Istanbul’s İstiklal Avenue sees record 107 million visitors

ISTANBUL

İstiklal Avenue witnessed a staggering 107 million people flooding Istanbul’s iconic heart last year, shattering all previous records with a massive 18.7 percent spike in footfall, according to a landmark retail report.

Prepared by Cushman and Wakefield, the report analyzes key retail corridors including İstiklal Avenue, Bağdat Avenue on the city’s Asian side and the upscale Nişantaşı district.

According to the report, İstiklal Avenue, one of Istanbul’s busiest cultural and commercial hubs, reached its highest-ever footfall, surpassing the previous peak of 91.8 million recorded in 2022.

Average daily foot traffic rose to nearly 240,000 on weekdays and 427,000 on weekends, driven by the avenue’s mix of cultural attractions, entertainment venues and a strong retail presence.

Retail occupancy remained high, with 265 out of 275 stores filled.

Fashion and footwear led the sectoral distribution, followed by food and beverage and cosmetics. Local brands accounted for the majority of stores, while international brands made up the remaining.

Prime rents stood at $220 per square meter per month.

On the Asian side, Bağdat Avenue also recorded significant growth, with visitor numbers rising 31.2 percent year-on-year to 41.2 million.

Daily footfall reached 104,000 on weekdays and 137,000 on weekends. Despite ongoing urban redevelopment, occupancy levels remained robust, with 296 out of 309 stores in operation.

The avenue continues to attract both local and international brands, with international retailers accounting for 23 percent of stores — the highest among Istanbul’s main shopping streets. Prime rents increased to $180 per square meter.

In contrast, Nişantaşı saw a steep drop in visitor numbers, falling by 59.4 percent to 14.6 million.

The decline is largely attributed to a decrease in foreign tourists, particularly visitors from Arab countries, who have traditionally formed a significant portion of the district’s customer base. Weekday foot traffic fell by 50 percent, while weekend numbers dropped by 72 percent.

Despite the decline, occupancy remained relatively high, with 350 out of 373 stores in use. The area continues to maintain its luxury retail profile, especially along Abdi İpekçi Street, which remains Istanbul’s most expensive shopping street, with rents reaching $250 per square meter.

The report forecasts a shift in retail strategy across Istanbul’s main shopping streets, with brands expected to prioritize efficiency over expansion.

Rising costs and global economic uncertainty are likely to push retailers toward smaller, high-performing stores in prime locations. While flagship retail corridors are expected to maintain strong demand, secondary streets may face increasing pressure in the coming period.