Turnover index for shopping malls increases by 22.4 percent in July 2018

Despite the impression and some official statistics that things may not be going very well in Turkey’s economy the retail sector does not seem to be doing too badly, after all. In fact, it is reported that turnover per rentable square meters in shopping malls in July 2018 was recorded at TL 1,196 in Istanbul and TL 937 in Ankara. Country wide efficiency for Turkey in July 2018 was recorded as TL 1,041.

These figures show that the turnover index reached 273 points in July 2018 corresponding to an increase of 22.4 percent compared to the same month of the previous year. The report was jointly prepared by Shopping Centers and Investors Association (AYD) and Akademetre Research Company.

The highest increase in square meter productivity in categories was recorded in the technology category with 44 percent in July as compared to same period last year (before inflation adjustment).

The President of AYD stated that the turnover index had risen above the inflation rate every month since the beginning of the year, in a steady manner. He added “When we examine the index figures, we see that the retail turnover index rates in the shopping malls have been higher than the inflation rates since January, and this did not change again in July, and the retail turnover index increased by 22.4 percent in July 2018 compared to the same month of the previous year recording 273 points and the inflation rate was 15.85 percent“.

He went on to say, “We see that these developments in foreign currency affect both the investor who uses the foreign currency loan and the retailer whose input costs are mainly in foreign exchange. When we look at the 12 month increase in foreign exchange in July, we see that dollar has increased by 35.5 percent. Although an increase of 22 percent over the inflation rate is observed in turnovers, we are striving to help retailers in need of support by fixing the exchange rate or giving discounts. “