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Renaissance to Build 30 Shopping Centers in 7 years |
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Sunday, 10 February 2008 01:11 |
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Renaissance Construction, a Turkish company, founded in Russia in 1993, has plans to open 30 shopping centers in Turkey within 7 a period of 7 years. Renaissance, that already opened and operates Ankara – Optimum, will open 4 other shopping centers and outlets in Istanbul, Gaziantep, Adana and Malatya during 2008 and 2009.
Renaissence will soon have an invested amount of over $ 1 billion in the shopping center industry by the opening of these 4 centers. Ozgen Ozyurt, the company’s Retail Coordinator for Turkey, said that there is a huge amout of interest in the industry from foreign investors. In some instances, they recieved partnership offers from foreign investors on the day following their decision to invest in a given project is annouced. The main reason dirivng the interest is the high amount of rent income. Some locations have 10 to 12 potential tenants applying for a single unit. Renaissance forsees the industry to reach to a point of saturation in 10 years. Ozyurt added that Turkey is about to start competing with Dubai with its many new centers designed in various concepts. By the time, the industry reaches saturation, there will possibly be changes in rent levels, shop diversity and shopping habits but Ozyurt does not believe any of these modern centers will ever need to be closed or converted. Link to the company website: http://www.rencons.ru/ 
The original article has additional content than what is translated here on this page. Contact us if you want to recieve the full version. Source: Referans Gazetesi |
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Last Updated ( Sunday, 10 February 2008 01:18 )
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