Turkey surpassing Europe in outlet investments
Posted by meb at May 24th, 2008
Turkey is rapidly surpassing European countries in its investments in outlet stores, which sell out-of-season products at discounted prices.
Turkey is second in Europe in terms of leasable outlet area, with 382,781 square meters in 19 outlet malls. It follows England, which has 471,881 square meters of leasable outlet area in 29 outlet malls. Italy follows Turkey with 12 outlet malls. France comes next with 11 outlet malls. There are a total of 133 outlet malls in Europe, with 3.02 million square meters of leasable outlet area, while in America there are 222 outlet malls, with 5.57 million square meters.
Parallel to increasing numbers of outlet malls, the outlet investments of famous brands are also rising. One-third of the stores run by Mudo, a concept clothing and home accessory brand, are outlet stores. Another clothing chain, Boyner, is planning to open three new outlet stores this year. Murat İzci, the general manager of İstanbul’s major outlet mall, Olivium, said 11.12 million people visit his mall annually and that the total annual turnover in the mall is around $125 million, value added tax excluded.
İzci said Olivium had no store vacancies and that there were around 400 brands in line to open stores in the mall. İzci said they were planning to open a new outlet mall in Ümraniye, on the Anatolian side of İstanbul, on a 35,000 square meter site. The planned investment for the mall, which is scheduled to open in the first quarter of 2010, is $60 million.
source: Today’s Zaman
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