Turkey and US Retail Development Updates

(Kanyon Mall - Istanbul)

It may seem a bit odd to write a post about retail development in Turkey and the United States.  But the economies in Europe and Asia continue to develop and although the US has pushed forward on some projects, many still languish on the boards.  We cover the continued development in Eurasia and what may prove to be a bright spot in the US.


I have discussed the explosion of Shopping “Malls” being developed in India (India Shopping Center Explosion:  94 New Malls by 2012) and now there is word out of Turkey they will be building 25 new malls in 2011. 

There are currently 266 shopping malls in Turkey and these new malls will represent an increase of 9.4% new centers.  Almost 60% of Turkey’s retail centers are in two cities, Istanbul and Ankara.  For a great resource for a list of Turkish shopping malls, see:  List of Current Shopping Malls in Turkey.

Ankara will actually have the largest mall in Turkey when completed that will be enormous with over 5,000,000 sf of space and include Ikea, the German retailer Metro Gross Market, an aquarium (also the largest in Turkey), ski run, and housing to round out the development. 

Retail development is taking off in Europe and Asia and just this last week, Macerich, the Santa Monica based developer (see The Rebirth of Santa Monica Place) of over 70 retail centers in the US, announced they will be developing a new regional shopping mall in Goodyear, Arizona, the first regional mall to break ground “in years”.  We have heard many encouraging stories from Asia (India Shopping Center Explosion:  94 New Malls by 2012), Great Britain (More Good Retail News from London), and even retail progress in Prague (Discovering Dinosaurs in Eastern Europe), but perhaps the US has turned the corner with Macerich seeing an opportunity in Goodyear.  We are definitely in need of a "good year" real estate wise. Perhaps this is the beginning of the momentum we need to get things moving again.

See the following for more details:

World Bulletin:  25 New Shopping Malls to be Built in Turkey

Today’s Zaman: Ankara to Host Turkey’s Largest Shopping Mall

SCT News Home:  Macerich Aims to Develop Regional Mall, Outlet Center in Phoenix


  

Grand Opening: Santa Monica Place

(Photos from Macerich, Co)

It's open . . . and if first impressions mean anything - its a hit!  Santa Monica Place.  
See original post and related articles here:  The Rebirth of Santa Monica Place


PR Newswire:
Macerich's New Santa Monica Place Opens with Bloomingdale's and 50 + Retailers and Restaurants

LA Times:
Shoppers Swarm Remodeled Santa Monica Place Mall


  

The Rebirth of Santa Monica Place

(Photo from Macerich Co.)

Santa Monica Place celebrates its Grand Re-Opening this week after a 29 month of renovation to transform what was a traditional mall into a three level open-air lifestyle center.  Originally designed by Frank Gehry, the mall opened in 1980 and has had two subsequent renovations.  Macerich Co., the current owner and developer of the mall purchased the property in 1994 and worked with the international design firm, Jerde Partnership on the 550,000 sf, $265 million reinvestment project.

Fifty-Two retailers are included in their current store directory with Nordstrom and Bloomingdales as the main anchors and 21 food establishments from traditional mall fare to white table cloth dining.

As we have discussed in this blog on many occasions – the Lifestyle Center has become the soup du jour for developers looking to develop a compelling shopping experience.  Whether it is a sound development strategy or another passing fad will remain to be seen, however, Lifestyle Centers are resonating with both retailers and their consumers.  Let me know what you think.

Here are a few articles highlighting some of SMP's history and details of the 30 year old development.

LA Times:

Santa Monica Place Set to Reopen as Upscale Outdoor Shopping Venue

LookOut News:

Santa Monica Place to Usher in New Era