Shopping takes centre stage in Turkey's major cities

Shopping centre stock in Turkey is set to increase 60% by 2010, according to a report from real estate services giant Jones Lang LaSalle. The sector has already seen significant growth over the last two years with the number of shopping centres in the country totalling 188 in February 2008. An additional 66 centres are already under construction and a further 84 are planned. The increasing purchasing power of the Turkish consumer and expanding middle income group is fuelling the expansion plans of both domestic and international retailers. This is supporting the rapid expansion of new shopping centre space in Turkey, said Richard M Davies, director at Jones Lang La Salle. The report highlights opportunities in Istanbul and Ankara as well as untapped 'second-tier' cities in Anatolia, noting that almost half of Turkey's provinces are without modern shopping facilities. Existing retailers have already announced plans for further investment in 2008. These include the Metro Group, committed to 100 million Euros of new investment this year, and Tesco, which plans 100 further stores in Turkey over the next five years.