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
Istanbul’s 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
cafés and restaurants.

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A Cushman & Wakefield Research Publication

General Overview ISTANBUL HIGH STREETS : SECTORAL BREAKDOWN

Total retail stock in the three main streets is Others

estimated to be around 190,000 sq.m in more than 1%
1,000 stores, having witnessed a slight decrease in
Pharmacy
both number of stores and size compared to the 1% Vacant
same period of 2014. Reason for the decrease in 9%
retail space is the on-going demolishment of Telecommunic
Bank -
buildings due to urban renewal, especially Exchange
ation
Office
concentrated on Istiklal and Bagdat Streets. 1%
14% Apparel-
However, it is to be mentioned that these buildings Books- Shoes-Bags
are being rebuilt and that this is only a short-term Music-Gift- 47%
Hobby-
temporary trend. Toys
2% & Art
Culture
In terms of changes in retailer category splits, 2%
Apparel, Fashion and Shoes & Bags still account for F&B
almost half of the total high street stock, followed by Home 14%
F&B and Banking, each representing 14% of total Furniture, Accessories -
Decoration Cosmetics-
stock. While F&B and Banking recorded an increase Watches-
3%
in shares, Apparel decreased slightly in the last Optician
twelve months. The increase in retail banking on the 6%
high streets is partly explained by new entries of Source: Cushman & Wakefield

international banks and their aggressive expansion ISTANBUL : INTERNATIONAL BRANDS (BY NUMBERS)
strategy in Turkey.
80
Compared to the same period of the previous year, a
decrease in both number of stores and size of 70
international and luxury brands is observed in all 60
three streets. While this trend is quite limited in
Nisantasi and Istiklal Streets, it is by far more 50
apparent on Bagdat Street. In terms of number of
40
international brands, Nisantasi area still leads with 70
stores, followed by Bagdat Street with 54 stores and 30
Istiklal Street with 33 stores. The majority of the
20
luxury brands are still located in Nisantasi. Despite
the decrease on Bagdat Street, it is still the prime 10
location for luxury brands on the Asian side with 26
0
stores, compared to 34 stores at the end of 2014.
Nisantasi Istiklal Bagdat
Due to competition, market positioning and share, 2014 2015
some of the brands prefer to be located in all of the Source: Cushman & Wakefield
main high streets. Excluding retail banking branches Note: Data only covers Apparel, Fashion, Shoes, Bags, Accessories, Cosmetics and Home
decoration.
and GSM dealers, 25 brands have stores in all three
streets. Especially fast-fashion brands targeting ISTANBUL : LUXURY BRANDS (BY NUMBERS)
middle income groups (i.e., Mango, Zara, Topshop,
Mavi), accessories and cosmetics brands (i.e., 80
Calzedonia, Penti, MAC, Yves Roche, Gratis) and
F&B brands (i.e., Burger King, McDonald’s, 70
Starbucks, Mado) are located in all of these 60
locations. Furthermore, strong domestic retailers in
particular prefer to strengthen their market position in 50
high streets by opening second stores in the same
40
street. This strengthens the theory that the market is
going through a “survival of the fittest” process 30
whereby the strongest increase their market share
and some of the weaker brands consolidate their 20
stores. 10

0
Nisantasi Istiklal Bagdat
2014 2015
Source: Cushman & Wakefield
Note: Data only covers Apparel, Fashion, Shoes, Bags, Accessories, Cosmetics and Home
decoration.

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The occupier market was quite active in the last

ISTANBUL : TAKE-UP (2014 vs 2015)
twelve months with a total take-up of 18,000 sq.m in
112 stores, only slightly higher than the previous
8,000 60

No
(sqm)
year (15,600 sq.m in 94 stores). Similar to last year,
Istiklal Street recorded the highest take-up volume, 7,000
50
while Nisantasi ranked highest in terms of number of
6,000
stores. Number of transactions increased in all
40
locations, however take-up volume in size only 5,000
increased on Istiklal and Bagdat Streets, while
4,000 30
decreasing in Nisantasi.
3,000
20
The majority of take-up was in fashion (Apparel-
2,000
Shoes-Bags) with a share of 37% in total take-up, by
10
numbers. F&B and Accessories-Cosmetics- 1,000
Watches-Optician brands followed with 28% and
0 0
17%, respectively.
Nisantasi Istiklal Bagdat
Considering that some brands have more than one Take-up_14 (sqm) Take-up_15 (sqm) Take-up_14 (number) Take-up_15 (number)
store in these streets, a more detailed analysis was Source: Cushman & Wakefield
made based on the number of brands. Accordingly,
the total number of brands decreased to 656 ISTANBUL : TAKE-UP (BY CATEGORIES, NUMBERS)
showing a decline of 7% compared to the previous
Books-Music-Gift- Pharmacy
year. In the last twelve months, 67 new brands 2%
Hobby-Toys
entered, while 113 brands exited from these high 1%
streets. Bank -
Culture & Art Exchange
1% Office
Although the number of new entries was relatively Home 6%
high, most of them were small size local or national Furniture,
Apparel-
brands. Only a few international brands, such as Decoration
Shoes-Bags
Arabian Oud, Classico, Fred Perry and Le Petite 6%
37%
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. F&B
28% Accessories -
“There was a decline of 7% in Cosmetics-
Watches-
number of brands, not stores, in Optician
19%
the three main streets, caused by a
net negative of 46 brands between Source: Cushman & Wakefield

entries and exits hinting the retail

market is going through a
consolidation.”

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ISTANBUL : TAKE-UP (BREAKDOWN BY STORE SIZE)

In terms of store size, take-up was mainly driven by small-
size transactions (<200 sq.m) comprising 60% of total
40

No of Transactions
number of transactions. Moreover, changes in the smallest
category (<50 sq.m) almost doubled compared to the 35
previous year. The overall average size in realized
30
transactions decreased to 158 sq.m from 166 sq.m in 2014.
No significant change was observed in the remaining store 25
size categories during the same period.
20
In three consecutive years the overall vacancy rate showed 15
an increasing trend, rising from 5% in 2014 to 10% as of
10
now. Both, number and total size of vacant stores, have
increased in recent years. An exception to this is Istiklal 5
Street where vacancy rates are decreasing. Bagdat Street is
0
the main driver of this trend with a lot of structural change <50 50-100 100-200 200-500 >1000
happening due to ongoing urban renewal projects. Size Range (sq.m)
Uncertainty in renting space in older buildings and Shopping 2014 2015
Centres and Shopping Centre projects within its catchment Source: Cushman & Wakefield
have driven out some of the retailers, especially in the luxury
segment. It remains to be seen if this trend can be reversed “The take-up volumes of the last 3
once the majority of renewal projects have been finalized.
years show that almost approx. 10%
of the entire retail stock in the 3 main
“The take-up was driven high streets is being re-leased
unproportionally by a doubling of small annually.”
size transactions below 50 sq.m hinting
the smaller “no-name” stores changed ISTANBUL : VACANCY (BY NUMBERS, 2013-2015)
hands quite actively. In addition, 31 60
expansions and 13 relocations were
50
recorded.”
40

30

20

10

0
Nisantasi Istiklal Bagdat
2013 2014 2015
Source: Cushman & Wakefield

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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, Levi’s,
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,
McDonald’s, 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 ISTIKLAL ST: SECTORAL BREAKDOWN (BY SIZE)
F&B and Banking, with a share of 18% and 9% respectively.
Compared to the same period of the last year, the share of Pharmacy Bank - Vacant Others
0% Exchange 6% 0%
F&B and banking branches slightly increased by 1%. Office
Telecommunic 9%
ation Books-
2% Music-
Gift-
Culture Hobby-
& Art Toys
5% 2% Apparel-
Shoes-Bags
Home 54%
Furniture, F&B
Decoration 18%
1%

Accessories -Cosmetics-
Watches-Optician
3%

Source: Cushman & Wakefield

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In the last twelve months, 26 stores were leased amounting

to approximately 7,000 sq.m with an increase compared to ISTIKLAL ST: INTERNATIONAL / NATIONAL BRANDS
the same period of the previous year (4,600 sq.m, 16
stores). The majority of the transactions were in F&B, 100%
followed by the accessories and apparel categories. Major 90%
new entrants in this period were Espresso Lab, Arabian Oud
80%
and Ravouna Café 1906. One of the most notable openings
was the new concept store of Koton, one of the largest 70%
Turkish apparel brands, with its third store on Istiklal Street. 60%
Especially domestic retailers prefer to open second or even 50%
third stores on the same street to capitalize on its length and 40%
footfall.
30%
The vacancy rate decreased from 11% to 9% in 2015. It 20%
confirms that the street still keeps its attractiveness as the 10%
busiest high street of Istanbul. 0%
by size by numbers
Vacant stores can be re-leased very quickly, if offered fair International National
market value and located in preferred parts of the street.
Source: Cushman & Wakefield
Especially domestic retailers still continue to follow an Note: Data only covers Apparel, Fashion, Shoes, Bags, Accessories, Cosmetics and Home
aggressive expansion strategy and their ability to make decoration.

quick decisions provides an advantage in this dynamic

environment compared with international brands. “The increase in take-up by 60% in
Furthermore, there is on-going urban renewal which is not number of transactions and the
reflected in the vacant space. A considerable amount of
additional retail space will be delivered to the market in the
decrease in vacancy to 9% shows
following years. Especially the historic arcades (Rumeli Han, that Istiklal Street continues to be
Narmanli Han, Elhamra Han, Avrupa Pasaji, Hazzopulo
Pasaji) offer potential for redevelopment to provide new
very attractive for mass fashion and
retail space and concepts. The renovation of the historic F&B brands. There is an increasing
Cercle D'Orient building (formerly hosting the Emek Cinema)
is still an ongoing redevelopment project, expected to be
trend of multiple stores (26 brands in
opened with a new retail concept (namely Grand Pera). It total) and large flagship and concept
has 20,500 sq.m of leasable area and Madame Tussauds is
expected to make its country entry in Grand Pera. stores.”
Since older buildings often cannot meet space requirements ISTIKLAL ST: TAKE-UP (2014 vs 2015)
of retailers, redevelopment projects provide good build-to-
8,000 30
suit opportunities on high streets. Some large brands prefer
to open fully integrated flagship fashion stores combining all 7,000
concepts (Women, Men, Kids, Accessories, Home, etc.) in 25
renovated buildings, either on the lower floors or the entire 6,000
building. 20
5,000
The extension of Istiklal Street continues with new emerging 4,000 15
areas, such as Tunel and Galata areas. These areas
became attractive especially for national brands who are 3,000
10
looking for opportunities to extend their presence on the
2,000
street.
5
1,000

0 0
2014 2015
Take-up (sqm) Take-up (number)
Source: Cushman & Wakefield

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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 Vacant Others
5% 1%
prime luxury high street of Istanbul. Both national and
international mass brands and chain stores are located on
Pharmacy
the other streets. Fashion and accessory brands but also 1%
Telecommun
upscale restaurants and F&B outlets are located in the area. ication
Bank -
Exchange
1%
Office
The total stock is estimated at around 56,300 sq.m in 395 17% Apparel-
stores. The stock size increased slightly, due to new retail Books-Music- Shoes-Bags
space created after building renewals. Gift-Hobby-Toys 45%
2%
70 international brands are located in Nisantasi. 70 both Culture & Art
national and international luxury brands have a store in the 1%
Home F&B
area which makes it the main luxury destination on the 12%
Furniture,
European side. Decoration
4%

“Although most changes occurred in

Accessories -Cosmetics-
Watches-Optician
11%
the small size stores with 80% of the Source: Cushman & Wakefield

transactions being new entries of

small local single-store brands, Abdi NISANTASI: INTERNATIONAL / NATIONAL BRANDS
Ipekci constituted almost 50% of the
100%
take-up by size, driven by expansions 90%
and relocations.” 80%
70%
60%
50%
40%
30%
20%
10%
0%
by size by numbers
International 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 by numbers
Luxury Mass
Source: Cushman & Wakefield
Note: Data only covers Apparel, Fashion, Shoes, Bags, Accessories, Cosmetics and Home
decoration

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A total number of 49 transactions amounting to 4,470 sq.m

in the last twelve months were recorded. The majority of the NISANTASI: TAKE-UP (2014 vs 2015)
transactions (almost 80%) were new entries along with few
relocations and exits on Abdi Ipekci Street. 7,000 50

Nisantasi district has continued to attract luxury brands 6,000 48

with the opening of Zadig&Voltaire’s third store
5,000
(temporarily, one of the others was closed later) in 46
Nisantasi and the first boutique of Swiss watch maker 4,000
Ulysse Nardin. Armani opened a store for all Giorgio 44
Armani brands. Other noteworthy transactions were mostly 3,000
in the F&B category including the opening of Le Petite 42
Maison on the ground floor of Hamit Suite and Develi and 2,000
Well Done on Abdi Ipekci Street. The arcades are not
1,000 40
included in the analysis, but one of the notable
transactions was the opening of Carluccio’s in Milli
0 38
Reasurans Carsi.
2014 2015
Similar to other high streets, Nisantasi is also experiencing Take-up (sqm) Take-up (number)
urban renewal. Although the renewal of old buildings offers Source: Cushman & Wakefield
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.
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.

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Bagdat Street (Asian Side)

Bagdat Street is the longest shopping street and the prime BAGDAT ST: SECTORAL BREAKDOWN (BY SIZE)
location for international and luxury brands on the Asian side. Others
Income levels in the catchment area are the highest among the 2%

mentioned high streets of Istanbul.

Vacant
14%
The street can be divided into three parts; Suadiye -
Saskinbakkal is dominated by luxury brands in larger stores but Bank - Apparel-
with lower footfall; Saskinbakkal - Caddebostan is the busiest Exchange Shoes-Bags
Pharmacy Office 45%
part with more international brands; Caddebostan – Erenkoy has 0% 15%
both national and international mass brands.
Telecommunic
ation
Total stock is estimated at around 75,000 sq.m in 365 stores, 1%
which is lower than last year. This can be explained by on-going Books- F&B
Music-Gift- 12%
and increasing urban renewal projects in recent years. During Hobby-
Cultu Accessories -
re & Home
the last twelve months, 49 brands exited from Bagdat Street and Toys Furniture, Cosmetics-
Art Watches-
2% Decoration
almost one of third of them were in buildings which were 0% Optician
4%
demolished subsequently. However, only 5 brands preferred to 5%
relocate in the same street following renewal. Source: Cushman & Wakefield

There are 55 international and 26 luxury brands present on BAGDAT ST: INTERNATIONAL / NATIONAL BRANDS
Bagdat Street. They were the largest contributors to brand exits
such as Armani, Longchamp, Michael Kors, Zadig&Voltaire. This 100%
trend is further spurred by considerable discrepancies between 90%
asking rent and market rent which prevented most of the brands 80%
of re-entering the street. We have not yet seen a significant 70%
number of rent adjustments. A direct impact on rents remains to
60%
be seen in the future. Furthermore, new upscale Shopping
50%
Centres on the Asian side continue to attract luxury brands away
40%
from Bagdat Street, which became an apparent trend in 2015.
30%
20%
10%
0%
by size by numbers
International 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 by numbers
Luxury Mass

Source: Cushman & Wakefield

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

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

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OTHER HIGH STREETS  Bahariye Street in Kadikoy, on the Asian side, is a fully
pedestrianized street which hosts not only international
The secondary streets in Istanbul are dominated by local brands and national retailers, but also cultural facilities (theatres,
and F&B retailers, however notable national mass brands have cinemas, bookstores, etc.). It is the main retail
already opened stores and are looking for opportunities to destination especially for young people offering large
expand in future retail hotspots. fashion brands, fast food and coffee chains. Although it
is dominated by national brands, the number of
The secondary and emerging high streets in Istanbul are; international brands is increasing. In recent years, Moda,
an extension of the street, became a popular destination
 Bakirkoy is one of the most populous districts on the
especially for art galleries, hand-craft boutiques, cafés
European side with two main high streets, namely
and also small-private theatres in recent years.
Istasyon and Istanbul streets. Especially local young
Nowadays, the area is a hotspot for nightlife and cultural
fashion brands and fast food retailers are attracted by the
activities.
young population which is gathered by numerous
education and private course facilities in the area.  Alemdag Street in Umraniye became one of the main
destinations for retailers as a secondary high street on
 Besiktas Ortabahce is another major high street on the
the Asian side in the last couple of years. Its significant
European side. Like Bakirkoy, Besiktas is one of the old,
footfall has attracted large national mass brands, and
central and very populated districts of Istanbul. It hosts
some of them even opened second stores on the same
both public and private universities and also many
street. A Shopping Centre in the area, Canpark, became
education facilities which makes it a main destination for
operational in the last year. The on-going construction of
young people. A large number of national F&B retailers
a metro station, which will increase accessibility with a
prefer the area. Banking branches, bookstores and also
new metro line between Umraniye and Uskudar, is
local stores are located on this street. Not only
expected to attract more retailers in the forthcoming
Ortabahce Street, but also other pedestrianized streets,
years.
between Barbaros Boulevard and Ortabahce, namely
Koyici, host many retailers, not only local stores, but
also national brands and coffee chains. Large national
“Secondary high streets
fashion brands have started to open stores in the area are developing fast and are already
and it is expected to attract international brands as well major revenue drivers for brands
in the future. In addition, Akaretler Row Houses, a
former accommodation of high ranking officials of the
like Mavi, Koton, LC Waikiki and
Dolmabahce Palace in the Ottoman era, is home to many others. International lingerie
many restaurants, cafés and also design and art and cosmetics and other affordable
galleries.
brands are already flocking to
 Karakoy has started to develop as an emerging retail these locations.”
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
cafés 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.

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SUMMARY & OUTLOOK

The Turkish retail market continues to offer great potential for Urban renewals are also the main driver in creating new retail
both national and international retailers with strong hotspots in traditionally highly penetrated central high streets
demographics and positive consumer trends. High streets in with yet little international retailer presence. National retailers are
Istanbul have a strategic importance for retailers to support their aggressively expanding in these secondary high streets already
entry and expansion strategies in the Turkish market. Fierce and will continue to do so in the future.
competition for market share pushes retailers to open multiple
Take-up volumes increased on the back of relocations and small
stores in the same street. The flagship store as a concept is
stores changing hand. Changes mainly happened in the <200
becoming more and more widespread and retailers started to
sq.m and even more so in the <50 sq.m category. Istiklal stands
make real statements with new store concepts.
out as the most active street with considerably higher take-up
Major trends and dynamics are mainly driven by urban renewal both in terms of size and number compared to last year.
projects and their direct and indirect impact on the market. With
The high street market is witnessing a lot of change currently and
so many changes happening current analyses can only be
trends apart from urban renewals indicate that the strongest
considered as being temporary. Final results and their
brands are determined to strengthen their presence and
sustainable impact on high street retail can only be observed
increase their market shares in this period of change. On the
when the renewal projects are finalized.
other hand many other retailers are forced to re-think their store
The biggest impact currently seems to be on Bagdat Street portfolios which leads them to consolidate and make more
which has witnessed a considerable number of retailer exits, efficient use of space.
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.

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About Cushman & Wakefield

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