Istanbul to become a major retail city

The CEO of Turkmall, Levent Eyupoglu, has said that Istanbul is set to become a major retail city in the future.

Eyupoglu said that they expect to have 500,000 people employed in total by the end of 2012. Eyupoglu noted the growth in retail sales as the key factor in the rise of employment in shopping malls.

Eyupoglu said that Istanbul will become an internationally important retail city along with Moscow and many Chinese cities within the next ten years; the growth potential of Istanbul is enormous according to Eyupoglu. Turkey is a great market for the retail sector and Istanbul has the most number of shopping malls in Turkey. However new malls are continually being built all over Turkey as the nation develops and growth continues throughout.

Currently revenue generated by shopping malls in recent years has grown annually by an unprecedented USD 7 billion. In 2009 revenue was measured at USD 21 billion and grew to USD 28 billion in 2010. By the end of 2011 it is estimated that revenue generated by shopping malls in Turkey will stand at an amazing USD 35 billion.

Istanbul is set for continued investment and growth in the future. The city recently put in a bid for the 2020 Olympic Games and there will be continued building of infrastructure such as malls in Istanbul and property in Istanbul along with technology in Istanbul as the city becomes a leading city in the world.

2 Responses to “Istanbul to become a major retail city”
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