Festival in Istanbul Boosts Shopping

Credit card spending data between March 18-23 shows that shopping increased in Istanbul by 21 percent on an annual basis.

The Istanbul Shopping Fest, which will continue through April 26, has already stimulated consumer demand in its first week, according to data from the Interbank Card Center, or BKM.

“In its first week, Istanbul Shopping Fest brought extra revenues of 1.5 billion Turkish Liras,” said Sertaç Özinal, the BKM general manager, in a written statement Saturday. Credit card spending data between March 18-23 shows that shopping increased by 21 percent on an annual basis. “The festival has proven itself and has created serious buoyancy in the retail sector,” Özinal said.

According to data, credit and debit card spending by tourists increased by 38 percent in the week to 20 million liras.
On March 19, the day when shops in Taksim and Nişantaşı plus the İstinyepark and Torium shopping centers were open until 2 a.m., a total of 128,000 card transactions occurred just between 10 p.m. Saturday and 2 a.m. Sunday. Compared to the previous week, the data showed a 41 percent jump in spending.

“Those living in other provinces also joined the festival through e-commerce,” Özinal said. “In the March 18-25 period, a total of 288 million liras was spent [through this channel].”

Malls win big

The biggest spending points in the period were shopping centers, with 174.4 million liras spent in malls. Compared to a year ago, this figure represents a 22 percent rise in revenues. More than 94 million liras was spent on clothing, while 17.5 million liras was spent on jewelry.

In another statement, Culture and Tourism Minister Ertuğrul Günay said new shopping centers should not discredit traditional ones but should help them develop, too.

“On the one hand, we are bringing modern, high-quality shopping centers to Istanbul, but on the other hand, we are trying to revive the Grand Bazaar,” the minister said.

Responding to a question on whether shopping centers should remain open for longer periods during the day, Günay said this could be discussed next year.

Reflecting on the same issue, Mehmet Nane, president of the Trade Council of Shopping Centers and Retailers, or AMPD, said malls could be opened late into the night through an on-duty system similar to the one currently used by pharmacies.

March 27, 2011
SOURCE: Hürriyet Daily News