A Cushman & Wakefield Research Publication ISTANBUL HIGH .../media/reports/turkey/Istanbul High... · A Cushman & Wakefield Research Publication ISTANBUL HIGH STREETS ... retail category

A Cushman & Wakefield Research Publication

ISTANBUL

HIGH STREETS Second Edition

November 2015

2

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.

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.

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.

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.

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.

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.


3

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, McDonald’s, 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

Source: Cushman & Wakefield

ISTANBUL : INTERNATIONAL BRANDS (BY NUMBERS)

Source: Cushman & Wakefield Note: Data only covers Apparel, Fashion, Shoes, Bags, Accessories, Cosmetics and Home

decoration.

ISTANBUL : LUXURY BRANDS (BY NUMBERS)


decoration.

Apparel-Shoes-Bags

47%

Accessories -Cosmetics-Watches-Optician

6%

F&B14%Home

Furniture, Decoration

3%

Culture & Art2%

Books-Music-Gift-

Hobby-Toys2%

Telecommunication1%

Pharmacy1%

Bank -Exchange

Office14%

Vacant9%

Others1%

0

10

20

30

40

50

60

70

80

Nisantasi Istiklal Bagdat

2014 2015

0

10

20

30

40

50

60

70

80


2014 2015


4

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.

The majority of take-up was in fashion (Apparel-Shoes-Bags) with a share of 37% in total take-up, by numbers. F&B and Accessories-Cosmetics-Watches-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.”

ISTANBUL : TAKE-UP (2014 vs 2015)


ISTANBUL : TAKE-UP (BY CATEGORIES, NUMBERS)


0

10

20

30

40

50

60

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000


No

(sq

m)

Take-up_14 (sqm) Take-up_15 (sqm) Take-up_14 (number) Take-up_15 (number)

Apparel-Shoes-Bags

37%


19%

F&B28%

Home Furniture, Decoration

6%

Culture & Art1%

Books-Music-Gift-Hobby-Toys

1%

Pharmacy2%

Bank -Exchange

Office6%


5

In terms of store size, take-up was mainly driven by small-size 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.

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)


“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)


0

5

10

15

20

25

30

35

40

<50 50-100 100-200 200-500 >1000

No o

f T

ran

sa

ctio

ns

Size Range (sq.m)2014 2015

0

10

20

30

40

50

60

Nisantasi Istiklal Bagdat2013 2014 2015


6

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 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)


Apparel-Shoes-Bags

54%


3%

F&B18%

Home Furniture,

Decoration1%

Culture & Art5%

Books-Music-Gift-

Hobby-Toys2%

Telecommunication2%

Pharmacy0%

Bank -Exchange

Office9%

Vacant6%

Others0%


7

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 Café 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-to-suit 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


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)


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

by size by numbers

International National

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2014 2015

0

5

10

15

20

25

30

Take-up (sqm) Take-up (number)


8

Nisantasi Area (European Side)

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.”

NISANTASI : SECTORAL BREAKDOWN (BY SIZE)


NISANTASI: INTERNATIONAL / NATIONAL BRANDS


decoration.

NISANTASI: LUXURY / MASS BRANDS


decoration

Apparel-Shoes-Bags

45%


11%

F&B12%

Home Furniture,

Decoration4%

Culture & Art1%

Books-Music-Gift-Hobby-Toys

2%

Telecommunication

1%

Pharmacy1%

Bank -Exchange

Office17%

Vacant5%

Others1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

by size by numbers


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

by size by numbersLuxury Mass


9

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&Voltaire’s third store (temporarily, one of the others was closed later) inNisantasi 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 Carluccio’s 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.

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.

NISANTASI: TAKE-UP (2014 vs 2015)


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2014 2015

38

40

42

44

46

48

50



10

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)


BAGDAT ST: INTERNATIONAL / NATIONAL BRANDS



BAGDAT ST: LUXURY / MASS BRANDS



Apparel-Shoes-Bags

45%


5%

F&B12%

Home Furniture, Decoration

4%

Culture & Art0%

Books-Music-Gift-

Hobby-Toys2%

Telecommunication1%

Pharmacy0%

Bank -Exchange

Office15%

Vacant14%

Others2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

by size by numbers


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

by size by numbersLuxury Mass


11

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)


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2014 2015

35

36

37

38



12

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, cafés 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

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.

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, cafés

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.”


13

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.


14

About Cushman & Wakefield

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This report has been produced by Cushman & Wakefield LLP (C&W) for use by those with an interest in commercial property solely for information purposes and should not be relied upon as a basis for entering into transactions without seeking specific, qualified professional advice. It is not intended to be a complete description of the markets or developments to which it refers. This report uses information obtained from public sources which C&W has rigorously checked and believes to be reliable, but C&W has not verified such information and cannot guarantee that it is accurate or complete. No warranty or representation, express or implied, is made as to the accuracy or completeness of any of the information contained in this report and C&W shall not be liable to any reader of this report or any third party in any way whatsoever. All expressions of opinion are subject to change. The prior written consent of C&W is required before this report or any information contained in it can bereproduced in whole or in part, and any such reproduction should be credited to C&W. You are currently listed as someone who wishes to receive property listings from Cushman & Wakefield, Inc.To be removed from our mailing lists please send an email to [email protected]

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A Cushman & Wakefield Research Publication ISTANBUL HIGH .../media/reports/turkey/Istanbul High... · A Cushman & Wakefield Research Publication ISTANBUL HIGH STREETS ... retail category