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.