A Cushman & Wakefield Research Publication

ISTANBUL
HIGH STREETS
Second Edition

November 2015

INTRODUCTION
Cushman & Wakefield is delighted to provide the second edition of our in-depth Istanbul High Streets research brief.
Following indicators and parameters for the three main streets are analysed on an annual basis to understand the high
street retail market dynamics of Istanbul: retail stock, retail category splits by national/international and mass/luxury brands,
annual take-up volumes, new retailer entries in the last twelve months and footfall. All results are evaluated in comparison
with the previous year to illustrate general market trends and dynamics.
The main high streets of Istanbul are characterized as
followed:
Istiklal Street on the European side with 272 stores is
Istanbuls busiest pedestrian street and home to many
international and national retailers as well as museums,
restaurants, theatres and consulates.

Total retail stock in these three main high streets is estimated

to be around 190,000 sq.m in more than 1,000 stores. In
terms of number of stores and presence of international
brands, each of them can compete with other important high
streets of Western Europe.

Nisantasi area on the European side with 395 stores

comprises of four main streets, namely Rumeli, Tesvikiye,
Vali Konagi and Abdi Ipekci. Nisantasi is the primary
location for luxury brands, both national and international.

Other noteworthy high streets are Bahariye Street (Kadikoy)

and Alemdag Street (Umraniye) on the Asian side,
Ortabahce Street (Besiktas), Istasyon and Istanbul Streets
(Bakirkoy) on the European side.

Bagdat Street on the Asian side with 375 stores hosts

both luxury and high-end international brands as well as a
full range of international and national mass retailers
including several department stores. The street is also
home to a large selection of restaurants, coffee and
pastry shops.

Furthermore, transformation projects and urban renewals

have already started to create alternative high streets in
central areas with strong accessibility. Karakoy and Besiktas
Carsi have emerged as new attraction points, especially for
cafs and restaurants.

A Cushman & Wakefield Research Publication

General Overview
Total retail stock in the three main streets is
estimated to be around 190,000 sq.m in more than
1,000 stores, having witnessed a slight decrease in
both number of stores and size compared to the
same period of 2014. Reason for the decrease in
retail space is the on-going demolishment of
buildings due to urban renewal, especially
concentrated on Istiklal and Bagdat Streets.
However, it is to be mentioned that these buildings
are being rebuilt and that this is only a short-term
temporary trend.
In terms of changes in retailer category splits,
Apparel, Fashion and Shoes & Bags still account for
almost half of the total high street stock, followed by
F&B and Banking, each representing 14% of total
stock. While F&B and Banking recorded an increase
in shares, Apparel decreased slightly in the last
twelve months. The increase in retail banking on the
high streets is partly explained by new entries of
international banks and their aggressive expansion
strategy in Turkey.
Compared to the same period of the previous year, a
decrease in both number of stores and size of
international and luxury brands is observed in all
three streets. While this trend is quite limited in
Nisantasi and Istiklal Streets, it is by far more
apparent on Bagdat Street. In terms of number of
international brands, Nisantasi area still leads with 70
stores, followed by Bagdat Street with 54 stores and
Istiklal Street with 33 stores. The majority of the
luxury brands are still located in Nisantasi. Despite
the decrease on Bagdat Street, it is still the prime
location for luxury brands on the Asian side with 26
stores, compared to 34 stores at the end of 2014.
Due to competition, market positioning and share,
some of the brands prefer to be located in all of the
main high streets. Excluding retail banking branches
and GSM dealers, 25 brands have stores in all three
streets. Especially fast-fashion brands targeting
middle income groups (i.e., Mango, Zara, Topshop,
Mavi), accessories and cosmetics brands (i.e.,
Calzedonia, Penti, MAC, Yves Roche, Gratis) and
F&B brands (i.e., Burger King, McDonalds,
Starbucks, Mado) are located in all of these
locations. Furthermore, strong domestic retailers in
particular prefer to strengthen their market position in
high streets by opening second stores in the same
street. This strengthens the theory that the market is
going through a survival of the fittest process
whereby the strongest increase their market share
and some of the weaker brands consolidate their
stores.

ISTANBUL HIGH STREETS : SECTORAL BREAKDOWN

Others
1%
Pharmacy
1%
Telecommunic
ation
1%

Vacant
9%
Bank Exchange
Office
14%

ApparelShoes-Bags
47%

BooksMusic-GiftHobbyToys
2% & Art
Culture
2%
Home
Furniture,
Decoration
3%

F&B
14%
Accessories CosmeticsWatchesOptician
6%
Source: Cushman & Wakefield

ISTANBUL : INTERNATIONAL BRANDS (BY NUMBERS)

80
70
60
50
40
30
20
10
0
Nisantasi

Istiklal
2014

Bagdat

2015

Source: Cushman & Wakefield

Note: Data only covers Apparel, Fashion, Shoes, Bags, Accessories, Cosmetics and Home
decoration.

ISTANBUL : LUXURY BRANDS (BY NUMBERS)

80
70
60
50
40
30
20
10
0
Nisantasi

Istiklal
2014
2015

Bagdat

Source: Cushman & Wakefield

Note: Data only covers Apparel, Fashion, Shoes, Bags, Accessories, Cosmetics and Home
decoration.

A Cushman & Wakefield Research Publication

8,000

60

7,000

50

6,000
40

5,000
4,000

30

3,000

The majority of take-up was in fashion (ApparelShoes-Bags) with a share of 37% in total take-up, by
numbers. F&B and Accessories-CosmeticsWatches-Optician brands followed with 28% and
17%, respectively.
Considering that some brands have more than one
store in these streets, a more detailed analysis was
made based on the number of brands. Accordingly,
the total number of brands decreased to 656
showing a decline of 7% compared to the previous
year. In the last twelve months, 67 new brands
entered, while 113 brands exited from these high
streets.
Although the number of new entries was relatively
high, most of them were small size local or national
brands. Only a few international brands, such as
Arabian Oud, Classico, Fred Perry and Le Petite
Maison made entries to the main high streets. On the
other hand, the market saw 31 expansions and 13
relocations, together on Bagdat Street and Nisantasi.

There was a decline of 7% in

number of brands, not stores, in
the three main streets, caused by a
net negative of 46 brands between
entries and exits hinting the retail
market is going through a
consolidation.

No

ISTANBUL : TAKE-UP (2014 vs 2015)

(sqm)

The occupier market was quite active in the last

twelve months with a total take-up of 18,000 sq.m in
112 stores, only slightly higher than the previous
year (15,600 sq.m in 94 stores). Similar to last year,
Istiklal Street recorded the highest take-up volume,
while Nisantasi ranked highest in terms of number of
stores. Number of transactions increased in all
locations, however take-up volume in size only
increased on Istiklal and Bagdat Streets, while
decreasing in Nisantasi.

20

2,000
10

1,000
0

0
Nisantasi

Take-up_14 (sqm)

Istiklal

Take-up_15 (sqm)

Bagdat

Take-up_14 (number)

Take-up_15 (number)

Source: Cushman & Wakefield

ISTANBUL : TAKE-UP (BY CATEGORIES, NUMBERS)

Books-Music-GiftHobby-Toys
1%
Culture & Art
1%

Pharmacy
2%
Bank Exchange
Office
6%

Home
Furniture,
Decoration
6%

ApparelShoes-Bags
37%

F&B
28%

Accessories CosmeticsWatchesOptician
19%

Source: Cushman & Wakefield

A Cushman & Wakefield Research Publication

In three consecutive years the overall vacancy rate showed

an increasing trend, rising from 5% in 2014 to 10% as of
now. Both, number and total size of vacant stores, have
increased in recent years. An exception to this is Istiklal
Street where vacancy rates are decreasing. Bagdat Street is
the main driver of this trend with a lot of structural change
happening due to ongoing urban renewal projects.
Uncertainty in renting space in older buildings and Shopping
Centres and Shopping Centre projects within its catchment
have driven out some of the retailers, especially in the luxury
segment. It remains to be seen if this trend can be reversed
once the majority of renewal projects have been finalized.

The take-up was driven

unproportionally by a doubling of small
size transactions below 50 sq.m hinting
the smaller no-name stores changed
hands quite actively. In addition, 31
expansions and 13 relocations were
recorded.

ISTANBUL : TAKE-UP (BREAKDOWN BY STORE SIZE)

No of Transactions

In terms of store size, take-up was mainly driven by smallsize transactions (<200 sq.m) comprising 60% of total
number of transactions. Moreover, changes in the smallest
category (<50 sq.m) almost doubled compared to the
previous year. The overall average size in realized
transactions decreased to 158 sq.m from 166 sq.m in 2014.
No significant change was observed in the remaining store
size categories during the same period.

40
35
30
25
20
15
10
5
0
<50

50-100

100-200
2014

200-500

2015

>1000
Size Range (sq.m)

Source: Cushman & Wakefield

The take-up volumes of the last 3

years show that almost approx. 10%
of the entire retail stock in the 3 main
high streets is being re-leased
annually.
ISTANBUL : VACANCY (BY NUMBERS, 2013-2015)
60
50
40
30
20
10
0
Nisantasi
2013

Istiklal
2014

Bagdat
2015
Source: Cushman & Wakefield

A Cushman & Wakefield Research Publication

Istiklal Street (European Side)

Istiklal Street has the highest footfall among all high streets,
as the commercial and cultural centre of Istanbul hosting
local, national and international retailers, and also cultural
and art facilities. It is an attractive location for young fashion
brands, fast food and coffee chains, but also for tourists with
increasing numbers in recent years.
The street can be divided into three parts; upper (Taksim
Square to Galatasaray), middle (Galatasaray to Odakule)
and lower (Odakule to Tunel). The upper part is dominated
by small size local stores and large national/international
flagship stores (i.e., Koton, Mavi, Flo, H&M, Mango, Levis,
Nike). On the other hand, the lower part has started to
attract more international brands in the last few years. In
addition, some retailers have two stores in both upper and
lower parts (Collezzione, Hotic, Koton, Mavi, Mango,
Camper, Diesel), especially F&B (Starbucks, Burger King,
McDonalds, Mado) and cosmetics brands (Golden Rose,
Flormar, Gratis) prefer to be located in different parts.
The total retail stock is estimated to be around 55,500 sq.m
in 267 stores. 33 international brands are located on Istiklal
Street. It is mostly dominated by national mass brands while
there is only a few luxury accessories brands.
In terms of retail category, the Apparel-Shoes-Bags category
has the highest share with 54% of total supply, followed by
F&B and Banking, with a share of 18% and 9% respectively.
Compared to the same period of the last year, the share of
F&B and banking branches slightly increased by 1%.

ISTIKLAL ST: SECTORAL BREAKDOWN (BY SIZE)

Pharmacy
0%
Telecommunic
ation Books2% MusicCulture
& Art
5%

Bank Exchange
Office
9%

GiftHobbyToys
2%

Home
Furniture,
Decoration
1%

Vacant
6%

Others
0%

ApparelShoes-Bags
54%
F&B
18%

Accessories -CosmeticsWatches-Optician
3%

Source: Cushman & Wakefield

A Cushman & Wakefield Research Publication

In the last twelve months, 26 stores were leased amounting
to approximately 7,000 sq.m with an increase compared to
the same period of the previous year (4,600 sq.m, 16
stores). The majority of the transactions were in F&B,
followed by the accessories and apparel categories. Major
new entrants in this period were Espresso Lab, Arabian Oud
and Ravouna Caf 1906. One of the most notable openings
was the new concept store of Koton, one of the largest
Turkish apparel brands, with its third store on Istiklal Street.
Especially domestic retailers prefer to open second or even
third stores on the same street to capitalize on its length and
footfall.
The vacancy rate decreased from 11% to 9% in 2015. It
confirms that the street still keeps its attractiveness as the
busiest high street of Istanbul.
Vacant stores can be re-leased very quickly, if offered fair
market value and located in preferred parts of the street.
Especially domestic retailers still continue to follow an
aggressive expansion strategy and their ability to make
quick decisions provides an advantage in this dynamic
environment compared with international brands.
Furthermore, there is on-going urban renewal which is not
reflected in the vacant space. A considerable amount of
additional retail space will be delivered to the market in the
following years. Especially the historic arcades (Rumeli Han,
Narmanli Han, Elhamra Han, Avrupa Pasaji, Hazzopulo
Pasaji) offer potential for redevelopment to provide new
retail space and concepts. The renovation of the historic
Cercle D'Orient building (formerly hosting the Emek Cinema)
is still an ongoing redevelopment project, expected to be
opened with a new retail concept (namely Grand Pera). It
has 20,500 sq.m of leasable area and Madame Tussauds is
expected to make its country entry in Grand Pera.
Since older buildings often cannot meet space requirements
of retailers, redevelopment projects provide good build-tosuit opportunities on high streets. Some large brands prefer
to open fully integrated flagship fashion stores combining all
concepts (Women, Men, Kids, Accessories, Home, etc.) in
renovated buildings, either on the lower floors or the entire
building.
The extension of Istiklal Street continues with new emerging
areas, such as Tunel and Galata areas. These areas
became attractive especially for national brands who are
looking for opportunities to extend their presence on the
street.

ISTIKLAL ST: INTERNATIONAL / NATIONAL BRANDS

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
by size
International

by numbers
National

Source: Cushman & Wakefield

Note: Data only covers Apparel, Fashion, Shoes, Bags, Accessories, Cosmetics and Home
decoration.

The increase in take-up by 60% in

number of transactions and the
decrease in vacancy to 9% shows
that Istiklal Street continues to be
very attractive for mass fashion and
F&B brands. There is an increasing
trend of multiple stores (26 brands in
total) and large flagship and concept
stores.
ISTIKLAL ST: TAKE-UP (2014 vs 2015)
8,000

30

7,000

25

6,000
20

5,000
4,000

15

3,000

10

2,000
5

1,000
0

0
2014
Take-up (sqm)

2015
Take-up (number)
Source: Cushman & Wakefield

A Cushman & Wakefield Research Publication

Nisantasi Area (European Side)

NISANTASI : SECTORAL BREAKDOWN (BY SIZE)
Nisantasi area comprises of four main streets, namely Vali
Konagi, Rumeli, Tesvikiye and Abdi Ipekci, which is the
prime luxury high street of Istanbul. Both national and
international mass brands and chain stores are located on
the other streets. Fashion and accessory brands but also
upscale restaurants and F&B outlets are located in the area.
The total stock is estimated at around 56,300 sq.m in 395
stores. The stock size increased slightly, due to new retail
space created after building renewals.
70 international brands are located in Nisantasi. 70 both
national and international luxury brands have a store in the
area which makes it the main luxury destination on the
European side.

Although most changes occurred in

the small size stores with 80% of the
transactions being new entries of
small local single-store brands, Abdi
Ipekci constituted almost 50% of the
take-up by size, driven by expansions
and relocations.

Vacant
5%

Others
1%

Pharmacy
1%

Telecommun
ication
1%

Bank Exchange
Office
17%

ApparelShoes-Bags
45%

Books-MusicGift-Hobby-Toys
2%
Culture & Art
1%
Home
Furniture,
Decoration
4%

F&B
12%

Accessories -CosmeticsWatches-Optician
11%
Source: Cushman & Wakefield

NISANTASI: INTERNATIONAL / NATIONAL BRANDS

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
by size
International

by numbers
National

Source: Cushman & Wakefield

Note: Data only covers Apparel, Fashion, Shoes, Bags, Accessories, Cosmetics and Home
decoration.

NISANTASI: LUXURY / MASS BRANDS

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
by size

Luxury

Mass

by numbers

Source: Cushman & Wakefield

Note: Data only covers Apparel, Fashion, Shoes, Bags, Accessories, Cosmetics and Home
decoration

A Cushman & Wakefield Research Publication

A total number of 49 transactions amounting to 4,470 sq.m
in the last twelve months were recorded. The majority of the
transactions (almost 80%) were new entries along with few
relocations and exits on Abdi Ipekci Street.
Nisantasi district has continued to attract luxury brands
with the opening of Zadig&Voltaires third store
(temporarily, one of the others was closed later) in
Nisantasi and the first boutique of Swiss watch maker
Ulysse Nardin. Armani opened a store for all Giorgio
Armani brands. Other noteworthy transactions were mostly
in the F&B category including the opening of Le Petite
Maison on the ground floor of Hamit Suite and Develi and
Well Done on Abdi Ipekci Street. The arcades are not
included in the analysis, but one of the notable
transactions was the opening of Carluccios in Milli
Reasurans Carsi.
Similar to other high streets, Nisantasi is also experiencing
urban renewal. Although the renewal of old buildings offers
opportunities to create new retail space, its process force
some retailers to relocate or even exit the area. In
Nisantasi, especially upscale brands prefer to relocate
within the area if they can find fair value. There are after all
significant rental differences between older lease contracts
and current market rents.

NISANTASI: TAKE-UP (2014 vs 2015)

7,000

50

6,000

48

5,000

46

4,000
44
3,000
42

2,000

40

1,000
0

38
2014
Take-up (sqm)

2015
Take-up (number)
Source: Cushman & Wakefield

Abdi Ipekci was the main driver of change constituting

almost half of the total take-up of the Nisantasi area by size.
Godiva, Zilli and Taji were some of the noteworthy
relocations, while Laduree, Damas and Ipekyol exited from
Nisantasi.
The vacancy rate slightly increased from 4% to 5%. Old
apartment buildings are being renovated whereby the
ground floors are being converted into retail space, which is
the main reason for the increase of available space.

A Cushman & Wakefield Research Publication

Bagdat Street (Asian Side)

Bagdat Street is the longest shopping street and the prime
location for international and luxury brands on the Asian side.
Income levels in the catchment area are the highest among the
mentioned high streets of Istanbul.
The street can be divided into three parts; Suadiye Saskinbakkal is dominated by luxury brands in larger stores but
with lower footfall; Saskinbakkal - Caddebostan is the busiest
part with more international brands; Caddebostan Erenkoy has
both national and international mass brands.
Total stock is estimated at around 75,000 sq.m in 365 stores,
which is lower than last year. This can be explained by on-going
and increasing urban renewal projects in recent years. During
the last twelve months, 49 brands exited from Bagdat Street and
almost one of third of them were in buildings which were
demolished subsequently. However, only 5 brands preferred to
relocate in the same street following renewal.
There are 55 international and 26 luxury brands present on
Bagdat Street. They were the largest contributors to brand exits
such as Armani, Longchamp, Michael Kors, Zadig&Voltaire. This
trend is further spurred by considerable discrepancies between
asking rent and market rent which prevented most of the brands
of re-entering the street. We have not yet seen a significant
number of rent adjustments. A direct impact on rents remains to
be seen in the future. Furthermore, new upscale Shopping
Centres on the Asian side continue to attract luxury brands away
from Bagdat Street, which became an apparent trend in 2015.

BAGDAT ST: SECTORAL BREAKDOWN (BY SIZE)

Others
2%
Vacant
14%

Pharmacy
0%

ApparelShoes-Bags
45%

Bank Exchange
Office
15%

Telecommunic
ation
1%
BooksMusic-GiftHobbyToys
2%

Cultu
re &
Art
0%

F&B
12%
Accessories CosmeticsWatchesOptician
5%

Home
Furniture,
Decoration
4%

Source: Cushman & Wakefield

BAGDAT ST: INTERNATIONAL / NATIONAL BRANDS

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
by size
International

by numbers
National

Source: Cushman & Wakefield

Note: Data only covers Apparel, Fashion, Shoes, Bags, Accessories, Cosmetics and Home
decoration.

BAGDAT ST: LUXURY / MASS BRANDS

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
by size

Luxury

Mass

by numbers

Source: Cushman & Wakefield

Note: Data only covers Apparel, Fashion, Shoes, Bags, Accessories, Cosmetics and Home
decoration.

10

A Cushman & Wakefield Research Publication

Another consequence of the renewal projects is the increase of
vacant space. The vacancy rate increased from 9% to 14%
compared with 2014. Total number of vacant stores increased
from 20 to 52 in the last twelve months. The ongoing activity and
uncertainty of demolishment of older buildings cause difficulties
in leasing stores.
In the last twelve months, 37 transactions were recorded, which
amount to approximately 6,500 sq.m of annual take-up. This
figure is higher in terms of size compared to the previous year.
Almost 45% of total take-up were relocations. Notable new
entrants in the last twelve months were Brandroom, Fred Perry,
Hummel and Pandora.

Market dynamics are mainly driven by

renewal projects which caused 1/3 of
49 brand exits with only 5 of them
relocating on Bagdat Street. This
resulted in an increase in vacancy
from 9% to 14%.

BAGDAT ST: TAKE-UP (2014 vs 2015)

7,000

38

6,000
5,000

37

4,000
3,000
36

2,000
1,000
0

35
2014
Take-up (sqm)

2015
Take-up (number)
Source: Cushman & Wakefield

11

A Cushman & Wakefield Research Publication

OTHER HIGH STREETS

The secondary streets in Istanbul are dominated by local brands
and F&B retailers, however notable national mass brands have
already opened stores and are looking for opportunities to
expand in future retail hotspots.
The secondary and emerging high streets in Istanbul are;
Bakirkoy is one of the most populous districts on the
European side with two main high streets, namely
Istasyon and Istanbul streets. Especially local young
fashion brands and fast food retailers are attracted by the
young population which is gathered by numerous
education and private course facilities in the area.
Besiktas Ortabahce is another major high street on the
European side. Like Bakirkoy, Besiktas is one of the old,
central and very populated districts of Istanbul. It hosts
both public and private universities and also many
education facilities which makes it a main destination for
young people. A large number of national F&B retailers
prefer the area. Banking branches, bookstores and also
local stores are located on this street. Not only
Ortabahce Street, but also other pedestrianized streets,
between Barbaros Boulevard and Ortabahce, namely
Koyici, host many retailers, not only local stores, but
also national brands and coffee chains. Large national
fashion brands have started to open stores in the area
and it is expected to attract international brands as well
in the future. In addition, Akaretler Row Houses, a
former accommodation of high ranking officials of the
Dolmabahce Palace in the Ottoman era, is home to
many restaurants, cafs and also design and art
galleries.
Karakoy has started to develop as an emerging retail
area on the European side in recent years. The area has
a unique location surrounded by Karakoy Square, Galata
Bridge, Tophane and Bankalar Streets, with good
accessibility. The area became popular especially for
cafs and restaurants and has also witnessed many
openings of hotels, designer stores and boutiques.
During the last year, many fine-dining restaurants and
night clubs were opened, which helped to promote the
area and attract more tourists. Especially historical
buildings, arcades and former non-residential uses like
small repair stores located on Kemankes, Mumhane and
Necatibey Streets are being converted into retail space
which offers alternatives for more hotels, boutiques and
F&B outlets.

Bahariye Street in Kadikoy, on the Asian side, is a fully

pedestrianized street which hosts not only international
and national retailers, but also cultural facilities (theatres,
cinemas, bookstores, etc.). It is the main retail
destination especially for young people offering large
fashion brands, fast food and coffee chains. Although it
is dominated by national brands, the number of
international brands is increasing. In recent years, Moda,
an extension of the street, became a popular destination
especially for art galleries, hand-craft boutiques, cafs
and also small-private theatres in recent years.
Nowadays, the area is a hotspot for nightlife and cultural
activities.
Alemdag Street in Umraniye became one of the main
destinations for retailers as a secondary high street on
the Asian side in the last couple of years. Its significant
footfall has attracted large national mass brands, and
some of them even opened second stores on the same
street. A Shopping Centre in the area, Canpark, became
operational in the last year. The on-going construction of
a metro station, which will increase accessibility with a
new metro line between Umraniye and Uskudar, is
expected to attract more retailers in the forthcoming
years.

Secondary high streets

are developing fast and are already
major revenue drivers for brands
like Mavi, Koton, LC Waikiki and
many others. International lingerie
and cosmetics and other affordable
brands are already flocking to
these locations.

12

A Cushman & Wakefield Research Publication

SUMMARY & OUTLOOK

The Turkish retail market continues to offer great potential for
both national and international retailers with strong
demographics and positive consumer trends. High streets in
Istanbul have a strategic importance for retailers to support their
entry and expansion strategies in the Turkish market. Fierce
competition for market share pushes retailers to open multiple
stores in the same street. The flagship store as a concept is
becoming more and more widespread and retailers started to
make real statements with new store concepts.
Major trends and dynamics are mainly driven by urban renewal
projects and their direct and indirect impact on the market. With
so many changes happening current analyses can only be
considered as being temporary. Final results and their
sustainable impact on high street retail can only be observed
when the renewal projects are finalized.
The biggest impact currently seems to be on Bagdat Street
which has witnessed a considerable number of retailer exits,
mainly being international and international luxury brands.
However, as mentioned above, this cannot be considered as a
long-term future fate of this street. The current pressure arising
from increased vacancy and a decrease of international and
luxury presence might trigger rent adjustments in the mid-term
which however is not witnessed at this point. It should also be
noted that with renewal projects better retail space will be
available and might win back lost ground in the future.

Urban renewals are also the main driver in creating new retail
hotspots in traditionally highly penetrated central high streets
with yet little international retailer presence. National retailers are
aggressively expanding in these secondary high streets already
and will continue to do so in the future.
Take-up volumes increased on the back of relocations and small
stores changing hand. Changes mainly happened in the <200
sq.m and even more so in the <50 sq.m category. Istiklal stands
out as the most active street with considerably higher take-up
both in terms of size and number compared to last year.
The high street market is witnessing a lot of change currently and
trends apart from urban renewals indicate that the strongest
brands are determined to strengthen their presence and
increase their market shares in this period of change. On the
other hand many other retailers are forced to re-think their store
portfolios which leads them to consolidate and make more
efficient use of space.

13

A Cushman & Wakefield Research Publication

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