Turnover of shopping centers soar in February

ISTANBUL

Turnover of shopping centers in Türkiye leaped 115 percent year-on-year in February, rising more than the annual inflation rate, according to the data from the Council of Shopping Centers (AYD).

The latest numbers raised hopes that the outlook for shopping centers may be improving. Some of the malls in the country have been struggling with financial problems. Around 70 malls have been taken over by banks due to their unpaid debts.

The study by AYD showed that the nominal increase in turnover per square meter exceeded the annual inflation rate of 67.07 percent in February.

Turnover per square meter at shopping malls across the country climbed from 4,358 Turkish Liras in February last year to 9,735 liras.

In Istanbul, turnover/square meter surged from 5,735 liras to 11,704 liras, while at the shopping centers in the Anatolian province, it rose from 3,740 liras to 8,421 liras, according to the AYD report.

The number of people visiting shopping centers increased by 11.39 percent compared to February 2024 but foot traffic fell 9.2 percent from January this year.

Turnover in consumer electronics surged more than 139 percent year-on-year, while the annual increase in clothing was 109.5 percent. In food and drink the increase was 100 percent.

The earthquakes, which hit Türkiye’s southern provinces in early February, adversely affected consumer sentiment, causing a significant drop in retail sales, said Nuri Şapkacı, the president of AYD.

This explains the steep annual increase in turnovers in February this year, he added.

The rate of rise in the turnover index in March and April may not be as high as it was in February, according to Şapkacı.