Turnover in shopping malls in 2018 to reach TL 130B

DAILY SABAH
ISTANBUL
Published 23.12.2018 20:35
Updated 24.12.2018 08:00

Total turnover of Turkish shopping malls will be nearly TL 130 billion ($24.45 billion) in 2018, while turnover for 2019 is estimated at TL 160 billion, according to Shopping Malls and Investors Association (AYD) Chairman Hulusi Belgü.

With 412 shopping malls currently operating, Belgü noted that there are shopping malls in 63 out of 81 cities, and between eight and 10 new malls will open in 2019.

He also noted that, according to the latest shopping mall retail turnover index, October turnover index, free of inflation, soared by 16.9 percent compared to the same month last year.

Indicating that the number of visitors changes depending on certain periods and special days, Belgü

said: "For instance, it is higher in holidays, school opening periods and before Christmas. Looking at the entire year, we estimate that it will reach 2.3 billion visitors by the end of the year."

Meanwhile, in September, President Recep Tayyip Erdoğan signed a decree that requires using lira to buy, sell and rent real estate and lease vehicles, putting an end to such deals in foreign currencies to support the Turkish lira.

Speaking of the decision, Belgü said that it has significantly reduced cost burdens on retailers, which will come to fruition soon.

He said the decision has removed uncertainty about the translation of rental payments into Turkish lira, which has occupied the retail sector and public agenda for a long time.

"After the ministry decided to return to the lira in rental payments and exchange rates were determined in accordance with the communiqué released, the uncertainty in this matter ended. Currently, we continue with Turkish lira in rental payments. I hope that we will soon see reflections of the relief of our retailers, who complained that rents are the greatest share of costs," he said.

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