With an investment of 120 million euros, the world's largest duty-free shopping mall complex comes into service at Istanbul New Airport, also known as the Third Airport, on Oct. 29.
Third Airport Operator IGA signed a 25-year agreement with German Heinemann and its Turkish partner Unifree to operate duty-free shops.
Different sections will sell Turkish products in luxury stores and bazaar concepts in the duty-free sales area, consisting of six sections on 53,000 square meters. Luxury boutique shops are to be built on an area of 6,500 square meters, while on an area of 3,000 square meters, stores selling Turkish products will be established in the bazaar concept to introduce Turkish products to the world. The whole complex is expected to feature 500 square meters of information areas, 15,000 square meters of duty-free shops, 6,000 square meters of activity and tasting stands and 12,500 square meters of shopping malls.
Customs and Foreign Trade Services head and partner at KPMG Murat Palaoğlu said the Third Airport was designed according to recent trends in shopping concepts and duty-free retailing activities.
Palaoğlu said that according to 2017 data, sales in duty-free shops were about 1 billion euros with tobacco products having the largest share at 36 percent, followed by perfume and cosmetics at 28 percent, alcoholic beverages at 16 percent, electronic goods, glasses, watches and toys at 11 percent and food at 9 percent. He said the value of domestic products sold in duty free stores last year reached 55 million euros, which will be multiplied when the third airport becomes operational.
