. Kanyon Ofis Binası, 185 K :6 Levent, Istanbul
to grow at sustainable path, together with increasing purchasing power from the
Printer Ofset Yapımevi Yahya Kemal Mah. Şair Sok. 4 Kağıthane, Istanbul
considerable room for new developments in the long term. There has also been a strong
All or some of the content (texts or images) cannot be used without written permission of Depo Publishing. Depo Publishing is not responsible for the accuracy of the information provided by the contributors. Further information Networking Turkey +90 212 251 18 11 info@networkingturkey.net www.networkingturkey.net
population. Turkey is forecast to remain the most active development market with around 3.7 million m² of shopping centre space under construction, according to CBRE’s latest research. Despite the claims that the market is overcrowded, it seems there is still trend towards refurbishments and repositioning of existing assets among landlords that want to upgrade the retail mix in order to make their center more attractive for retailers. Presenting the latest news, professional reviews and a roundtable discussion between real estate professionals as well as shopping center index pages, this guide you are now holding in your hands attempts not only to reveal current conditions of the retail industry in Turkey, but also to provide an insight for global investors. Hope you enjoy it.
2 CONTENTS
SHOPPING CENTER GUIDE TURKEY 2013
SHOPPING CENTER GUIDE TURKEY 2013
4 NEWS
28 WHO’S WHO
16 OUTLOOK: A HIGHLY DEVELOPED, VIBRANT AND ATTRACTIVE MARKET, Nihat Sandıkçıoğlu
28 AVM MFI PARTNERS 30 CEFIC 31 CHAIN STORES ASSOCIATION (CSA/KMD) 32 CORIO TURKEY 33 COUNCIL OF SHOPPING CENTERS - TURKEY (AYD) 34 ECE TÜRKIYE 36 FOOD RETAILERS ASSOCIATION (FRA/GPD) 37 METRO PROPERTIES TURKEY 38 MULTI DEVELOPMENT TÜRKIYE 40 PALLADIUM SHOPPING CENTER ANTAKYA 41 PALLADIUM SHOPPING CENTER ATAŞEHIR 42 TURKMALL REAL ESTATE 43 UNITED BRANDS ASSOCIATION OF TURKEY
Turkish shopping center industry, one of the most vibrant industries of Turkish economy, is still attracting most of the international shopping center investors.
18 OUTLOOK: ADAPTING TO THE CHANGE, Anthony Khoi President of Aerium Turkey, believes that providing high standards and integrating them all stages of management, from the bottom to the top is the key factor for success in Turkish investment market. As a long-term investor in Turkey, he answered our questions and shared his view about the outlook of the investment market.
20 OUTLOOK: STILL ENOUGH SPACE FOR NEW DEVELOPMENTS Despite the claims that the Turkish shopping center market is overcrowded, it seems there is still considerable room for new developments and regeneration projects in the long term, while demand is still strong. Cem Alfar, Cansel Turgut Yazıcı and Halil Ibrahim Zeytin have gathered together for a roundtable discussion moderated by Ersun Bayraktaroğlu over this issue.
46 INDEX
4 NEWS
SHOPPING CENTER GUIDE TURKEY 2013
RETAIL PROPERTY VOLUMES TOP EUR 10 BILLION IN H1 2013 Widening activity across Europe’s retail real estate investment markets pushed volumes beyond the EUR 10 billion mark in the first half of 2013, according to Jones Lang LaSalle. Investment volumes reached EUR
investor demand for European retail
as well as capital cities as investors
5.1 billion in Q2, in line with the
assets.
place greater emphasis on property
previous quarter but up from the EUR
fundamentals JLL said.
4.1 billion recorded in Q2 2012, JLL
markets of the UK, France and in
research has shown.
particular Germany, continue to
European retail capital markets at
At EUR 10.3 billion, half-year
see healthy investment activity,
JLL, commented: “We are seeing
investment volumes were up by over
there is a broadening of investor
a greater presence in the market
40% on the EUR 7.3 billion recorded
horizons across Europe. Sweden,
of opportunistic investors. With
in the first half of 2012. Increased
Poland, Italy, Portugal, Slovenia and
an increase in the amount of debt
transaction volume, JLL said, is being
Austria, as well as Russia and Turkey,
available to the property market,
driven primarily by the increased
all had active quarters. Demand is
we expect further activity by these
availability of stock on the market,
becoming increasingly diversified
investors in the second half of the
which is helping to satisfy the latent
and focusing on regional locations
year.”
Whilst the traditional powerhouse
Jeremy Eddy, director of
CBRE: TURKEY THE MOST ACTIVE SHOPPING CENTER MARKET IN EUROPE An unprecedented 11.9 million m² of shopping center space is currently under construction in Europe, representing a 50% increase year-on-year (7.2 million m² in 2012); according to the latest research by CBRE. Shopping center development
economic growth and rising incomes.
consumer demand for better quality
activity is largely concentrated
The majority of this development is
retail. Retailers are competing
in emerging markets, with a large
concentrated in Moscow, with 1.4
to take advantage of these new
proportion (74%) taking place in
million m² of space due to open over
opportunities.”
Eastern Europe. Similar to last year,
the next two to three years.
“There has also been a strong
Turkey is forecast to remain the
trend towards refurbishments and
most active market with around 3.7
(750,467 m²), Italy (665,779 m²)
repositioning of existing assets
million m² of shopping center space
and France (648,200 m²), also have
among landlords that want to
under construction. Istanbul will be
significant amounts of shopping
upgrade the retail mix in order to
the most active development market
center space under construction.
make their center more attractive
in the coming years with 37 centers
for retailers, in particular in Italy and
currently under construction.
Research, CBRE, commented: “The
rapid growth of new shopping center
Europe’s other highly active
Ukraine (789,888 m²), Poland
Neville Moss, Head of EMEA Retail
shopping center development market
development in emerging markets is
is Russia (2.88 million m²) which,
attributed to a growing middle class,
like Turkey, is benefiting from strong
the urbanization of large cities and
Poland.”
SHOPPING CENTER GUIDE TURKEY 2013
NEWS 5
6 NEWS
SHOPPING CENTER GUIDE TURKEY 2013
RETAIL INDUSTRY UNITES FOR SUSTAINABLE DEVELOPMENT Having been in the agenda of Turkish retail industry, a retail federation has finally established thanks to great efforts of AMPD, AYD, and BMD. Trade Council of Shopping Centers
officially established after a plenary
industry’s position in global scale.
& Retailers (AMPD), Turkish Council
session held on July 8. Gathering
of Shopping Centers (AYD), United
the modern industry of Turkey
in the scope of such mission, the
Brand Association (BMD), Tourism and
under a single roof, the federation
development of modern retailing in
Restaurant Investors and Managers
has appointed Vahap Küçük, Board
Turkey will be accelerated, enhancing
Association (TURYID), Food Retailers
Chairman of LC Waikiki, as chairman of
the quality of services, products and
Association (GMD), and Chain
the board.
life. The federation is expected to play
Stores Association (KMD) have been
a pioneering role in strengthening
united under the umbrella of Turkey
around USD 100 billion turnover
the formal economy, developing the
Shopping Centers and Retailers
as well as 15.5 million m² retail
permanent export, producing more
Federation (TAMPF).
space and 60,000 stores, aims to
value-added products, gaining a
set up substructure for sustainable
strong position in global competition,
in the end of 2012, Turkey Shopping
development of Turkish modern
and creating more employment for
Centers and Retailers Federation has
retail industry and to strengthen the
young people.
Initiated with a protocol signed
The federation, which represents
With the efforts of the federation
SONAE SIERRA ENTERS TURKISH MARKET Sonae Sierra has just entered the Turkish market with the creation of Sierra Reval, the shopping center specialist in Turkey, providing services of development, management and leasing. Sierra Reval gathers the international
offering income growth potential and
pre-development to development,
shopping center know-how of Sonae
capital value.
leasing and property management,
Sierra with local market knowledge
guaranteeing the successful launch
of Reval team, which has been
Sonae Sierra’s CEO, the “entry in the
and ongoing improvement of new
providing services for over 20 years
Turkish market is a significant step
projects as well as of existing
in Turkey and covers the country as
that consolidates our geographical
shopping centers.
a whole. With ten service contracts
diversification while expanding our
country wide - from Development to
service provision business with a solid
Property Management and Leasing
portfolio. Moreover, with our joint-
services - Sierra Reval is responsible
venture with Reval we are able to offer
for a portfolio with a GLA of over
local and international recognized
215,000 m². These include shopping
expertise and know-how in Turkey.
centers between 12,500 to 66,000
We are confident that this step will
m² GLA to which Sierra Reval will
bring continuous growth of successful
present services solutions aiming to
clients’ services over the next years.”
create continued value to its clients,
by minimizing cost and risk while
integrated solution to its clients, from
For Fernando Guedes de Oliveira,
Sierra Reval will provide an
SHOPPING CENTER GUIDE TURKEY 2013
NEWS 7
8 NEWS
SHOPPING CENTER GUIDE TURKEY 2013
TURKISH RETAIL INDUSTRY IS A MODEL FOR ASIA-PACIFIC COUNTRIES Retailers from Asia-Pacific countries believe that Turkey’s experience in the industry can serve as a model for others trying to learn how to build a sustainable base for retail. The Asia Pacific Retail Convention and
immense size of the Turkish retail
Exhibition (APRCE), the largest event
industry makes it a good platform
Shopping Centers & Retailer / Turkey
of the Asia Pacific region organized
for other retailers in the Asia-Pacific
(AMPD) in Istanbul this year, APRCE
by Asia Pacific Retail Associations
region to access global markets for
brought together more than 2,000
Federation (FAPRA), was held in
their products. “The Turkish retail
participants from 33 countries to talk
Istanbul in September. The event
industry is very big as we see most of
about the future of the retail industry
welcomed many delegations from
the products used by Turkish people
and discuss business opportunities
all over the world looking to learn
are domestically produced. They
that may set the stage for new
from Turkey’s experience in the retail
could use their experiences in this
partnerships in Istanbul.
industry.
sector to provide guidance to other
retailers in the Asia-Pacific region,”
Indonesian Retail Merchant
Association Chairman Mr. Pudjianto
he said.
said the growth and stability of
Turkey’s economy provided a good
about selling products to your
base for retail businesses to expand
customers, but you also need to learn
on. “Turkey has a growing economy
how to retain the customers to stay
and saw an increase in its GDP. The
with the products. The exhibition
stability of its economy should be
emphasized much on this principle as
used by retailers to expand their
a core towards good retail services,”
product in this country,” Pudjianto
the director added. “One thing that
told. “From the exhibition, I have been
caught my eye is how Turkey’s retail
able to exchange different opinions
products did not focus on a specific
and experiences from the Turkish
gender. Many retailers in Asia-Pacific
retailers to be brought back to my
region targeted women as their
country,” he added.
primary consumer, leaving male
consumers to turn to international
Pudjianto said that his association
“The retail business is not only
is trying to persuade retailers from
products that are much more
Indonesia to cooperate with their
expensive,” he explained.
Turkish counterparts as this will
benefit both countries’ economies.
Manager of Parkson, one of the
“We will try to introduce Indonesian
largest retail chains in Malaysia, said
products such as our handicraft and
Turkey’s retailers are full of ideas
batik fabric to this region. We believe
and experiences that can be used by
the strong purchasing power in Turkey
Malaysian retailers to expand their
will be beneficial to expand our own
market. “Turkey’s experiences in this
market,” Pudjianto said.
sector will be our guideline for us to
achieve the same growth in the retail
Guan Heng Tan, Director of the
Noriham Abd Jalil, a Branch
Singapore-based International
market on par with other developed
Council of Shopping Centers, said the
countries,” Jalil said.
Hosted by Trade Council of
SHOPPING CENTER GUIDE TURKEY 2013
NEWS 9
TURKMALL TO DEVELOP 9 NEW PROJECTS Invested more than EUR 5 billion in shopping centers with several partners, Turkmall has constructed 5 million m² retail space and developed 30 shopping centers totaling a 2.5 million m² of GLA. Hilmi Özçakır, CEO of Turkmall, has
jointly developing Forum Almaty
announced that Turkmall will develop
with Kassanov Investment Group in
in shopping centers with several
9 new projects abroad – an EUR 100
former capital of Kazakhstan and also
partners since it was founded,
million-shopping center in Bosnia-
realizing Forum Atyrau in collaboration
Turkmall has constructed 5 million
Herzegovina, two shopping centers
with Isker Group in Atyrau district. We
m² retail space and developed 30
in Kazakhstan with an investment
have already taken over leasing and
shopping centers totaling a 2.5
volume amounts to USD 500 million,
management of these projects which
million m² of GLA. The company,
three shopping centers in Northern
are both scheduled to be opened in
which carried out the “Forum”
Iraq totaling an investment of USD 300
2015.”
branded shopping centers in several
million, and three shopping centers in
provinces of Turkey between 2004
Libya for Libya State Fund for Economic
Turkey and abroad since 1992, Turkmall
and 2010, now continues to develop
& Social Development with a total
is providing leasing and management
shopping centers with the brand
investment value of USD 500 million.
services as well as developing projects
name of “Novada” throughout the
with its experienced staff and know-
country.
developing Sarajevo City Center in
how. The company draws together
collaboration with Mazi Land Group
premium brands of the world with
more than 30 partnerships, Turkmall
for Al Shiddi Group in Sarajevo and
prestigious shopping center projects
now has 13 projects in 8 countries.
it has been providing leasing and
while working for global expansion
“We’re planning to double this
management services for Mazi Plus
of the leading Turkish retail brands.
number in the near future,” says
Shopping Center in Dohuk, one of
In 2011, Turkmall named as the “Best
Hilmi Özçakır, “due to our experience
the largest cities of Northern Iraq,
Retail Developer in Western Europe”
in real estate market, our premium
Özçakır stressed that Kazakhstan
by World Finance and granted the
projects, and awards we won, we have
is one of the favorite locations for
“Excellence in Real Estate” in Retail
been receiving many business offers
Turkish investors: “We have been
Developer category of IAIR Awards.
from a lot of countries.”
Noting Turkmall has also been
Forum Almaty Kazakistan
Having been invested both in
Invested more than EUR 5 billion
Operating in 10 countries with
10 NEWS
SHOPPING CENTER GUIDE TURKEY 2013
PRIME MALL OPENS ITS DOORS IN GAZIANTEP Prime Mall Gaziantep, the biggest shopping center in southeast Turkey, was opened in September. The center was constructed in 15 months and opens 90% prelet. The investment volume amounts to EUR 125 million.
Prime Mall Gaziantep
Prime Mall Gaziantep is the biggest
Prime Development, after two other
shopping centers are not only
shopping center in the region with
shopping centers in Iskenderun and
shopping destinations but at the same
169 shops, located on four retail levels
Antakya, which are other provinces of
time a lively local market place and
with a total GLA of 56,100 m². 1,518
the Hatay region.
a meeting point to spend time and
parking lots are arranged as “sandwich
relax. Pure consumption is outdated,
parking” – below the building, on
generation shopping center. This
today leisure life, indulgence and
top and on the ground – and ensure
most recent generation of shopping
fun are important pillars of a modern
optimal flow of visitors in all mall
centers offers apart from a shopping
shopping center concept.” adds
areas.
experience more leisure facilities
Philipp von Wilmowsky, Managing
like restaurants, cafes, cinemas and
Shareholder and Co-founder of Prime
play worlds for children. “Modern
Development.
Prime Mall Gaziantep is the third
investment of the German developer,
Prime Mall Gaziantep is a fourth
SHOPPING CENTER GUIDE TURKEY 2013
NEWS 11
MULTI DEVELOPMENT OPENS FORUM GAZIANTEP Forum Gaziantep opened its doors to the public in October 2013. Multi’s 11th shopping center in Turkey, Forum Gaziantep is located in the city center of Gaziantep in the south of Turkey. Forum Gaziantep, developed by
will become a main meeting and
visitors per year and generating
Multi Development Turkey, is an
shopping destination in Gaziantep.
an estimated 3,500 jobs, Forum
investment of the Forum Turkey Fund.
Gaziantep will be a significant
Gaziantep is one of the largest
m², the center offers commercial,
contribution to the local economy.
and most dynamic cities in Turkey
gastronomy and leisure space on
with a strong production- based
three levels. The center includes
designed and constructed according
economy, a rich history and a
120 retail stores, a movie-theatre-
the highest standards on energy
large university. Forum Gaziantep
complex, entertainment areas,
saving and material use. Daylight
is centrally located between the
supermarket, restaurants, and an
is provided throughout the project,
historic city center and modern
indoor parking with 1,500 spaces.
high efficient climate equipment
residential and office areas. Situated
has been implemented and
on a main boulevard and the main
120 national and international
predominantly local recyclable
tram line of the city, the shopping
brands such as Mediamarkt, Boyner
materials have been selected. The
center has an excellent accessibility.
department store, Koctas home
concept of the project has been
Well integrated in the urban fabric,
improvement store, Starbucks,
designed to optimize the synergy
there will be good synergy between
Migros, Yargici, H&M, Mango and
with the existing urban quarter.
Forum Gaziantep and destinations
TeknoSA and an 11 screen cinema,
Forum Gaziantep will be a long term
like the historic inner-city and
the largest in the region.
success and support for the local
mosaic museum. Forum Gaziantep
economy and labor market.
Forum Gaziantep
Covering an area of 44,000
Forum Gaziantep will host
Preparing to welcome 9 million
Forum Gaziantep has been
12 NEWS
SHOPPING CENTER GUIDE TURKEY 2013
AMSTAR AND RENAISSANCE OPEN PIAZZA SHOPPING CENTER IN URFA Amstar announced the opening of Piazza Urfa Shopping Center, the first institutional-quality shopping center in Şanliurfa, a city in southeastern Turkey with a regional population of more than 1.6 million. The 44,000 m² project is the sixth shopping center developed by the joint venture between Amstar and Renaissance Development. Piazza Urfa was developed on a
shopping destination of the entire
joint venture’s Kozzy Shopping Center,
centrally located infill site along the
region,” said Amstar Global Advisers
which opened in Istanbul in April 2010,
city’s principal east-west highway,
President Jason Lucas.
was awarded Europe’s Best New Retail
providing excellent access and
Project (under 20,000 m²) by ICSC.
visibility. The property is adjacent to
co-own five operational shopping
Adana Optimum Shopping Center, which
the main tourist area of Urfa and will
centers in Turkey totaling 241,000 m²
opened in Adana in April 2011, was
be connected to these historical sites
of GLA, making Amstar one of Turkey’s
recognized by Turkey’s Trade Council of
via a pedestrian walkway.
largest retail property owners. Piazza
Shopping Centers & Retailers as Outlet
Urfa is Amstar and Renaissance’s third
of the Year in 2011.
shopping center to open this year.
Piazza Urfa was constructed over
14 months and was 95% leased at
Amstar and Renaissance now
m²
Piazza Samsun opened
opening. The project includes 125
The 64,000
retail stores, 24 restaurants and
98% leased in March 2013 and the m²
Piazza Maraş opened 95%
According to Lucas, “Amstar and
Renaissance have established a bestin-class development platform. We are
cafes, a family entertainment center,
49,000
skating rink and eight-screen cinema.
leased in April 2013.
term fundamentals and will continue
“The project’s high quality tenant
to leverage this platform for the
mix, including retail, dining and
have been recognized with several of
development of institutional-quality
entertainment will make it the premier
the industry’s most coveted awards. The
real estate.”
Amstar and Renaissance’s properties
confident in the Turkish market’s long-
YILDIZ TO MERGE DIA AND ŞOK RETAIL STORES Turkish conglomerate Yıldız Holding is clearing the deck and preparing to turn all stores of discount supermarket chain Dia into stores of its other discount market, Şok, the Yıldız Holding Chairman has said. Spanish supermarket group Dia
across the country, 360 of which are
Ülker said. He also stressed that the
and Turkey’s Sabancı Holding in
franchises.
group was not planning any other
July sold Dia to Şok Marketler, one
acquisition for now. “We’re trying to
of the subsidiaries of the Turkish
after the acquisition,” Ülker said.
swallow what we have already bitten,”
conglomerate Yıldız Holding, for
However, this level apparently was not
Mr. Ülker said.
approx. EUR 48 million.
satisfying enough for the retail giant,
which recently bought another small
Yıldız Holding Chairman Murat
“Sales in DiaSa rose by up to 50%
Ülker has said that the group is
retail chain, Onur Ekspres Marketçilik,
considering transforming all Dia
through Şok Marketler.
stores, except franchised ones, into
Şok markets by the end of this year.
around half of that of a Şok store. Dias
There are currently 960 Dia stores
will catch up with Şoks in three years,”
“A Dia store makes a turnover
SHOPPING CENTER GUIDE TURKEY 2013
NEWS 13
AKMERKEZ HONORED WITH 12 AWARDS One of the most prestigious shopping centers in Turkey, Akmerkez received a total of 12 awards for six different innovative projects carried out in 2013 from the world’s most outstanding award establishments; Hermes Creative Awards, AVA Digital Awards, Platinum PR Awards, and Stevie Awards.
Akmerkez Shopping Center
For its “Let Your Wishes Fly” event,
categories at the AVA Digital Awards,
Hermes Creative Awards, for its
Akmerkez received two great awards
which rewards the select creative
“Universal Turkish Flavors” project
in Platinum PR Awards and Hermes
projects of the digital communications
and “Snowfall” special event.
Creative Awards. The event was the
industry. The “Quest for 7 Elephants”
Akmerkez also raised the number
first interactive show in Turkey, taking
project received five awards from four
of awards it received in 2013 to 12
place on Twitter.
esteemed international companies
after receiving two others; silver
The “Quest for 7 Elephants” let
last year, as well. The event paved the
and bronze, in two categories for
Akmerkez visitors receive surprise
way in Turkey for a digital application
its “Creative Director’s Head” and
gifts. They downloaded an application
designed for shopping center events
“Boyamiko” projects at the Stevie
on their iPhone, iPad and iPod Touch
and for its use of real and virtual
International Business Awards,
devices, turned on their cameras and
spaces.
which is one of the most prestigious
by looking at the screen were able
Akmerkez received two awards
international award programs in
to catch elephants inside Akmerkez.
from one of the leading marketing
the business world that receives
It received five awards in different
communication award programs,
thousands of applications each year.
14 NEWS
SHOPPING CENTER GUIDE TURKEY 2013
DIXONS RETAIL SELLS ELECTROWORLD TO BIMEKS Dixons Retail, Europe’s leading specialist multi-channel electrical retailing and services company, announced that it has completed the sale of its ElectroWorld operations to Bimeks, one of the leading electrical specialist retailers in Turkey. The transaction will see all 32 ElectroWorld stores, including 18 franchise stores pass to Bimeks.
Commenting on the sale, Sebastian
our Group. By focusing on markets
ElectroWorld, and Dixons Retail staff
James, Dixons Retail Group Chief
where we have leading multi-
who worked extremely hard to make
Executive, said: “I’m delighted to
channel operations, we will be able
this happen. I strongly believe that
have completed this sale so quickly,
to drive even better value for our
ElectroWorld’s store network and
ensuring a smooth transition for our
customers.”
product portfolio complement those
colleagues and for both businesses.
of Bimeks very well.”
“The combined group has an
Commenting on the deal, Murat
Akgiray, the Founder and Chairman
exciting future and I know that it
of Bimeks, said: “I am thrilled today
incorporating ElectroWorld is more
will continue to flourish with an
to have successfully completed
dedicated than ever to providing our
improved geographical spread of
one of the fastest and largest
customers with excellent service
stores across Turkey. For Dixons,
corporate acquisitions in the Turkish
and deals and to continue to grow
this is the first of three important
electronic retail market. I would
on the path to becoming the leading
strategic transactions streamlining
like to personally thank all Bimeks,
electronic retailer in Turkey.”
“The new Bimeks group
SHOPPING CENTER GUIDE TURKEY 2013
NEWS 15
16 OUTLOOK
SHOPPING CENTER GUIDE TURKEY 2013
A HIGHLY DEVELOPED, VIBRANT AND ATTRACTIVE MARKET Turkish shopping center industry, one of the most vibrant industries of Turkish economy, is still attracting most of the international shopping center investors. Pioneered the world’s first shopping center,
shopping center industry. In recent years, the
the 550-year-old Grand Bazaar, Turkey has
industry has usually drawn an upward trend in
given some of the best examples of modern
terms of investors’, tenants’, and consumers’
shopping centers since 1988. The country
satisfaction. Turkish shopping center industry,
has developed a great retail market with
one of the most vibrant industries of Turkish
329 shopping centers, offering 9 million m²
economy, is still attracting most of the
of GLA, as of today. By the end of 2014, the
international shopping center investors.
market is expected to reach 350 shopping
centers with significant developments,
to expand its growth in Turkey. Density
totalling around 10 million m² of GLA.
of shopping centers in many provinces,
Nihat Sandıkçıoğlu
particularly in certain districts is already
Secretary General,
has grown significantly in the last 10 years
initiating discussions. However, there is
Council of Shopping
with numerous prime developments.
still enough space for new developments
Centers - Turkey
Outstandingly well-performing shopping
in some provinces and certain locations,
centers by both local and international
which are attracting investors. Today only
investors, some of which set the best
57 (out of 81) cities have shopping centers
examples throughout the world, have
yet and overall GLA distribution or 120 m²
awarded by international institutions such
per 1,000 population indicates the high
as ICSC. These achievements led by the
investment potential. Besides, 159 of the
competition between local and international
existing shopping centers are offering
developers and shopping center managers
more than a GLA of 20.000 m², which is
have uplifted the overall performance of the
79% of the total GLA.
The shopping center industry in Turkey
Shopping Center Development (GLA - m²)
The shopping center industry continues
SHOPPING CENTER GUIDE TURKEY 2013
New developments, which are already
and growing with door-to-door delivery and
launched or under construction, are mostly
return policy. E-commerce sector is expected
mixed-use projects or they are usually
to grow around 64% in five years, and “Clicks
involving theme parks. Additionally, some of
vs. Bricks� is one of the biggest discussion
the existing shopping centers have already
topics in the world.
started renovations in terms of both concept
and tenant mix, while a few projects have
own seem as a serious threat for shopping
been failing.
centers. However, main threats are no-name
brands. Quality standards, warranties, and
Shopping centers in large cities are
Increasing online sales of retail brands
competing with each other and concentrating
customer satisfaction will be the most
on various marketing strategies for not
important criterions for retailers operating in
only customer retention but also for
the centers. Not only selling products but also
differentiation. Campaigns, concerts,
customer experience marketing will be the
fashion shows and other events are being
strong side of the shopping centers.
held in centers in order to increase sales.
Indeed, providing better service with such
will be discussed in Shopping Centers
competitive marketing strategies is crucial to
Conference, by Council of Shopping Centers-
survive the centers.
Turkey Swissotel to be held on March 6, 2014.
Showing a significant growth in recent
All of these topics mentioned above
In addition to this event, a conference
years, online sales are now the biggest
about Shopping Centers Customer Perception
competitor for shopping centers. Interacting
will also be realized by Council of Shopping
strong with social media, e-commerce web
Centers-Turkey in the second week of January,
sites are increasing their revenues rapidly
2014.
OUTLOOK 17
18 OUTLOOK
SHOPPING CENTER GUIDE TURKEY 2013
ADAPTING TO THE CHANGE Anthony Khoi, President of Aerium Turkey, believes that providing high standards and integrating them all stages of management, from the bottom to the top is the key factor for success in Turkish investment market. As a long-term investor in Turkey, he answered our questions and shared his view about the outlook of the investment market. Aerium entered the Turkish market in 2005.
integrating them all stages of management,
What was the strategy behind this decision?
from the bottom to the top.
Coming to Turkey in 2005 was part of a
strategy, we had to expand globally. We
has been crucial, as creating a high efficiency
saw new markets opening up, and this was
and, above all, creating value. You can’t just
an important window of opportunity for
be an investor; you have to be a global actor
us. First movers have a better chance of
in a country and consider yourself as an
succeeding in a market, particularly in retail
active local actor. Like other major shopping
real estate, because you can secure the best
center specialists such as Multi, Redevco, and
locations for shopping centers and retailers
Corio, you have to be close to the community,
such as hypermarkets, which is crucial for
the customers, and the partners and
Anthony Mehran Khoi
success. I have seen this play out from
directly control your marketing, leasing, and
President, Retfund
experience over the years through our work
management teams - this is considered as a
Development, Cefic
in Hungary, the Czech Republic, Slovakia,
key factor for success. With a team of over
Turkey, AERIUM Turkey
and Romania - markets that were not exactly
100 people, we are one of the leaders of the
emerging but were new markets for French
shopping center market in Turkey with over
investors. Turkey was one of the countries
USD 2 billion in assets under management
we were considering strongly with regards
and over USD 2 billion worth of projects
to demographics, growth capacity, and its
under development.
This integration and control of activities
dynamic government. When we started to invest in Turkey, our strategy was to become
How would you characterize the
a long-term investor. We never expected to
environment for foreign investors in the
come to this market, buy an asset, and exit
local real estate market, and what can
like opportunistic investors do. We had a
Turkey do to attract further investment?
long-term vision to be part of the shopping
Fitch Ratings upgraded Turkey to
center industry in Turkey and take advantage
“investment grade” on November 5, 2012,
of the huge potential at that time. We were
a move long coveted by Ankara, citing
one of the first global funds to enter Turkey
underlying strengths and an easing in near-
by investing in the Carrefour shopping
term risks for the economy. The transparency
centers portfolio, as well as CEFIC, in a joint
and business environment in Turkey have
venture with Simon Property Group and
improved significantly thanks to the strong,
Ivanhoe.
prudent, and stable government. The Turkish
government has enacted new regulations
One of the major difficulties in emerging
markets is lack of experience and expertise.
regarding reciprocity for owning real estate
A key factor of our success in Turkey was
in Turkey by foreigners, which has definitely
vertically providing high standards and
had a positive impact, especially on the
SHOPPING CENTER GUIDE TURKEY 2013
OUTLOOK 19
residential market. However, there are
and the positioning of shopping
perhaps the most challenging time
still uncertainties, regarding urban
centers and other marketing and
the industry has ever faced. As far as
planning, government taxes, and
management skills really count. In the
shopping center investment strategies
regulatory policies.
future, shopping centers will develop
are concerned, investors will continue
Several retail organizations are
even more their own brands with a
to invest in major markets. Some big
collaborating with the authorities
clear image and positioning, take on
players will concentrate just on trophy
regarding new regulations for the
the names of hypermarkets or major
shopping center assets (with over 5
improvement and sustainability of the
anchors less frequently and really shine
million annual visitors); they will be
shopping center market. We trust that
and exist with their own identities.
likely to sell smaller centers which
the Turkish government will consider
will create opportunities for other
the opinions of these prominent
What are the main factors affecting
categories of investors, like Aerium.
organizations in order to preserve and
the outlook for retail and shopping
promote the growth and sustainability
center investors as far as you are
and Germany are very interesting
of investment in the country.
concerned?
despite the yield compression there,
Geographically, the Nordics, France,
By 2015, it is estimated that over
prices have increased, yields are
You have frequently partnered with
USD 175 billion will shift out of physical
moving out a little bit in southern
the likes of Carrefour, Auchan and
stores to online platforms in the US
Europe. For prime assets in Turkey,
Tesco for shopping centers. What
market. Many retailers have already
Portugal and Spain we’re looking at
kinds of tenants make a successful
started to react against changes; from
yields of over 7.5%, while they’re
center and what else matters?
hypermarkets to luxury department
under 5% in Germany. The average
Good shopping centers cannot be
stores, electronic and big box retailers,
for the core assets in Central Europe is
successful without strong tenants,
to specialty apparel stores. The quality
around 5.5%. Investors will continue
even if they have great locations. The
of shopping center assets are improving
to investigate the risk parameters and
shopping center is a sum of its parts;
in all markets, particularly evident in
keep an eye on all these markets.
to compete with other ones, it has to
new emerging markets.
have stand-out with tenants and the
definitely have to reinvent the
right positioning. Retailers are also
will face huge challenges in Europe as
shopping center marketing in terms
experiencing huge changes; look
it absorbs the fall-out of the Euro crisis.
of branding and positioning. Retailers
at Kodak, Nokia or Blackberry who
Weak consumer spending patterns,
will have to continue their necessary
have seen extremely strong market
uncertainty about government’s
evolution and over 30% of existing
positions shift to difficulties; products
regulatory policies, the ongoing fall-
European brands could be extinct in
are developing and changing so fast
out of the European financial crisis
the next ten years. In this changing
so they too are fighting to keep their
and worries over future spending cuts
environment, we have to assess our
places in the hierarchy. So retailers and
and fiscal pressures will all take their
strategies as quickly as possible. The
shopping center developers have also
toll. There will be necessary systemic
industry needs to learn to develop
to move fast and adapt themselves to
changes for retailers, the investment
and to manage shopping centers, with
changes in the environment.
community and developers, but the
the highest standards of services and
need for shopping centers will remain
professionalism in this brave new
major evolution; they still have a
and increase without any doubt. How
age to retain the loyalty of existing
huge place in customers’ hearts, and
we meet those challenges will define
customers and to win new market
they are the essential anchors for
who wins and who loses.
shares.
shopping centers success in under
30,000 m² GLA centers; over that size,
in 2012 has struggled, vacancy is
hypermarkets are still key elements
increasing in a number of centers
but the merchandising, the branding
* This interview is a combined version of two interviews,
in several mature countries, so it’s
previously published in The Business Year and Reurope.
Hypermarkets are in a phase of
Over the next five years, the sector
In the next 10 years, we will
The shopping center footfall
STILL ENOUGH SPACE FOR NEW DEVELOPMENTS Despite the claims that the Turkish shopping center market is overcrowded, it seems there is still considerable room for new developments and regeneration projects in the long term, while demand is still strong. Cem Alfar (General Manager of Corio Turkey), Cansel Turgut Yazıcı (General Manager of EVA Real Estate Appraisal & Consultancy) and Halil Ibrahim Zeytin (CEO of Akademetre Research & Strategic Planning) have gathered together for a roundtable discussion moderated by Ersun Bayraktaroğlu, PricewaterhouseCoopers Turkey Real Estate Industry Leader, over this issue.
SHOPPING CENTER GUIDE TURKEY 2013
ERSUN BAYRAKTAROĞLU: We would like
international investment funds considering
to discuss if there’s still room for new
to enter Turkish market. However, existing
shopping center investments in Turkey. Do
funds continue to invest in new projects.
you agree with the common view in the
Additionally, there are many local investors
market that claims new shopping center
willing to invest in Anatolian cities.
OUTLOOK 21
investments are on the decline? I believe the latest research conducted by EVA Real
CANSEL TURGUT YAZICI: One of the striking
Estate Appraisal and Akademetre might
results of the analysis we made was this
help us regarding this question. Let’s begin
one: There are too many shopping centers
with that.
in the pipeline of Anatolia; however the
ERSUN BAYRAKTAROĞLU
demand is not that much. Supply does not
Real Estate Industry Leader,
HALIL IBRAHIM ZEYTIN: Well, the numbers
meet demand. Apparently, some new centers
PricewaterhouseCoopers
say the exact opposite of that view. The
wouldn’t be able to attract customers while
Turkey
“Analysis of Shopping Centers in Turkey”
some old ones losing theirs.
research covers shopping centers put in
operation as of February 2013 and those
and a significant increase is expected in
to be opened until the year 2015. The
purchasing power. However, such strong
total shopping center gross leasable area
prospects are useless if there’s a supply-
was 8,228,000 m², and this will be almost
demand imbalance. And this is a serious
doubled with 13,249,000 m² by 2015,
problem for the Turkish market.
according to the research. So, total shopping
center supply is actually increasing. Demand
their functions. There was a 200,000 m²
is totally another thing. Main problem
of retail space loss due to mostly basic
for shopping centers in Turkey is supply-
faults of local developers, our analysis has
demand imbalance. I guess I can say that
shown. %30 of this space was redeveloped
supply does not meet the demand in certain
with improvements of theme, function and
districts in need of investment.
quality. Analytically, Ankara is the most
Turkey has strong demographics,
Some of the shopping centers are losing
competitive market now, the retail density ERSUN BAYRAKTAROĞLU: These shopping
of the city has reached 1,000 m² per 1,000
centers to be supplied are already in (at
inhabitants.
least) construction stage, right? ERSUN BAYRAKTAROĞLU: Is it the only CANSEL TURGUT YAZICI: Yes, in fact, some
indicator?
openings were delayed. Openings of around 20-25 shopping centers, which were first
CANSEL TURGUT YAZICI: No, of course not.
scheduled to be completed in 2012, are postponed to 2013.
ERSUN BAYRAKTAROĞLU: I guess it is the most used one. Turkey’s population growth
ERSUN BAYRAKTAROĞLU: The slowdown
rate still offers a great potential for new
I mentioned in the beginning was related
shopping center investments.
to these delays. It seems to me that new investment decisions become quite
HALIL IBRAHIM ZEYTIN: Retail density
difficult.
develops a good local perspective for an investment. However; if we compare retail
HALIL IBRAHIM ZEYTIN: We have been
density of Turkey with Europe’s in general,
observing a decline in the number of
we would be terribly wrong. Purchasing
“Latest retail trends are able to provide different opportunities we could not even dreamed of.”
22 OUTLOOK
SHOPPING CENTER GUIDE TURKEY 2013
parameters of Europe and Turkey are not
retailers cannot find the proper buildings
similar. GDP rates are not same. Averagely,
or stores meeting the requirements
European customers’ purchasing power is
of retailing. There are no parking lots,
four times bigger than Turkish customers’. In
technical problems are big, and nuisance
other words, population growth rate is not a
values are high… Thus, retailers prefer
single criterion for investment. For instance,
to operate and grow their businesses in
urbanization rate is also crucial. Rural
shopping centers. Retail brands used to
population rate in Turkey is %30, higher
operate in small stores now renting larger
than the European average.
stores. Stores compulsorily got bigger, because product range has been extended
CANSEL TURGUT YAZICI: Financing is also a
and seasonal sales have been increased.
serious problem for retail developers. Such
Shopping centers are immediately adapted
local data is vital for them.
themselves to such conditions. Average gross leasable area has increased to around
HALIL IBRAHIM ZEYTIN: Actually, renovation
32,000 m² from 27,000 m².
is the main topic today and it will definitely
“Global investors should always consider the local circumstances carefully in Turkey.”
remain on the agenda in the next five
CANSEL TURGUT YAZICI: Besides, smaller
years. There are so many regeneration
shopping centers cannot survive because
and expansion projects on the way.
they cannot create a synergy. %80 of those
Redevelopment is also crucial. Which one is
which have already lost their functions
right for first generation shopping centers,
were providing under 20,000 m² of gross
redevelopment or renovation? This is the
leasable area.
main question. CEM ALFAR: So, what’s the reason behind ERSUN BAYRAKTAROĞLU: Mr. Alfar, what do
the so-called slowdown? Indeed, new
you think about this picture?
investments have slowed down. Openings have been delayed because of retailers.
CEM ALFAR: I would like to provide a point
Retailers are now paying more attention
of view as an investor, a manager, and a
to the performance of the brand stores,
former retailer. Retail industry has already
considering the turnover per square meter.
become one of the main drivers of Turkish
Additionally, international retailers of food,
economy. The market has instantly grown
electronics, and DIY markets have renewed
up thanks to shopping center investments.
their strategies. They are now downsizing
their business, closing their stores, exiting
What matters is that of market trends.
Consumer trends are partly determined by
the shopping centers.
retailers. Let’s say retailers have two main points of sale, first one is online and the
HALIL IBRAHIM ZEYTIN: Yes. For instance,
second one is offline. Online sales are rapidly
Best Buy and Praktiker have left the market.
growing and we do not have a comprehensive knowledge of that yet. Where does it
CANSEL TURGUT YAZICI: As Mr. Alfar said,
heading? Would it displace us? We do not
e-commerce plays a big part within this
know the answers; we are just waiting to see
alteration.
even while we are conducting researches. HALIL IBRAHIM ZEYTIN
CEO, Akademetre Research &
centers and high streets. High street
e-commerce sales are forcing international
Strategic Planning
retail was used to be powerful. Nowadays
retailers out. I think main reason is these
Offline retail channels are shopping
HALIL IBRAHIM ZEYTIN: I don’t believe that
SHOPPING CENTER GUIDE TURKEY 2013
retailers not understanding the consumer
a renovation required for the center, you
trends in Turkey. The American business
should obtain approval from not only
model does not function in this country.
district municipality also metropolitan
Turkey has completely different dynamics.
municipality. And such a long process
OUTLOOK 23
overstrains the developer. Life is vigorous, CEM ALFAR: BIM and A101 supermarkets are
procedures are slow and long. I do not mean
the facts of retail in Turkey. Both are selling
that renovation is nearly impossible, it is
really high-quality products with affordable
only difficult.
prices and they really penetrated the retail market well. They have already been
HALIL IBRAHIM ZEYTIN: We also need to
CANSEL TURGUT YAZICI
rivals of hypermarkets. Here, international
discuss marketing strategies. In marketing,
General Manager,
retailers could not track this trend and they
there are two basic strategies in general,
EVA Real Estate Appraisal &
have failed. The same thing also goes for
pulling and pushing. Pulling strategy, which
Consultancy
DIY markets. They are operating in larger
is usually adopted by upper-class brands,
stores with a wide product range, but stock,
customers come to your shopping center
labor, and development costs create a heavy
because of your center’s concept. If an
weather of business.
international investor invests in a shopping
center with premium brands in a location
Today, there are some new large-scale
projects with more than 100,000 m² of
where middle and lower class resides, it
gross leasable area and they are really
will probably fail. Similarly, a shopping
having difficulties in leasing.
center outside the main arteries of the city without a pulling strategy cannot success
CANSEL TURGUT YAZICI: In fact, retailers
as well. Global investors should always
want to pay their rents only if they’re selling
consider the local circumstances carefully
their products. However, the investor
in Turkey.
expects a fixed rent in order to finance the project. This is the main conflict. Now, we
ERSUN BAYRAKTAROĞLU: If you have the
are observing different business models.
chance of relocating the existing 8 million
Our valuation methodology for shopping
m²-shopping center stock, would you locate
centers has already changed. Lease
them as they were now?
contracts have also changed; retailers are forcing investors to work for attracting more
HALIL IBRAHIM ZEYTIN: No, absolutely not.
customers. Actually, I believe this is a good
Last year, a 324,000 m² of shopping center
business model. Am I wrong?
space lost its function.
CEM ALFAR: We are returning the renovation
CANSEL TURGUT YAZICI: You can redevelop
issue. Renovation or redevelopment is
those centers with brand new functions.
necessary due to retail trends I mentioned
There’s a flea market in Eskişehir, it is a
before, as well as attraction and efficiency per
successful concept. They have transformed
square meter. We are now obliged to reduce
an old shopping center into a flea market.
store sizes and continue with strong retailers.
Creating a unique concept, they have come to an agreement with the management of
CANSEL TURGUT YAZICI: I would like to
the center.
add something. Many shopping centers are opening with the approval of the
CEM ALFAR: I am so jealous about successful
preliminary design. However; if there is
Turkish investors. They play the game really
“Our valuation methodology for shopping centers has already changed.”
24 OUTLOOK
SHOPPING CENTER GUIDE TURKEY 2013
fast. As an international public-joint stock
does not allow such promises and retailers
investment company, we cannot see the
begin to call management companies to
future that clear. Corio Turkey is a long-
account. I believe the main problem in
term investor. Investment decisions with
Turkey is shopping center management. We
short-term expectations are really difficult
definitely need professional management
for us. Therefore, we would like to act in
firms and high-qualified personnel. Yet,
collaboration with a local investor. I believe
there are no corporate structures taking
it will be the only way for global corporate
over both managing and leasing well.
investors in the near future.
Anyway, let’s talk about new generation
shopping centers. Where are they heading to? CANSEL TURGUT YAZICI: On the other hand, local players of the market should be open
HALIL IBRAHIM ZEYTIN: We need to keep
to the know-how of international investors.
an eye on new generation retail business
They should join the forces with global
while analyzing new generation shopping
investors.
centers. For once, e-commerce is actually transforming the retail business. Almost
“I believe the main problem in Turkey is shopping center management.”
HALIL IBRAHIM ZEYTIN: International
all retailers are reaping a bounty from
investor needs a local know-how as well.
e-commerce efforts. E-commerce will create new strong brands, however,
ERSUN BAYRAKTAROĞLU: I believe
only some brands will be the part of
almost every local investor would like to
conventional retail business. This is an
cooperate with them. Our main concern
unexpected benefit of e-commerce in this
should be convincing the global investor for
very transitional period. We have always
collaboration with the local one.
considered e-commerce as a risk, not an opportunity.
HALIL IBRAHIM ZEYTIN: We have witnessed
serious acquisitions and mergers in Turkish
in our lives. It’s not internet instead of
retail market for the last three years. Due
television or online magazine instead of
to these transactions, shopping center
printed. It’s not only a medium change; it
chains are now on the agenda. We are now
involves the transformation of consumers.
debating on the issue of renovation.
New generation consumers are now keen on
E-commerce has made a radical change
involving the process; they just want to feel ERSUN BAYRAKTAROĞLU: Let’s forget about
they exist. Gezi Park protests are a genuine
the wrong location or the wrong tenant-mix,
example for this very transformation.
shopping centers should all be managed
Protesters just wanted to be a part of
well. I wonder about what retailers think
the decision mechanism. If shopping
about the management issue.
center investors have a good grasp of this transformation, they would easily turn it
CEM ALFAR: Management means number
into an opportunity.
of visitors and common area maintenance costs for retailers. Rightfully, they just want
CEM ALFAR: We need to change our
more visitors and low maintenance costs.
constitution, that’s what Gezi Park protests
Almost every investor claims that their
have told us. We should renew it with a
CEM ALFAR
shopping center has the best location and
social consensus with regards to modern
General Manager,
best management for the maximum number
democratic world. Then, we should discuss
Corio Turkey
of visitors. However, certain circumstances
vested rights which are important for
SHOPPING CENTER GUIDE TURKEY 2013
OUTLOOK 25
foreign investors. Drafts for Retail
consultancy firms begin to operate
ERSUN BAYRAKTAROĞLU: Dear all
Law and Code of Obligations are
in Turkey. Now, we have outstanding
thank you for your responses and
continuously changing.
architects. Market researches,
feedbacks. In conclusion, we are
feasibility reports are now being
all sharing a retail success story in
ERSUN BAYRAKTAROĞLU: I definitely
prepared in the country. We now have
Turkey. It is not easy to supply 8
agree with Mr. Alfar. Uncertainties
the all shopping center know-how here.
million m² of shopping center space
are the barriers of international
within 25 years in these challenging
investors. However; if we clear them
HALIL IBRAHIM ZEYTIN: I believe
circumstances.
out, local investors will also get out
Turkey is now able to export know-
of the hole and compete with global
how. We do have great experiences in
new shopping center developments,
investors.
retail business. Sale by installments
it seems there’s still demand for
Nevertheless, the history of
Despite the public opinion against
is a model where you cannot see in
retail space. Sociologically, shopping
shopping centers in Turkey is such a
the rest of the world. Actually, Turkish
centers are still the only hubs for
success story. Just think about it. You
market says one thing to the global
socializing in certain locations. On
are limited to 350 brands; you have
investor: Think local, act global.
the other hand, shopping centers
serious legislation problems which are distressing the foreign capital.
out of their original function should CANSEL TURGUT YAZICI: I agree with
be renovated or redeveloped after
that. Global investors should operate
serious analyses. Latest retail
CANSEL TURGUT YAZICI: Nobody was
in Turkey with regards to the local
trends are able to provide different
in the shopping center business before
culture. Every successful international
opportunities we could not even
Galleria, which is opened 25 years
retailer in Turkey plays the game with
dreamed of. We just need to stretch
ago. It was a great achievement. Then,
certain rules.
our imagination.
26 OUTLOOK
SHOPPING CENTER GUIDE TURKEY 2013
THE BIGGEST CONSTRUCTION SITE ON EARTH: TURKEY
Serkan Gül
The Urban Regeneration Law introduces major changes that will have significant effects on the construction and real estate sectors in Turkey.
Partner, Hergüner Bilgen Özeke Attorney Partnership
Turkey is a country where earthquakes
areas that may cause loss of life or
who agree to vacate and demolish the
are a part of our lives. Two major
assets. The Ministry is authorized to
building. 3
earthquakes, first one in 1999 and
expropriate the immovable within
the latter one in 2011, raised serious
these risk areas or exchange them
building at risk is not demolished
public concern about the reliability of
with others; to transfer immovable
within the granted time period, the
the construction legislation and the
property rights and zoning rights to
municipality or the Ministry may
players of the construction sector.
other areas; to divide and to allocate
demolish such property. The relevant
Especially after the 2011 earthquake,
shares forming the immovables;
land registry will be notified of
the government decided to take firm
and to establish rights in rem on
expenses for such eviction and/or
steps towards the demolishment
immovables located within the risk
demolition, and the land registry will
of illegal/risky buildings and the
areas. As a completely new structure,
establish a joint mortgage on the
construction of new ones. In order
the Ministry is also entitled to convert
shares of the building owners in favor
to implement this idea, an urban
ownership into securities, provided
of the Ministry.
regeneration concept was raised and a
that it is accepted by the landowners.
new law is legislated.
However, the implementation of such
establishment of a fund for
The Law clearly states that if the
The Law foresees the
a conversion has not yet been tested.
matters including the property risk
of Areas under Disaster Risk, or
The implementation of the
assessment, and demolishment
commonly known as the Urban
Law can be triggered either by the
and re-construction process that
Regeneration Law ( “Law”)1 and the
landowners or by the officials.
is referred to as the regeneration
Regulation on the Implementation
Two-thirds of the shareholders of
projects fund ( “Fund”). The Fund will
of the Law on the Regeneration of
the immovable property may decide
be generated from administrative
The Law on the Regeneration
Areas
(“Regulation”)2
are the main
on re-development method of such
fines collected under the Environment
pieces of legislation regulating the
property. The land shares of those
Law, income from the properties sold
urban regeneration in Turkey. The
who do not comply with the decision
under the Forestry Law, and a certain
Law introduces major changes that
of the two-thirds will be sold to
amount of the annual net profit of
will have significant effects on the
other shareholders through public
the Provincial Bank. There are various
construction and real estate sectors in
auction. If such share sale cannot be
ambiguous and grey areas regarding
Turkey. The Ministry of Environment
completed, these land shares will be
the Law. We believe that these
and Urban Planning (“Ministry”)
registered in the name of the Treasury
questions will be settled during the
expects approximately 10,000,000
by paying their market values to such
implementation phase.
buildings nationwide to fall within
shareholders.
the scope of the urban regeneration
plan, making Turkey the biggest
vacate the building, they are given at
construction site on earth.
least 60 days to demolish the building.
Temporary housing or workplace and
The Law specifically focuses on
the risk areas that are defined as
If the owners mutually agree to
rent benefits will be provided to those
1 The Law on the Regeneration of Areas under Disaster Risk numbered 6306, Official Gazette dated 31 May 2012 and numbered 28309. 2 The Regulation on the Implementation of the Law Regeneration of Areas under Disaster Risk, Official Gazette dated 15 December 2012 and numbered 28498. 3 The conditions for temporary housing or workplace and rent beneficts are determined under the Regulation.
SHOPPING CENTER GUIDE TURKEY 2013
OUTLOOK 27
WHO’S WHO >>>
28 WHO’S WHO
SHOPPING CENTER GUIDE TURKEY 2013
AVM MFI PARTNERS Aydın Yurdum
Avm Partners was founded by Aydın Yurdum, Tarkan Ander and Dora
Chairman
Şahintürk in March 2006. In 2008, Avm Partners signed a successful Joint Venture with MFI Management für Immobillien AG and the
Dora Şahintürk
company name changed to “Avm Mfi Partners”. In the six years since
Board Member
then, the company has leased out 47 Shopping Centers with a total GLA of 1,650,000 m² and 4,075 shops.
Tarkan Ander
Board Member
attractive projects while providing the highest quality service to
The Avm Mfi Partners team creates long-term sustainable and
landlords and investors in terms of Project Development, Project Muammer Çene
Management, Architectural / Pre-concept Planning, Facility
Leasing Director
Management and Budget Control, Leasing, Shopping Center Management, Finance and Reporting, and Legal Consultancy. Avm
Aytaç Özçiçek
Mfi Partners currently operates in Turkey, as well as Europe, the
Business Development
Balkans, and the Turkic Republics.
and Management Director
Our team’s long-standing experience in the sector is a source
of pride for our company, and is reflected in the high quality of the Gökhan Faik Yazıcı
services we provide to all domestic/foreign investors and owners.
Finance Director
Our mission is to provide the best solutions and quality service
that meets the highest global standards.
CURRENT LEASING PROJECTS
MANAGEMENT PROJECTS
Ebulula Mardin Cad. Akatlar Maya Sitesi
212 Istanbul Power Outlet Center
212 Istanbul Power Outlet Center
Z Blok Akatlar – Beşiktaş
Avenue Bodrum SC
Avenue Bodrum SC
Bakü Ahmetli
Denizli SümerPark SC
T +90 212 324 52 22
Denizli SümerPark SC
Eskişehir Neoplus Outlet Center
F +90 212 324 74 84
Eskişehir Neoplus Outlet Center
Kayseri Meysu Outlet Center
www.avmmfipartners.com.tr
Gimat ATB
Konya Kent Plaza SC
Kayseri Meysu Outlet Center
MarkAntalya SC
Kırıkkale Podium SC
Milas Pomelon SC
Konya Kent Plaza SC
Next Level Ankara SC
MarkAntalya SC
Palladium Antakya SC
Milas Pomelon SC
Palladium Ataşehir SC
Next Level Ankara SC
Taurus Ankara SC
Palladium Antakya SC
Urfa City SC
Palladium Ataşehir SC Seyrantepe Skyland SC Sultanbeyli SC Taurus Ankara SC Urfa City SC Ümraniye CanPark SC
SHOPPING CENTER GUIDE TURKEY 2013
REFERENCE PROJECTS 29
Palladium Ataşehir SC, Istanbul
Taurus SC, Ankara
Palladium SC, Antakya
Next Level SC, Ankara Sultanbeyli SC, Istanbul
Kent Plaza SC, Konya
212 Istanbul Power Outlet, Istanbul
Seyrantepe Skyland SC, Istanbul
Ümraniye CanPark SC, Istanbul
Neoplus Outlet Center, Istanbul
MarkAntalya, Antalya
30 WHO’S WHO
SHOPPING CENTER GUIDE TURKEY 2013
CEFIC LEADER IN TURKEY WITH OVER 19 YEARS OF EXPERIENCE AND SUCCESS
Operating in Europe since 1986 and in Turkey since 1994, Cefic
is active as a consulting firm supporting its clients in investment, development, leasing, property and facility management as well as Anthony Khoi
Arda Taşarkan
Nihat Evcimen
sales, marketing & promotion of shopping centers and commercial
President &
Business
Finance &
properties.
CEO
Development
Administration
Director
Director
solutions to strongly support investors and tenants for the most
Cefic is operating with an international know-how and tailored
efficient results in growth and added value.
With its team of 85 professionals, Cefic manages over 700,000
Ihlamur Yıldız Cad. No:8 Toprak Center A Blok
m² GBA of shopping centers and commercial properties in Turkey.
4. Kat Beşiktaş / Istanbul / Turkey
Its deep market knowledge and experience have established
Cefic as the leading expert in its field in Turkey. Cefic is highly T: +90 212 327 11 40
recognized by the industry with one of the best track records for
F: +90 212 258 98 54
accomplished achievement during the past 19 years in the Turkish
www.ceficturkey.com
market.
Cefic continues to strive for excellence in the art of shopping
center leasing and management.
SHOPPING CENTER GUIDE TURKEY 2013
REFERENCE PROJECTS 31
CHAIN STORES ASSOCIATION (CSA/KMD) Founded in 2012, Chain Stores Association (CSA/KMD), is the representative of all the organized retailing sector outside the scope of food and apparel, which has reached 2 billion dollars of turnover.
All well known organizations are member of Chain Store
Association. Alp Önder
•
Spokesman of all sector except food and apparel.
Özpamukçu
•
Source of information concerning the sector
Chairman
•
Create an ideal platform to bring into sharp relief all legal and juridicial problems of organized retail sector. Plays an active role to undertake all legal questions of organized retail sector.
Deputy Chairman Mehmet T. Nane
•
With its international relations and networking, brings global know-how to Turkey, and Turkish retailers know-how to foreign
Vice Chairman
countries. Plays an active and effective role in to development of
Ilhan Il
the sector. •
By organizing seminars and workshops, makes great contribution to the updating of sectoral informations and to the application in
Vice Chairman Tekin Acar
case of need. •
Identify recruitment problems of the sector and bring concrete solutions.
•
Determines standards of the sector and makes several projects in order to elevate the existing situation.
• Kategori Mağazacılığı Derneği (KMD)
•
Encourages its members projects which respects consumer rights and green.
Dikilitaş Plaza Ayazmadere Cad. No:10/1 Kat:5 34349 Dikilitaş - Beşiktaş / ISTANBUL
Is in the position of sectoral communication center. Create wide broad sectoral knowledge and relationship network.
Chain Stores Association (CSA)
•
Makes recommendations concerning the harmonizing of their members to the national and international regulations.
T + 90 212 227 85 42 - 52 - 62 F + 90 212 227 85 35 www.kategorimagazaciligi.org info@kategorimagazaciligi.org
32 WHO’S WHO
SHOPPING CENTER GUIDE TURKEY 2013
CORIO TURKEY Corio is a retail property company. Our core business is to create Favourite Meeting Places through selecting, developing and operating shopping centers in Europe. Our vision is to create places where people like to meet and return to, any time of the day, for anything and in any mood. The retail environment is changing rapidly. The market is moving from being supply-driven to demandCem Alfar
driven. Retail is evolving from a shopping experience to a social
CEO
experience and sustainability is increasingly being integrated in daily life. We are adapting to these new realities. Our skills, combined with technological opportunities, are enabling us to create something new–to create places where people connect with shopping centers and with each other: places where individuals can
Corio Türkiye Kanyon Ofis Blok Büyükdere Cad.
relax, socialize, feel at home and be inspired.
No:185 Kat 18 Levent 34394
Istanbul, Turkey
market in the portfolio that offers excellent opportunities and
Turkey is one of Corio’s core markets and the only emerging
prospects. In April 2005, Corio made its first investment in the T +90 212 371 30 00
Turkish market. In the initial public offering of Akmerkez REIT, it
F +90 212 353 54 40
acquired an interest of 47% in the trend-setting Akmerkez shopping
E info@tr.corio-eu.com
center in Istanbul for US $190 million (approx. €147 million). This
W www.corio-eu.com
shopping center has received numerous awards, including the ‘Best Shopping Center in Europe’ award and the ‘International Design and Development’ award, both granted by the International Council of Shopping Centers (ICSC). In 2007, Corio announced the acquisition of the following shopping centers: Teras Park in Denizli (51%), Ada in Adapazarı (100%), 365 in Ankara (100%), and Tekira in Tekirdag (100%). In 2008, it announced the acquisition of Anatolium Bursa shopping center (100%) in the city of Bursa, with a gross leasable area of 84,000 m² and anchored by Media Markt, IKEA, Carrefour and Leroy Merlin. Lastly, Corio developed Tarsu Shopping Center in Mersin which was opened in 2012.
The company’s shopping centers in Turkey are managed locally
in accordance with Corio’s hands-on management philosophy, except for Akmerkez. Through this approach, we continuously look for ways to optimize each shopping center based on the needs and wishes of the tenants and consumers. Corio will continue to pursue investments in high-quality operational shopping centers, which have added value for municipalities, retailers and consumers in Turkey.
SHOPPING CENTER GUIDE TURKEY 2013
WHO’S WHO 33
COUNCIL OF SHOPPING CENTERS - TURKEY AYD has blazed many trails at the sector as a result of its activities that were initiated for the purpose of leading the shopping centers sector in a responsible manner, and making contributions to the development of the retail sector. Vision: to ensure that shopping centers become first-class venues Hulusi Belgü
Avi Alkaş
Coşkun
which allow consumers to enjoy their shopping experiences; create
Chairman
Vice Chairman
Bayraktar
added values for the retail sector; and are integrated with the cities in
Vice Chairman
which they are located. Mission: to make contributions to the development of the shopping centers sector in a sound manner together with retailers, sectoral solution partners, and consumers pursuant to the said vision. AYD office focuses on: • SC’s Databank
Fuat Atalay
Nuri Şapkacı
Nihat
• SC’s Index
Vice Chairman
Vice Chairman
Sandıkcıoğlu
• SC’s Investment Conference VI. (06.03.2014)
Secretary
• SC’s Customer Perception Survey (January, 2014)
General
• Most Admired and Preferred Brands Survey (06.11.2013) • Discussion Meetings • SC’s Study Tours (Dubai, China, Poland, UK, Portugal, Singapore & Hong Kong… ) • Shopping Centers Turkey (PC / iPad / iPhone) app.
Büyükdere Cad. Meydan Sok. Veko Giz Plaza N:20 A-Blok K:14/47 Maslak Istanbul T +90 212 353 54 74 F +90 212 353 54 75 www. ayd.org.tr ayd@ayd.org.tr
34 WHO’S WHO
SHOPPING CENTER GUIDE TURKEY 2013
ECE TÜRKIYE ECE TÜRKIYE IS AN INVESTOR AND FULL-SERVICE PROVIDER SPECIALIZED IN ALL ASPECTS OF SHOPPING CENTER DEVELOPMENT, ARCHITECTURAL DESIGN, PLANNING, PROJECT MANAGEMENT, LEASING, CENTER MANAGEMENT, BUDGETING, FINANCE AND LEGAL SERVICES. Founded in October 2000, the company currently operates some of Andreas
Nuri Şapkacı
Pınar
the most prestigious shopping centers in Turkey, such as Marmara
Hohlmann
Deputy
Yalçınkaya
Park, MetroCity, Maltepe Park, CarrefourSA Bahçepark, Neomarin and
General
General
Hacaoğlu
Beylikdüzü Migros in Istanbul, ANKAmall and Acity in Ankara, Antalya
Manager
Manager
Deputy
Migros and Terracity in Antalya, CarrefourSA Karşıyaka in Izmir, and
General
Espark in Eskişehir.
Manager
At the same time, ECE Türkiye continues its expansion with new
projects and refurbishments in the growing Turkish market.
By 2015, ECE Türkiye and Akasya Group will realize Akasya Park
Ümraniye Shopping Center in Istanbul. Together with the directly adjacent CarrefourSA Ümraniye Shopping Center, the project will become one of Istanbul’s largest retail destinations with a total of 240 stores on a total leasable area of around 100,000 m².
Park Vera Shopping Center in Ankara with a leasable area of
Alper Tataş
Fulya Uras
Marcus Eggers
approx. 40,000 m² is under construction. Located next to each other
Director
Director
Director
on the arterial “Istanbul Road”, Acity and Park Vera Shopping Centers
Development
Leasing
Center
will generate “one unique retail destination” in Yenimahalle-Ankara.
Management
After the completion of the enlargement of Acity and the opening of Park Vera in 2014, both centers will reach together to 89.000 m² leasable area offering a complementary branch and tenant mix for
Defterdar Yokuşu No.3 Tophane
their customers.
34425 Karaköy – Istanbul
In order to position itself successfully in the growing competition
in the Turkish capital and to maintain ANKAmall’s attractiveness, T +90 212 377 77 00
ECE Türkiye together with its project partners Yeni Gimat A.Ş. and
F+90 212 377 77 29
Migros is realizing a comprehensive modernization of the shopping
www.ece.com
center, which was opened in 1999. The refurbishment is planned to be completed by 2015.
ECE Türkiye is the Turkish subsidiary of the ECE Group. With its
nearly 50 years of experience, the German ECE Group is the European market leader with 189 shopping centers under management. ECE invests in the future of the retail industry with custom-made services, innovative concepts, a tailor-made branch and tenant mix, high level of professionalism and expertise, customer-focused strategy and a reputation of strong performance.
SHOPPING CENTER GUIDE TURKEY 2013
REFERENCE PROJECTS 35
Akasya Park Ümraniye, Istanbul: 100.000 m² retail destination / under construction
Acity, Ankara: 39.000 m² leasable area / ongoing extension project
Park Vera, Ankara: 40.000 m² leasable area / under construction
Maltepe Park, Istanbul: 75.000 m² leasable area / extension opened in September 2013
Marmara Park, Istanbul: 100.000 m² leasable area / opened in October 2012
ANKAmall, Ankara: 108.000 m² / in refurbishment
36 WHO’S WHO
SHOPPING CENTER GUIDE TURKEY 2013
FOOD RETAILERS ASSOCIATION (FRA/GPD) Founded in 2012, Food Retailers Association (FRA/GPD) is the representative of the organized food retailers and food service chains at national and regional level which have more than 200,000 employees with about 20,000 sales points in almost every city, with 34 billion dollars of turnover.
Thanks to its strong member population consisting of all the
Nihat Özdemir
retailing organizations and food service chains, FRA/GPD is the public
Chairman
speaker of organized food retailing sector.
Collecting, analysing the sectoral information in order to provide
Vice Chairman
strong grounds for sectoral profits and converting them into sectoral
Galip Aykaç
knowledge, FRA/GPD is the most reliable data and information center of the sector.
Vice Chairman
Depending on the agenda of organized food retailing sector, FRA/
Merter Özay
GPD tracks the laws and regulations related to the sector. It reviews and evaluates the developments that come to the forefront in its field.
Vice Chairman
It submits the solutions and opinions related to such issues to the
Ömer Özgür Tort
ministries and commissions. It shares these evaluations with social stakeholders, experts, research organizations, international authorized organizations in addition to the ministries and works in cooperation with them in order create solutions.
FRA/GPD, which is constantly in contact with many international
organization such as NRF (National Retail Federation, one of the most comprehensive commercial retailing organization in the world, Food Retailers Association (FRA)
EuroCommerce, which present Europe in Retailing, wholesale and
Gıda Perakendecileri Derneği (GPD)
international commerce sectors FAPRA (Federation of Asian-Pasific
Dikilitaş Plaza Ayazmadere Cad. No:10/1 Kat:5 34349
Retailers association), brings the global know-how to Turkey thanks to
Dikilitaş, Beşiktaş / ISTANBUL
these relations.
FRA/GPD contributes to the process of updating the sectoral
T + 90 212 227 85 42 - 52 - 62
information by organizing seminars and workshops in order to help the
F + 90 212 227 85 35
sector and service quality achieve international standards.
www.gidaperakendecileri.org
info@gidaperakendecileri.org
lack of trained employment in the sector and intensive circulation of
FRA/GPD organizes sectoral training activities considering the
labour force. In accordance with the specified- deficiencies, it submits the potential solutions to official authorities and tracks the process to ensure that such suggestions are put into effect.
Organizing activities on behalf of consumers and the sector in
line with the developments in consumer rights, FRA/GPD aims to set international standards in this field, particularly with activities on compliance with hygiene and safety standards.
SHOPPING CENTER GUIDE TURKEY 2013
WHO’S WHO 37
METRO PROPERTIES TURKEY METRO PROPERTIES is the real estate entity of METRO GROUP. The company combines comprehensive retail competence with extensive expertise in real estate and consistent execution. When it comes to investing in developing, and managing modern retail and wholesale locations, METRO PROPERTIES is the partner of choice. The company is committed to contributing to the success of its clients and adding Eyüphan
Osman Koçak
Hüseyin
value to the customers and manages to be the sales divisions’
Boyvadaoğlu
Finance
Okumuş
landlord and solutions provider at the same time. This is what is
Managing
Director
Head of Center
meant by DRIVING REAL ESTATE VALUE.
Management
Director
The core responsibility of METRO PROPERTIES Turkey is to
enhance the value of its real estate assets in the long term through active asset and strategic portfolio management.
METRO PROPERTIES acts as a Real Estate Solution Provider and
Investor for the expansion of METRO GROUP Sales Lines from scratch to completion. From new builds to conversions, from modernisations to extensions: METRO PROPERTIES Turkey offers its customers turnkey solutions for retail property. The service range also includes Ilker Aydın
Göksel
Avni Ulusoy
Head of
Atikeler
Head of
Development
Head of
Construction
& Asset
Finance &
Management
Management
Administration
the management and leasing of shopping centers. METRO PROPERTIES TURKEY PORTFOLIO A total land of 1,169,318 m² A total leasable area of 463,119 m², of 160 stores Total car park area for 21,221 vehicles, 9 Shopping Centers in Adana, Ankara, Antalya, Bursa, Gaziantep, Izmit, Konya,Istanbul Kartal and Merter
METRO PROPERTIES Gayrimenkul Yatırım A.Ş.
20 METRO Cash&Carry stores
Marmara Forum Garden Office Kat :3
120 employees nationwide
Osmaniye Mah. Çobançeşme Koşuyolu Bulvarı No:3
6,000 people employed across all centers.
PK 34146 Bakırköy/Istanbul T +90 212 454 43 00 F +90 212 451 07 41 info@metro-properties.com.tr www.metro-properties.com.tr
38 WHO’S WHO
SHOPPING CENTER GUIDE TURKEY 2013
MULTI DEVELOPMENT TÜRKIYE Multi Development Türkiye, 100% affiliate of Multi Corporation, the number one retail developer in Europe with more than 200 real estate projects completed in 13 European countries, and 56 malls being managed, develops multi-purpose projects consisting of malls, offices and residences. Multi invests in, develops and manages these projects.
The “Forum” malls of Multi Development Türkiye are unique
Hulusi Belgü
Hakan Turunç
Luis Pereira
projects with their special custom architecture in full compliance
CEO, Multi
CEO, Forum
Managing
with the cities they are located in, and in their sensitivity to the local
Development
Turkey Fund
Director, Multi
environment and the community. These projects, designed by Multi’s
Development
in-house architectural design company T+T Design, have won the most
Türkiye Mall
prestigious international awards and became significant assets to the
Management
cities in which they play important roles by reviving the city and region
Türkiye
where they are located.
Multi Development Türkiye has developed 11 mall projects under
the Forum name that are in operation, 3 more are under construction and 2 projects in development stages, across all regions in Turkey.
Multi undertakes the management of its malls, in order to ensure
the continuation of the concepts of the projects it has developed, and to continuously strengthen and enhance their investment values. Jurn
Özge Ülkü
Hoeksema
Leasing
General Manager
Director, Multi
Forum Bornova (Izmir); built on an area of 67,000 m²; 130 stores
Forum Turkey
Development
Forum Mersin (Mersin); 71,500 m² rental space; 200 stores
Fund
Türkiye
Forum Çamlık (Denizli); 33,900 m² rental space; over 130 stores
ACTIVE PROJECTS OF MULTI DEVELOPMENT TÜRKIYE
Forum Trabzon (Trabzon); 49,200 m² rental space, 177 stores Forum Aydın (Aydın); 29,400 m² rental space; 120 stores Forum Ankara (Ankara); 86,300 m² rental space, 149 stores Ebulula Mardin Caddesi Maya Meridyen Iş Merkezi Zemin
Forum Istanbul (Istanbul); 175,000 m² rental space, 265 stores
ve 1. Kat 34335 Akatlar, Istanbul, Türkiye
Forum Kapadokya (Nevşehir); 24,500 m² rental space, 75 stores Marmara Forum (Istanbul); 165,000 m² rental space, over 300 stores
T +90 212 349 10 00
Forum Kayseri (Kayseri); 65,000 m² rental space; over 200 stores
F +90 212349 10 99
Forum Gaziantep (Gaziantep); 44,000 m² rental space; over 120
www.multiturkiye.com
stores
SHOPPING CENTER GUIDE TURKEY 2013
Forum Diyarbakır
Forum Çanakkale
Forum Adana
Forum Çorum
Forum Diyarbakır Forum Adana Forum Çanakkale Forum Elazığ Forum Çorum Forum Elazığ
REFERENCE PROJECTS 39
40 WHO’S WHO
SHOPPING CENTER GUIDE TURKEY 2013
PALLADIUM SHOPPING CENTER ANTAKYA Since its recent opening in 2013, Tahincioglu Real State’s Palladium Antakya Shopping Center in Hatay has become the most popular shopping destination in the area. With its 125 stores and 1,100 space parking lot it holds its own as being first-rate in architecture and design.
The use of greenery with Antakya’s traditional stone and wood
Özcan
architecture is evident throughout the mall and the glass ceiling,
Tahincioğlu
which brings natural sunlight into the shopping center, creates a
Chairman of
beautiful and comfortably lit atmosphere for its visitors.
Board
Putting the importance of Eco-Friendly standards as a priority the
shopping center is a certified LEED member.
The Center offers many well-known Turkish as well as foreign
retailers in include Migros, Teknosa,Tekzen, Gratis, LCW, Koton, Mango, Mavi, Mudo, Kığılı, Ipekyol, Tekin Acar, Yves Rocher, Deichman, Adidas, Burher King, Arby’s, Sbarro, Popeyes, Mc Donald’s, KFC.
Antakya’s culturally prominent waterfall themed courtyards have
Palladium Antakya Alışveriş Merkezi
been recreated in the mall alongside a large terrace for a unique
Haraparası Mah. Izzet Güçlü Sok.
resting experience for its shoppers. Various children’s activities such
No: 26 Hatay / Antakya 31060
as bowling and Turkey’s first largest shopping center slide is a definite
T +90 326 290 00 01-09
attraction for families.
F +90 326 290 00 10
www.palladium.com.tr
promotions, Palladium Antakya Shopping Center offers a shopping
info@palladiumantakya.com.tr
experience that’s above and beyond any in the area.
With its diverse brands, prominent location and attractive
The center has been leased and managed by Shopping Center
avmmfiPartners, a leading property services company.
SHOPPING CENTER GUIDE TURKEY 2013
WHO’S WHO 41
PALLADIUM SHOPPING CENTER ATAŞEHIR Opened in 2008 in Ataşehir, Istanbul, Palladium Shopping Center was founded by Tahincioğlu Holding with the aim of becoming the most popular living center on the Anatolian side of Istanbul. With 195 stores and 2,500-space parking lot, Palladium is the most prominent project on the Anatolian side of the city. It stands out with its natural light, green areas and the giant glass sphere, which enables the maximum use Özcan
of sunlight. The center offers major national and international brands
Tahincioğlu
such as Armanı Jeans, Banana Republic, Bershka, Bobbi Brown, Burberry,
Chairman of
Gant, GAP, Jag Club, Lacoste, MAC, Massımo Duttı, Marks & Spencer,
Board
Mango, Mıchael Kors, Paul & Shark, Pull&Bear, Sephora, Stradivarus, Swarovski, Tommy Hilfiger, Trussardı Jeans, Zara.
Ayşen Yerşen Shopping Center Manager
A rich foodcourt offering local and international tastes supplements a number of a la carte restaurants and cafes with open air terraces. Various children’s entertainment areas and a 10-screen cinema make the center a place beyond a shopping destination.
Palladium Shopping Center Address: Barbaros Mah., Halk Cad.,
Palladium brings buoyancy to the retail industry with its fully occupied
No: 8-B, Atasehir, 34746, Istanbul, Turkey
leasable area of 40,000 m². It offers an exclusive living experience
T +90 216 663 15 00
for its guests beyond ordinary shopping with a diverse mix of brands,
www.palladium.com.tr
perfect location and attractive campaigns. The center has been leased and managed by Shopping Center mfi Partners, a leading property services company.
42 WHO’S WHO
SHOPPING CENTER GUIDE TURKEY 2013
TURKMALL REAL ESTATE Turkmall is leading the Turkish shopping center development and investment industry since 1992. We have developed more than 80, and completed more than 50 shopping centers in 21 years and have added value to their regions and our retail partners.
Turkmall has been awarded with Excellence in Retail and Real Estate
prizes such as Best Retail Developer of Western Europe 2011 by World Hans Otto
Levent
Hilmi Özçakır
Nagel
Eyuboğlu
Ceo
Founder &
Vice Chairman
Finance Awards. Others include: • Bulvar Samsun by ICSC: Best Urban Regeneration Award of Europe 2013 • Bulvar Samsun by ICSC: Best Downtown Project Award of Europe 2013
Chairman
• Forum Istanbul by Bloomberg: Best Retail Development 2010 • Forum Mersin by ICSC: Best of the Best “World” Award 2010 • Forum Mersin by ICSC: Best of Europe Award 2009
We have developed approximately 6 million m² retail construction
area, resulting in approximately 3 million m² leasable retail space; we have concluded over 2,500 lease contracts and are welcoming more than 150 million visitors each year. M.Murat
Serdar
Tolga Ergut
Sekmen
Çetinkaya
Leasing
concludes important partnerships in projects which determine the
Vice President
Financial
Director
dynamics of the Turkish shopping center industry.
Director
With the priority of developing Turkey’s retail market, Turkmall
Our partnerships with international groups and our successful JV
Company Multi Turkmall have proven our partnership philosophy and our leadership persistence. We delivered Turkey’s and Europe’s most important award winning shopping center to the market, including Forum Mersin, Forum Istanbul and Bulvar Samsun.
The dynamic spirit of the Turkmall brand was further reflected by our
IKEA franchise partnership for Turkey, Romania and Bulgaria.
Our partnership with FIBA Holding under the name Starmall in China
F.Ulaş Erdem
Rezzan
Özgür Yavuz
has been another one of our unique initiations. We have established joint
Asset & Mall
Gülsün Kurt
International
ventures in many other countries as well.
Management
Commercial
Projects
Director
Director
Director
North Africa, the Middle East, Russia and Asia.
Our activities continue in Turkey, Kazakhstan, Tajikistan, the Balkans, Taking responsibility of more than 30 partnerships in more than 10
Turkmall Real Estate Yatırım Inş. ve Tic. A.Ş.
countries, and a delivered investment value of 3 billion Dollars gives us
Ebulula Mardin Cad. Maya Meridien Is Merkezi
excitement and inspiration for the future.
Akatlar / Istanbul / Turkey T +90 212 350 91 00 office@turkmalls.com www.turkmalls.com
F +90 212 351 45 32
SHOPPING CENTER GUIDE TURKEY 2013
WHO’S WHO 43
UNITED BRANDS ASSOCIATION OF TURKEY BMD of Turkey, founded in September 2001, is a leading association in retail sector in Turkey.
500 brands from ready-to-wear, shoes, communication, home
appliances, cosmetic, accessories, home decoration and furniture sectors and department stores, are operating on 3,300,000 sq.m selling space on 55,000 selling points. Members of BMD are Hüseyin Doğan
employing more than 315,000 people. The 2012 turnover of BMD
Chairman
member companies is USD 33 billion.
BMD’s vision is to get Turkey moved to the leading position of
Vice Chairman
the region’s and world’s fashion by 2023 and to promote Istanbul in
Mehmet Ziylan
order it becomes the center of brands. To this vision, BMD’s mission is to ensure the transformation of Turkey into the brand’s economy
Vice Chairman
by increasing the strength and retail skills of our brands.
Serdar Sunay
In the context of this vision and mission, BMD established the
strategy of “the transformation of Turkey into the brand’s economy” Vice Chairman
This strategy is based on the “export of our brands” and its aim is to
Sami Kariyo
support Turkey to become one of the biggest 10 economies in the world.
Vice Chairman
Sedef Orman
competitiveness of our brands as another factor of the brand’s
BMD is also working for the international enlargement and
economy. The target of BMD for Turkish brands is to have 20,000 Vice Chairman
stores in the world by 2023, the centenary of the Republic of Turkey.
Sinan Öncel
Among BMD’s activities, one can indicate special retail
courses, presentations at the schools and universities, national Secretary General
and international congress and conference partnerships, official
Ekrem Utku
visits,seminars and meetings.
In the context of “Turkish brands dress Turkish children” social
responsibility project, BMD members produced and delivered 120 Darulaceze Cad. Nadide Sok. SESA Plaza No.34 K.3
milyon TRL valued winter clothes in 2010, 2011 and 2012 to 625,000
34381 Şişli, Istanbul, Turkey
primary school students in 380 villages and cities in Turkey.
T + 90 212 320 82 00-01
F + 90 212 320 82 03
and Brussels based Anti- Counterfeiting Committee.
www.birlesmismarkalar.org.tr info@birlesmismarkalar.org.tr facebook.com/birlesmismarkalar twitter.com/#!/bmdonline
BMD is a member of Washington based National Retail Federation
INDEX >>> * Shopping centers with a GLA of less than 20,000 m² are only listed without photographs.
46 INDEX
SHOPPING CENTER GUIDE TURKEY 2013
FORUM ISTANBUL Location: Istanbul Opening Date: 2009 Leasable Area: 179,482 m²
ANKAMALL Location: Ankara Opening Date: 1999 Leasable Area: 108,000 m²
MARMARA FORUM
TORIUM
Location: Istanbul Opening Date: 2011 Leasable Area: 135,000 m²
Location: Istanbul Opening Date: 2010 Leasable Area: 89,502 m²
ISTINYE PARK Location: Istanbul Opening Date: 2007 Leasable Area: 87,165 m²
VIALAND Location: Istanbul Opening Date: 2013 Leasable Area: 110,000 m²
SHOPPING CENTER GUIDE TURKEY 2013
INDEX 47
ANATOLIUM SHOPPING CENTER Location: Bursa Opening Date: 2010 Leasable Area: 83,425 m²
MARMARA PARK SHOPPING CENTER
M1 MERKEZ ADANA
Location: Istanbul Opening Date: 2012 Leasable Area: 100,000 m²
Location: Adana Opening Date: 2000 Leasable Area: 76,573 m²
PANORA SHOPPING CENTER
ISTANBUL CEVAHIR SHOPPING CENTER
Location: Ankara Opening Date: 2007 Leasable Area: 85,791 m²
Location: Istanbul Opening Date: 2005 Leasable Area: 110,000 m²
48 INDEX
SHOPPING CENTER GUIDE TURKEY 2013
KORUPARK Location: Bursa Opening Date: 2007 Leasable Area: 72,000 m²
CEPA SHOPPING CENTER Location: Ankara Opening Date: 2007 Leasable Area: 72,000 m²
FORUM ANKARA OUTLET Location: Ankara Opening Date: 2008 Leasable Area: 78,607 m²
FORUM MERSIN
VIA/PORT OUTLET SHOPPING
Location: Mersin Opening Date: 2007 Leasable Area: 72,266 m²
Location: Istanbul Opening Date: 2008 Leasable Area: 69,760 m²
FORUM BORNOVA Location: Izmir Opening Date: 2006 Leasable Area: 62,546 m²
SHOPPING CENTER GUIDE TURKEY 2013
INDEX 49
MALTEPE PARK Location: Istanbul Opening Date: 2005 Leasable Area: 75,000 m²
OPTIMUM OUTLET Location: Adana Opening Date: 2011 Leasable Area: 70,000 m²
KENTPARK Location: Ankara Opening Date: 2010 Leasable Area: 80,000 m²
PIAZZA SAMSUN
ANATOLIUM SHOPPING CENTER
Location: Samsun Opening Date: 2013 Leasable Area: 66,000 m²
Location: Ankara Opening Date: 2011 Leasable Area: 70,000 m²
50 INDEX
SHOPPING CENTER GUIDE TURKEY 2013
ZORLU CENTER Location: Istanbul Opening Date: 2013 Leasable Area: 66,600 m²
PRIMEMALL GAZIANTEP Location: Gaziantep Opening Date: 2013 Leasable Area: 55,326 m²
BRANDIUM Location: Istanbul Opening Date: 2013 Leasable Area: 60,000 m²
AUTOMALL Location: Istanbul Opening Date: 2010 Leasable Area: 58,100 m²
PIAZZA MARAŞ Location: Kahramanmaraş Opening Date: 2013 Leasable Area: 50,500 m²
SANKO PARK Location: Gaziantep Opening Date: 2008 Leasable Area: 55,000 m²
SHOPPING CENTER GUIDE TURKEY 2013
TEPE NAUTILUS Location: Istanbul Opening Date: 2002 Leasable Area: 52,600 m²
SILIVRI MAXI CITY Location: Istanbul Opening Date: 1998 Leasable Area: 50,650 m²
CARREFOUR BURSA Location: Bursa Opening Date: 2001 Leasable Area: 58,495 m²
M1 GAZIANTEP Location: Gaziantep Opening Date: 1999 Leasable Area: 51,673 m²
WEDDING WORLD KUYUMCUKENT Location: Istanbul Opening Date: 2008 Leasable Area: 53,877 m²
CARREFOURSA ÜMRANIYE Location: Istanbul Opening Date: 2000 Leasable Area: 54,000 m²
M1 MEYDAN ÜMRANIYE
212 ISTANBUL POWER OUTLET
Location: Istanbul Opening Date: 2007 Leasable Area: 68,764 m²
Location: Istanbul Opening Date: 2009 Leasable Area: 68,142 m²
INDEX 51
52 INDEX
SHOPPING CENTER GUIDE TURKEY 2013
TERRACITY Location: Antalya Opening Date: 2011 Leasable Area: 48,000 m²
FORUM TRABZON
GORDION SHOPPING CENTER
Location: Trabzon Opening Date: 2008 Leasable Area: 47,948 m²
Location: Ankara Opening Date: 2009 Leasable Area: 54,095 m²
PROFILO SHOPPING CENTER
M1 MERKEZ KONYA SHOPPING CENTER
Location: Istanbul Opening Date: 1998 Leasable Area: 48,700 m²
Location: Konya Opening Date: 2003 Leasable Area: 47,509 m²
SHOPPING CENTER GUIDE TURKEY 2013
INDEX 53
AS MERKEZ OUTLET
MALATYAPARK
Location: Bursa Opening Date: 2009 Leasable Area: 44,500 m²
Location: Malatya Opening Date: 2009 Leasable Area: 46,113 m²
BILKENT CENTER
PERLA VISTA
Location: Ankara Opening Date: 1998 Leasable Area: 47,468 m²
Location: Istanbul Opening Date: 2010 Leasable Area: 35,000 m²
STAR CITY OUTLET CENTER Location: Istanbul Opening Date: 2010 Leasable Area: 46,000 m²
54 INDEX
SHOPPING CENTER GUIDE TURKEY 2013
METROCITY Location: Istanbul Opening Date: 2003 Leasable Area: 51,000 m²
TERAS PARK Location: Denizli Opening Date: 2007 Leasable Area: 44,400 m²
GALLERIA ATAKÖY Location: Istanbul Opening Date: 1988 Leasable Area: 48,650 m²
OPTIMUM OUTLET Location: Istanbul Opening Date: 2008 Leasable Area: 43,000 m²
NCITY SHOPPING CENTER Location: Diyarbakır Opening Date: 2007 Leasable Area: 30,000 m²
ESPARK Location: Eskisehir Opening Date: 2007 Leasable Area: 45,000 m²
SHOPPING CENTER GUIDE TURKEY 2013
CARREFOURSA IÇERENKÖY Location: Istanbul Opening Date: 1996 Leasable Area: 44,924 m²
INDEX 55
GEBZE CENTER Location: Kocaeli Opening Date: 2010 Leasable Area: 55,000 m²
M1 MERKEZ KARTAL Location: Istanbul Opening Date: 2000 Leasable Area: 38,141 m²
DOĞUŞ POWER CENTER Location: Istanbul Opening Date: 2006 Leasable Area: 42,119 m²
CAPACITY SHOPPING CENTER Location: Istanbul Opening Date: 2007 Leasable Area: 50,000 m²
ÖZDILEKPARK Location: Antalya Opening Date: 2009 Leasable Area: 38,577 m²
56 INDEX
SHOPPING CENTER GUIDE TURKEY 2013
KANYON SHOPPING CENTER
NEOPLUS OUTLET
Location: Istanbul Opening Date: 2006 Leasable Area: 38,940 m²
Location: Eskisehir Opening Date: 2007 Leasable Area: 38,000 m²
OPTIMUM OUTLET Location: Ankara Opening Date: 2004 Leasable Area: 40,500 m²
PALLADIUM SHOPPING CENTER Location: Istanbul Opening Date: 2008 Leasable Area: 39,767 m²
NEOMARIN Location: Istanbul Opening Date: 2009 Leasable Area: 36,000 m²
SHOPPING CENTER GUIDE TURKEY 2013
INDEX 57
PRIME MALL ISKENDERUN Location: Hatay Opening Date: 2010 Leasable Area: 35,000 m²
SÜMERPARK
AKMERKEZ SHOPPING CENTER
Location: Denizli Opening Date: 2011 Leasable Area: 34,500 m²
Location: Istanbul Opening Date: 1993 Leasable Area: 34,680 m²
PALM CITY MERSIN Location: Mersin Opening Date: 2003 Leasable Area: 33,855 m²
ARMADA SHOPPING CENTER Location: Ankara Opening Date: 2002 Leasable Area: 53,768 m²
OLIVIUM OUTLET CENTER Location: Istanbul Opening Date: 2000 Leasable Area: 35,000 m²
58 INDEX
SHOPPING CENTER GUIDE TURKEY 2013
AFIUM OUTLET Location: Afyon Opening Date: 2010 Leasable Area: 32,500 m²
TEKIRA SHOPPING CENTER Location: Tekirdag Opening Date: 2008 Leasable Area: 30,870 m²
KULESITE SHOPPING CENTER Location: Konya Opening Date: 2004 Leasable Area: 37,285 m²
ERZURUM SHOPPING CENTER Location: Erzurum Opening Date: 2009 Leasable Area: 32,051 m²
MIGROS BEYLIKDÜZÜ Location: Istanbul Opening Date: 1997 Leasable Area: 40,000 m²
SHOPPING CENTER GUIDE TURKEY 2013
AIRPORT OUTLET CENTER Location: Istanbul Opening Date: 2008 Leasable Area: 32,000 m²
CARREFOURSA ADANA Location: Adana Opening Date: 1998 Leasable Area: 31,970 m²
SERDIVAN SHOPPING CENTER Location: Sakarya Opening Date: 2011 Leasable Area: 32,000 m²
FORUM ÇAMLIK Location: Denizli Opening Date: 2008 Leasable Area: 29,065 m²
PENDORYA SHOPPING CENTER Location: Istanbul Opening Date: 2009 Leasable Area: 30,270 m²
INDEX 59
60 INDEX
SHOPPING CENTER GUIDE TURKEY 2013
PELICAN MALL Location: Istanbul Opening Date: 2010 Leasable Area: 34,000 m²
LAPIS OUTLET Location: Gaziantep Opening Date: 2008 Leasable Area: 27,000 m²
SAPPHIRE Location: Istanbul Opening Date: 2011 Leasable Area: 27,604 m²
MIGROS SHOPPING CENTER ANTALYA Location: Antalya Opening Date: 2001 Leasable Area: 30,000 m²
ANSE SHOPPING CENTER Location: Ankara Opening Date: 2009 Leasable Area: 25,645 m²
SHOPPING CENTER GUIDE TURKEY 2013
DEPOSITE OUTLET
FORUM AYDIN SHOPPING CENTER
Location: Istanbul Opening Date: 2008 Leasable Area: 33,644 m²
Location: Aydın Opening Date: 2008 Leasable Area: 29,031 m²
INDEX 61
AGORA Location: Izmir Opening Date: 2003 Leasable Area: 29,400 m²
M1 MEYDAN MERTER Location: Istanbul Opening Date: 2009 Leasable Area: 29,465 m²
ASTORIA Location: Istanbul Opening Date: 2008 Leasable Area: 28,000 m²
62 INDEX
SHOPPING CENTER GUIDE TURKEY 2013
OUTLET CENTER IZMIT Location: Kocaeli Opening Date: 1997 Leasable Area: 28,777 m²
CAPITOL SHOPPING CENTER
365 SHOPPING CENTER
Location: Istanbul Opening Date: 1993 Leasable Area: 29,470 m²
Location: Ankara Opening Date: 2008 Leasable Area: 28,530 m²
INEGÖL SHOPPING CENTER Location: Bursa Opening Date: 2011 Leasable Area: 33,000 m²
SHOPPING CENTER GUIDE TURKEY 2013
PRIMEMALL ANTAKYA
ANTARES SHOPPING CENTER
Location: Hatay Opening Date: 2011 Leasable Area: 39,000 m²
Location: Ankara Opening Date: 2007 Leasable Area: 84,500 m²
INDEX 63
ARENAPARK SHOPPING CENTER Location: Istanbul Opening Date: 2011 Leasable Area: 38,000 m²
HIGHWAY OUTLET Location: Bolu Opening Date: 2011 Leasable Area: 37,500 m²
FORUM KAYSERI Location: Kayseri Opening Date: 2011 Leasable Area: 65,835 m²
64 INDEX
SHOPPING CENTER GUIDE TURKEY 2013
AVENUE BODRUM Location: Muğla Opening Date: 2013 Leasable Area: 20,000 m²
LIMAN SHOPPING CENTER Location: Balikesir Opening Date: 2011 Leasable Area: 23,000 m²
AXIS SHOPPING CENTER Location: Istanbul Opening Date: 2013 Leasable Area: 29,300 m²
AKBATI SHOPPING & LIFE CENTER Location: Istanbul Opening Date: 2011 Leasable Area: 63,500 m²
GÜNEŞLIPARK Location: Istanbul Opening Date: 2013 Leasable Area: 25,000 m²
SHOPPING CENTER GUIDE TURKEY 2013
INDEX 65
TARSU SHOPPING CENTER Location: Mersin Opening Date: 2012 Leasable Area: 27,545 m²
BUYAKA SHOPPING CENTER Location: Istanbul Opening Date: 2012 Leasable Area: 42,000 m²
KIPA SHOPPING CENTER MERSIN Location: Mersin Opening Date: 2008 Leasable Area: 23,267 m²
KIPA SHOPPING CENTER ÇIĞLI Location: Izmır Opening Date: 1999 Leasable Area: 45,455 m²
KIZILAY SHOPPING CENTER Location: Ankara Opening Date: 2012 Leasable Area: 21,000 m²
66 INDEX
SHOPPING CENTER GUIDE TURKEY 2013
LOVELET OUTLET Location: Samsun Opening Date: 2012 Leasable Area: 40,000 m²
NINOVA PARK Location: Diyarbakır Opening Date: 2011 Leasable Area: 25,000 m²
MOVAPARK Location: Mardin Opening Date: 2012 Leasable Area: 26,000 m²
TRUMP TOWERS Location: Istanbul Opening Date: 2012 Leasable Area: 43,000 m²
KIPA SHOPPING CENTER BALÇOVA Location: Izmir Opening Date: 2007 Leasable Area: 33,191 m²
SHOPPING CENTER GUIDE TURKEY 2013
INDEX 67
NOVADA SÖKE OUTLET Location: Aydın Opening Date: 2012 Leasable Area: 25,500 m²
ATLANTIS SHOPPING CENTER Location: Ankara Opening Date: 2011 Leasable Area: 48,000 m²
MIDTOWN Location: Muğla Opening Date: 2012 Leasable Area: 43,800 m²
NATA VEGA OUTLET Location: Ankara Opening Date: 2012 Leasable Area: 87,000 m²
SERA KÜTAHYA SHOPPING CENTER Location: Kütahya Opening Date: 2012 Leasable Area: 38,000 m²
68 INDEX
SHOPPING CENTER GUIDE TURKEY 2013
ESKIŞEHIR ÖZDILEK Location: Eskişehir Opening Date: 2012 Leasable Area: 32,000 m²
OPTIMUM OUTLET Location: Izmir Opening Date: 2012 Leasable Area: 58,000 m²
YAYLADA SHOPPING CENTER
KIPA SHOPPING CENTER KONYA
Location: Balıkesir Opening Date: 2007 Leasable Area: 22,000 m²
Location: Konya Opening Date: 2006 Leasable Area: 20,100 m²
SHOPPING CENTER GUIDE TURKEY 2013
INDEX 69
KALE OUTLET CENTER Location: Istanbul Opening Date: 2007 Leasable Area: 26,094 m²
FORUM KAPADOKYA Location: Nevsehir Opening Date: 2009 Leasable Area: 27,431 m²
ACITY OUTLET Location: Ankara Opening Date: 2008 Leasable Area: 39,000 m²
70 INDEX
SHOPPING CENTER GUIDE TURKEY 2013
KENT MEYDANI SHOPPING CENTER Location: Bursa Opening Date: 2008 Leasable Area: 25,511 m²
EGEPARK MAVIŞEHIR Location: Izmir Opening Date: 1999 Leasable Area: 22,000 m²
KAYSERI PARK SHOPPING CENTER Location: Kayseri Opening Date: 2006 Leasable Area: 27,000 m²
OASIS SHOPPING CENTER Location: Mugla Opening Date: 1998 Leasable Area: 25,000 m²
SHOPPING CENTER GUIDE TURKEY 2013
CAROUSEL SHOPPING CENTER Location: Istanbul Opening Date: 1995 Leasable Area: 24,400 m²
IYAŞPARK SHOPPING CENTER
ADA SHOPPING CENTER
Location: Isparta Opening Date: 2010 Leasable Area: 26,000 m²
Location: Sakarya Opening Date: 2007 Leasable Area: 24,910 m²
CARREFOURSA BAYRAMPASA
CARREFOURSA KARŞIYAKA
Location: Istanbul Opening Date: 2003 Leasable Area: 23,000 m²
Location: Izmir Opening Date: 2000 Leasable Area: 34,500 m²
INDEX 71
72 INDEX
SHOPPING CENTER GUIDE TURKEY 2013
VARLIBAŞ ATAPARK SHOPPING CENTER Location: Trabzon Opening Date: 2010 Leasable Area: 22,500 m²
ZAFER PLAZA SHOPPING CENTER Location: Bursa Opening Date: 1999 Leasable Area: 23,450 m²
ATAKÖY PLUS Location: Istanbul Opening Date: 2010 Leasable Area: 40,000 m²
ARMONIPARK OUTLET CENTER Location: Istanbul Opening Date: 2007 Leasable Area: 25,274 m²
KARES SHOPPING CENTER Location: Karabuk Opening Date: 2011 Leasable Area: 33,500 m²
SHOPPING CENTER GUIDE TURKEY 2013
INDEX 73
CARREFOURSA HARAMIDERE Location: Istanbul Opening Date: 2001 Leasable Area: 30,708 m²
FORUM GAZIANTEP Location: Gaziantep Opening Date: 2013 Leasable Area: 44,500 m²
CARREFOURSA BATIKENT Location: Ankara Opening Date: 2001 Leasable Area: 33,507 m²
AQUA FLORYA
KONYA KENT PLAZA
Location: İstanbul Opening Date: 2012 Leasable Area: 45,000 m²
Location: Konya Opening Date: 2012 Leasable Area: 45,000 m²
DEMIRPARK SHOPPING CENTER Location: Zonguldak Opening Date: 2009 Leasable Area: 22,000 m²
ERASTA SHOPPING CENTER Location: Antalya Opening Date: 2013 Leasable Area: 37,000 m²
74 INDEX
SHOPPING CENTER GUIDE TURKEY 2013
NEXT LEVEL Location: Ankara Opening Date: 2013 Leasable Area: 30,116 m²
PARKSHOP OUTLET CENTER Location: Sakarya Opening Date: 2008 Leasable Area: 22,000 m²
MEYSU OUTLET Location: Kayseri Opening Date: 2011 Leasable Area: 22,000 m²
HISTORIA SHOPPING CENTER TRABZON CEVAHIR OUTLET Location: Trabzon Opening Date: 2011 Leasable Area: 20,000 m²
Location: Istanbul Opening Date: 2008 Leasable Area: 26,000 m²
WORLD ATLANTIS SHOPPING CENTER Location: Istanbul Opening Date: 2008 Leasable Area: 48,000 m²
SHOPPING CENTER GUIDE TURKEY 2013
6th Annual
INDEX 75
TÜRKİYE TURKEY
GRI2014
İsTanbuL 13-14 OCAK isTanbuL 13-14 jAnuAry
Turkey’s Leading Real Estate Event engage with the most senior Level real estate investors & Developers active in Turkey Meet new business partners and build close relationships with 200 senior developers, investors and lenders.
All material throughout is subject to change without notice.
andreas Hohlmann General Manager ECE TÜRKİYE PROJE YÖnETİMİ Turkey
ayşegül bensel CEO PERa REiT Turkey
anthony Khoi President aERiuM TuRKEY Turkey
İlker aydın Head of Development & Asset Management METRO PROPERTiEs Turkey
Glenn aaronson Chairman FORuM TuRKEY Fund netherlands
alison Rehill-Erguven Head of Turkey PRadERa ManaGEMEnT TuRKEY Turkey
Jason Lucas President aMsTaR GLObaL advisERs uK
nate shanok MD/regional Director TisHMan sPEYER Turkey
Cem alfar CEO CORiO TuRKEY Turkey
steven Poelman Managing Partner QubiCOn Turkey
Hakan Kodal President & CEO KREa REaL EsTaTE Turkey
Özcan Tahincioğlu President TaHİnCİOğLu HOLdİnG Turkey
and many more
a selection of the discussion Topics shopping mall management • Time for a rethink? Retail & investors • Istanbul on top or facing competition? shopping mall development • No signs of abating?
Don’t just listen, engage directly with Turkey’s real estate leaders With the informal GRI Discussion Format in which everybody participates, discuss the latest opportunities, challenges and trends on: Office • Retail • Shopping Malls • Residential • Hotel...
Global Real Estate Institute
@RealEstateGRI #turkeygri
regisTer now
Emrah Senel – Senior Director, Turkey emrah.senel@globalrealestate.org | tel: +44 20 7121 5073
www.globalrealestate.org/Turkey2014
76 INDEX
SHOPPING CENTER GUIDE TURKEY 2013
SHOPPING CENTER NAME
LOCATION
OPENING LEASABLE DATE AREA(m²)
SHOPPING CENTER NAME
LOCATION
OPENING LEASABLE DATE AREA(m²)
Beylicium
Istanbul
2005
19,500
Balıkesir
2009
16,392
Demirören Istiklal
Istanbul
2011
19,442
Kipa Alışveriş Merkezi_Edremit
Real Izmit Alışeriş Merkezi
Kocaeli
2000
19,255
Kipa Alışveriş Merkezi_Yalova
Yalova
2008
16,106
CarrefourSA Izmit
Kocaeli
2000
19,228
Flyinn
Istanbul
2003
16,000
Magnesia AVM
Manisa
2012
19,100
Konya Park
Konya
2011
16,000
Atirus
Istanbul
2005
19,000
Real Antalya Alışveriş Merkezi
Antalya
2006
15,994
Makro AVM
Samsun
2008
18,548
Priene Country AVM
Aydın
2005
15,900
Makro AVM
Malatya
2008
18,394
Diyarbakır
2002
15,520
Deepo Outlet Alışveriş Merkezi
Mega Center Alışveriş Merkezi
Antalya
2004
18,069
Sarar Outlet AVM
Bilecik
2011
15,146
Dünya AVM
Istanbul
2007
18,000
BYZ Garage
Kayseri
2013
15,058
CarrefourSa Bahçepark / Bahçelievler
Istanbul
2009
15,000
Efor Alışveriş Merkezi
Aksaray
2011
15,000
Novada Ataşehir
Istanbul
2013
18,000
Arcadium
Ankara
2003
15,000
Bulvar Samsun AVM
Misland
Elazığ
2008
15,000
Samsun
2012
18,000
Aymerkez
Istanbul
2003
15,000
Ncity
Kocaeli
2006
17,500
Istanbul
2007
15,000
Urfa City AVM
Şanlıurfa
2009
17,500
Asya Park Outlet Center
Marintürk Istanbul Cityport
Istanbul
2011
17,426
Asmaçatı Shopping Center
Izmir
2011
15,000
Ipeksaray Alışveriş Merkezi
Kayseri
2006
15,000
Arasta Park Alışveriş Merkezi
Kocaeli
2009
15,000
Yunus AVM
Çankırı
2011
14,500
Kozzy AVM
Istanbul
2010
14,500
Magazin Outlet Alışveriş Merkezi
Bursa
2006
14,444
Margi Outlet
Edirne
2011
14,202
Üstün Dekocity Dekorasyon ve Yaşam Merkezi
Ankara
City's Nişantaşı
Istanbul
2008
17,000
Ege Park Balçova
Izmir
2010
17,000
Altunbilekler AVM
Kırıkkale
2012
17,000
Orion Alışveriş Merkezi
Tekirdağ
1999
16,769
Kipa Alışveriş Merkezi_Derince
Kocaeli
2008
16,580
Edirne
2007
14,017
Alanyum Alışveriş Merkezi
Kipa Alışveriş Merkezi_Edirne
Antalya
2006
16,500
MKM
Istanbul
2004
14,000
Metroport
Istanbul
2007
16,500
Andera Park
Siirt
2013
14,000
2008
17,000
SHOPPING CENTER GUIDE TURKEY 2013
INDEX 77
SHOPPING CENTER NAME
LOCATION
OPENING LEASABLE DATE AREA(m²)
SHOPPING CENTER NAME
LOCATION
OPENING DATE
LEASABLE AREA(m²)
Kipa Alışveriş Merkezi_Bornova
Izmir
1994
13,941
Pekdemir Turgutlu AVM
Manisa
2013
11,500
Kipa Alışveriş Merkezi_Çorlu
Tekirdağ
2006
13,851
Atrium
Istanbul
1989
11,232
Kipa Alışveriş Merkezi_Salihli
Manisa
2008
13,761
Park Bornova Outlet Center
Izmir
2004
11,225
Makro AVM
Konya
2008
13,746
Kipa Alışveriş Merkezi_Aydın
Aydın
2006
11,219
KC Göksu
Ankara
2006
13,722
Abide Park
Şanlıurfa
2008
11,200
Kipa Alışveriş Merkezi_Antalya
Antalya
2006
13,702
Arnelia
K.maraş
2009
11,000
Kipa Alışveriş Merkezi_Gaziemir
Izmir
Grossmall Siirt AVM
Siirt
2012
11,000
Festiva Salihli Outlet
Minasera
Ankara
2007
10,978
Manisa
2012
13,539
Akvaryum AVM
Istanbul
2005
10,960
Krempark AVM
Düzce
2012
13,500
Kipa Alışveriş Merkezi_Silivri
Karesi AVM
Balıkesir
2012
10,876
Istanbul
2008
13,197
Antalya
2008
10,500
Yaşam Park
Niğde
2012
13,000
Shemall Alışveriş Merkezi
Yeşilyurt Alışveriş ve Yaşam Merkezi
Samsun
2007
13,000
Mersin Marina AVM
Mersin
2013
10,500
Kütahya Outlet Park
Kütahya
2010
12,937
Avantaj Factory Outlets
Tekirdağ
1997
10,500
Terasium
Istanbul
2011
12,500
Çanakkale
2006
10,389
Konak Pier
Izmir
1998
12,500
Kipa Alışveriş Merkezi_ Çanakkale
Ereğli Parksite AVM
Konya
2009
12,454
Pekdemir Bereketli Outlet
Denizli
2013
10,360
Kipa Alışveriş Merkezi_Kuşadası
Aydın
2007
12,332
Kipa Alışveriş Merkezi_Keşan
Edirne
2007
10,216
Mesa Plaza
Ankara
1996
12,300
Nilpark Alışveriş Merkezi
Tekirdağ
2010
10,191
Bursa
2009
12,000
Kipa Alışveriş Merkezi_ Çerkezköy
Prestige Mall
Istanbul
2007
12,000
Makro AVM
Kırıkkale
2007
10,106
Şirehan
Gaziantep
2008
11,910
Laura Alışveriş Merkezi
Antalya
2004
10,065
Olimpa AVM
Istanbul
2010
11,598
Palmiye AVM
Izmir
2003
10,053
Beysupark
Ankara
2007
11,500
Barutçuoğlu AVM
Kastamonu
2006
10,036
Sultan Alışveriş ve Yaşam Merkezi
Kütahya
2013
11,500
Kipa Alışveriş Merkezi_Uşak
Uşak
2007
10,006
2000
13,660
78 INDEX
SHOPPING CENTER GUIDE TURKEY 2013
SHOPPING CENTER NAME
LOCATION
OPENING LEASABLE DATE AREA(m²)
SHOPPING CENTER NAME
LOCATION
OPENING LEASABLE DATE AREA(m²)
Tatvan Yaşam AVM
Bitlis
2008
10,000
Afyon
1996
8,000
Yaylada Süreyyapaşa Alışveriş Merkezi
Özdilek Afyonkarahisar AVM
Istanbul
1992
10,000
Kanatlı Alışveriş Merkezi
Eskişehir
2007
8,000
Eskule Alışveriş Iş ve Yaşam Merkezi
Istanbul
2010
10,000
Fatsa City
Ordu
2013
7,800
Galleria Ankara
Ankara
1995
7,700
Sancakpark AVM
Istanbul
2011
10,000
Ege Outlet2 Söke
Aydın
2004
7,600
Passtel Alışveriş ve Eğlence Merkezi (Orkide)
Izmir
2004
10,000
Becikoğlu Alışveriş Merkezi
Bolu
2000
7,600
Makro AVM
Karaman
2008
9,689
Paradise
Istanbul
2006
7,500
Akkapark Alışveriş Merkezi
Semerkand Line
Istanbul
2013
7,500
Antalya
2006
9,548
Almer AVM
Kayseri
1999
7,500
Nilufer Arena AVM
Bursa
2010
9,500
Uşak
2003
7,500
Kardiyum AVM
Istanbul
2011
9,500
Karun Alışveriş Merkezi
Ereylin Alışveriş Merkezi
Zonguldak
2006
9,088
Üntaş (Karacan) Point Center
Muğla
2004
7,478
Divan AVM GROSSMALL
Vabartum AVM
Samsun
2009
7,300
Ankara
2009
9,000
Izmir
2008
7,204
Lyrapark AVM
Antalya
2008
9,000
Kipa Alışveriş Merkezi_Torbalı
Ulusoy Outlet Festiva
Balıkesir
2008
9,000
Zeyland Alışveriş ve Eğlence Merkezi
Afyon
2008
7,200
Aydın Perihan AVM
Van
2012
9,000
Dolphin AVM
Ankara
2005
7,200
OutletPark/Muğla
Muğla
2008
8,950
Selway Outlet Park
Izmir
2006
7,200
Park Muğla AVM
Muğla
2008
8,950
Kipa_Turgutlu
Manisa
2010
8,914
FTZ Alışveriş Merkezi
Ankara
2003
7,124
Akgün Alışveriş Merkezi
Elazığ
2004
8,861
Aksaray
2007
7,098
Safran Outlet Park
Karabük
2008
8,800
Kültür Parksite Alışveriş ve Eğlence Merkezi Bey City AVM
Istanbul
2011
7,088
YSK Center
Tekirdağ
1998
8,700
Antalya 2000
Antalya
2000
7,022
G-City
Giresun
2006
8,582
Meridyen
Bursa
2000
7,000
White Hill
Istanbul
2012
8,500
Kadir Has Çocuk Dünyası
Pakt Plus
Çanakkale
2013
7,000
Istanbul
2003
8,438
Address Istanbul
Istanbul
2005
7,000
SHOPPING CENTER GUIDE TURKEY 2013
INDEX 79
SHOPPING CENTER NAME
LOCATION
OPENING LEASABLE DATE AREA(m²)
SHOPPING CENTER NAME
LOCATION
OPENING LEASABLE DATE AREA(m²)
Kipa Alışveriş Merkezi_ Lüleburgaz
Kırklareli
2007
Sabah Center Alışveriş Merkezi
Giresun
2002
5,200
Netsel Alışveriş Merkezi
Karum
Ankara
1991
5,000
Muğla
1990
6,757
Ankuva
Ankara
1995
5,000
Citypark AVM
Diyarbakır
2010
6,700
Carefour AVM
Çanakkale
2001
5,000
Ege Outlet1 Söke
Aydın
2004
6,600
CarrefourSA Maltepe
Istanbul
2001
5,000
Ihlamur AVM
Istanbul
2008
6,582
Atakule
Ankara
1989
0
Olivecity Alışveriş Merkezi
Balıkesir
2007
6,576
Soli Center
Mersin
2009
5,900
Sunflower
Istanbul
2005
5,800
IC Çeşme Marina
Izmir
2010
6,500
Ömür Plaza
Istanbul
2006
5,530
Dolphin Center
Kocaeli
2004
6,337
Istanbul Bazaar
Artvin
2010
5,500
Sultan Bazaar Alışveriş Merkezi
Antalya
2005
6,272
Mesa Studio Plaza
Istanbul
2003
5,500
Tepe Prime
Ankara
2012
6,050
Pekdemir AVM (Kınıklı AVM)
Denizli
2006
5,400
Antalium Premium Mall
Antalya
2008
6,000
Urla Meydan
Izmir
2012
5,400
Yasa Outlet
Balıkesir
2011
6,000
ODC Center
Ankara
2001
5,314
Becikoğlu My Dream
Bolu
2012
5,967
Palmarina - Port Bodrum
Muğla
2013
5,250
Onel Alışveriş Merkezi
Karabük
2006
5,948
Sabah Center Alışveriş Merkezi
Giresun
2002
5,200
Karum
Ankara
1991
5,000
Soli Center
Mersin
2009
5,900
Ankuva
Ankara
1995
5,000
Sunflower
Istanbul
2005
5,800
Carefour AVM
Çanakkale
2001
5,000
Ömür Plaza
Istanbul
2006
5,530
Istanbul Bazaar
Artvin
2010
5,500
CarrefourSA Maltepe
Istanbul
2001
5,000
Mesa Studio Plaza
Istanbul
2003
5,500
Atakule
Ankara
1989
0
Pekdemir AVM (Kınıklı AVM)
Denizli
2006
5,400
Urla Meydan
Izmir
2012
5,400
ODC Center
Ankara
2001
5,314
Palmarina - Port Bodrum
Muğla
2013
5,250
6,906
VI. Shopping Center Investments Conference is a
organisation.