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Istanbul: the perfect European retail destination for the ICSC

--- By James Brown

--- 03/04/2014
--- categories:
  • Retail Research
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As the annual ICSC European conference kicks off in Istanbul this week, it is worth reflecting on one of the world’s great cities. Often described as being located at a crossroads between the east and west, Istanbul is a fascinating mix of two very different cultures. And this contrast is reflected in the retail market, where the centuries old Grand Bazaar sits alongside some of the most impressive new retail destinations in Europe.

As we highlight in JLL’s Istanbul Retail City Profile, the retail market is revolutionising at a great speed. We are witnessing the development of some world class shopping centres, which are playing host to top international retailers, on both the European and Asian sides of Istanbul. On the European side, the preeminent scheme is now the $2.5bn JLL let and managed Zorlu Center, which opened late last year. On the Asian side, the Galerie Lafayette anchored Emaar Square development, also leased by JLL, is scheduled to open later this year, creating a new landmark downtown destination.

“The JLL leased and managed Zorlu Centre”

Istanbul is a regional powerhouse, partly a result of two trends that we have identified that are redefining the global retail market. The first, urbanisation, is a truly global phenomenon. While half of the world’s fastest-growing large cities are in Asia, Eastern Europe and the Middle East are also witnessing rapid urbanisation, with Istanbul at the forefront. In 1960, the city had a population of one million, today it is over 13 million!

Istanbul also looks set to benefit from a second trend, multi-speed economic growth. Turkey, along with Russia, looks set to outperform the rest of Europe economically in the medium term. The expanding macro-economy, favourable demographics and rapidly-growing middle class are driving the development of Turkey’s, and specifically, Istanbul’s retail market, which looks set to remain an attractive destination for international retailers, real estate investors and developers alike. As always, however, where there is opportunity, risk is never too far away, as highlighted by the recent geo-political instability in the region.

But despite, and maybe even because of these risks, Istanbul remains the perfect place for the ICSC to host its annual European Conference. The conference brings the biggest names in the shopping centre industry together, to discuss the latest challenges and trends facing the European retail market. I, for one, cannot think of a better place to witness these trends first hand than in the cultural and retail melting pot that is Istanbul.

James Brown is JLL’s Head of European Retail Research.

About the Author

James Brown Head of EMEA Retail Research and Consulting

James is Head of EMEA Retail Research and Consulting at JLL. Working closely with Retail Research and Consulting colleagues across Europe, Middle East and Africa, James is responsible for coordinating and developing all retail research and client consulting needs, providing strategic advice on markets or retail real estate, for developers, investors, landlords and retailers. Follow @JLLEuropeRetail on Twitter for more insights.

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