In Turkey, the retailer's pulse is being thrown at shopping malls. The vitality of shopping centers and the opening of new stores are also a measure for the economy. Even though the retail sector has been stagnant since July 15th, the market is still active.
We understand this from growing store investments and new shopping centers. Recently, new shopping center projects were opened in many cities from Istanbul to Bursa and from Adana to Antalya. However, near the half of these shopping malls, the stores are empty. In other words, the shopping malls are opening at a rate of less than 50 percent. The reason for this is that there is a hidden cold between the AVM investors and the operators and the retail brands. This living thing can be called "supply-demand dispute" in economic terms.
Retailers who raised their voices to return shopping mall rents to TL in the period when rates are rising, are now refraining from opening stores due to the opening conditions offered by new shopping malls. "Shopping Mall investors are coming up against the normal course of the economy, we want to open a store but we can not open it with pre-emptive conditions," retailers said. According to retailers, it does not matter how much the rent is if you are thinking about making a lot of turnover in a shopping mall.
However, the unexplained rent gap between the two projects of the same size, the fact that there are many shopping malls around the new shopping malls, and the provisions that will lead to the bare open expenditure bills which are not explicitly stated in the contract prevent retailers from agreeing with new project owners.