Shopping centers’ turnover hit $55 billion last year

Shopping centers’ turnover hit $55 billion last year

ISTANBUL
Shopping centers’ turnover hit $55 billion last year

Combined turnover of nearly 450 shopping centers in Türkiye reached $55 billion last year, according to Nuri Şapkacı, president of the Council of Shopping Centers (AYD).

The shopping centers turnover index increased by 65 percent in 2024 from the previous year with turnover per square meter hitting 147,814 Turkish Liras ($4,140), said Şapkacı.

The turnover data signaled recovery in the post-COVID era, but foot traffic remained weak.

The number of people visiting shopping centers increased by only 2 percent last year compared to 2023.

Food and drink sales at shopping centers grew 68 percent in 2024, registering the highest increase among all categories, according to a study carried out jointly by AYD and Akademetre Research.

“People started to spend time at shopping malls due to the erosion in their purchasing power,” said Şapkacı, explaining why food and drink sales showed a robust increase.

Consumer electronics and clothing increased 65 percent and 64 percent, respectively. Turnover of hypermarkets at shopping centers was up 59 percent.

Turnover increase, which remained above inflation in the first half, slowed in the second half of 2024.

There are a total of 447 shopping malls in the country, directly employing 600,000, providing jobs indirectly to 2.1 million people, according to Şapkacı.

“Shopping center investments have been shifting to the Anatolian cities in the last five years. Still, there is are 14 cities in Türkiye without a shopping center,” he noted.

Some 10 shopping malls opened last year, Şapkacı said, adding that five shopping malls are expected to be launched in 2025, two in Istanbul as well as in Ankara and Muğla.