Page 53 - #182 June 2023

Istanbul

Istanbul London
An article on Lonely Planet.com by Jesse Scott and Didem Tali highlights The capital and largest city in England and the UK, it is a world-
that thanks to its extraordinary geographical gifts, the transcontinental renowned retail hotspot and a beacon of the industry. One of the world’s
city of Istanbul has always lured serious traders and shoppers. Visitors most important global cities, it exerts a considerable impact upon the
can appreciate the strong artisan tradition, browse high-quality local arts, commerce, education, entertainment, fashion, finance, healthcare,
products and even sip complimentary tea from tulip-shaped glasses media, professional services, research and development, tourism and
while discussing what to bring home. Resembling a massive labyrinth and transportation. For decades London has led the way in terms of innovation,
boasting nearly 4,000 shops in 45,000sq m, the Grand Bazaar is one of fashion and retail trends and it is the focal location for new retailers seeking
the world’s oldest covered shopping centres. Istanbul remains a unique representation in the UK. CBRE’s ‘Central London Retail Market Summary
city that is positioned on two continents and in the third quarter of 2022, – Q1 2023’ explains that, reflecting the wider trends seen across real estate,
the increase in demand in the retail market drew attention. Cushman Central London retail investment volumes were muted in Q1 2023, at
& Wakefield’s Turkey – Country Snapshots – Third Quarter – 2022: £183M. However, in prime locations, yields have remained stable due to
Office, Retail & Industrial & Logistics continues by saying that another strong occupational demand and the prospect of rental growth. Meanwhile
reason for the increasing demand is that the number of foreign visitors a report from Savills entitled ‘Market in Minutes: Central London Retail – Q4
after the pandemic almost caught up with the pre-pandemic period. 2022 explains that London’s West End is new clearly in recovery mode.
Although increasing costs due to inflation and fluctuating exchange rates In December last year, West End sales were just nine per cent below
continued to affect the sector, significant occupancy rates were observed 2019 levels, according to New West End Company, which is particularly
both in shopping malls and on main streets. In the third quarter of 2022, encouraging considering rail strikes during the ordinarily busy run-up to
it was observed that investors continue their growth strategies despite Christmas. This was reflected in trading figures from Shaftesbury, with
the difficulties in finding empty stores. In addition, it is noteworthy that tenants reporting average turnovers six per cent above 2019 levels over the
many Turkish brands that cannot fit into the Turkish market have started festive period and up 42 per cent year-on-year. Strong trade in the West
to develop growth strategies abroad. In the third quarter of the year, End, coupled with an improving economic outlook, is helping to bolster
the demand continues to increase with the effect of the pre-pandemic occupier sentiment. In addition, with average prime headline ZA rents in the
period in the number of foreign visitors. Meanwhile, in the third quarter West End still 16 per cent below pre-Covid levels, combined with a good
of the year, there was no new shopping mall entry and the total supply degree of availability, there is an increasing realisation amongst occupiers
remained stable at 13.8 million square metres. that now may be the optimum time to secure new space.

London