Turkey shopping malls eye 20 bln lira '09 sales
Today, April 29th a sector association reported that Turkey is fast-expanding shopping mall sector aims to raise revenues 25 percent this year to 20 billion lira ($12.5 billion) despite sharp economic contraction in the country.
The rise reflects continued strong growth in the large emerging market economy, boosted by growing personal incomes and despite many projects being put on hold across Europe due to the credit crunch.
Shopping mall space increased by one million square metres in March 2009 to around 4.8 million square metres, the Shopping Centre Investors Association (AYD) said in a statement.
A Global property services provider recently reported that while Turkey was not immune to the kind of economic strain seen in Western Europe, the country remained attractive to international retailers looking to gain a foothold in the eastern European/central Asia region.
As with Turkey Tourismsector expanding, the number of monthly visitors to malls rose to 67 million from 54 million, according to a new AYD index.