Seven retail megacenters expected to debut by the year-end in 2026
In a move set to boost Turkey's retail sector, seven new shopping malls are scheduled to open their doors by the end of 2026. These malls will be located in Istanbul, Ankara, Mugla, Elazig, and Duzece.
According to the Chairman of the Council of Shopping Centers (AYD), Nuri Şapkacı, two shopping malls with a total gross leasable area of approximately 42,000 square meters are planned for 2025. Five additional shopping malls totaling around 212,000 square meters are scheduled to open in 2026.
The retail sector in Turkey has shown a mixed performance over the past year. Sectors like hypermarkets and clothing showed the closest performance to inflation, while categories like footwear lagged behind. However, despite these fluctuations, sectors tied to essential spending, such as health and groceries, are less affected by price increases and will likely maintain momentum.
In the first half of 2025, mall productivity per square meter increased by 29.5 percent year-on-year in nominal terms. However, this increase underperformed relative to inflation due to a strong base effect from the previous year. After a dip in April, retail activity rebounded in May due to holiday shopping, with a 24.3 percent year-on-year increase in productivity in June.
Despite these economic challenges, the retail sector remains a dominant component of Turkey's commercial construction market. In 2024, shopping malls in Turkey generated approximately $55 billion in revenue. The overall Turkish commercial construction market is projected to grow at a compound annual growth rate (CAGR) of 5.58% from 2025 to 2030, reaching USD 39.60 billion by 2030 from USD 30.18 billion in 2025.
The retail market in Turkey, including commercial retail properties, is forecast to grow at an 11% CAGR from 2025 to 2030. This growth is driven by strong structural factors such as demographics (large youthful population) and urbanization, which bodes well for major cities like Istanbul.
Consumer pessimism has risen due to inflation and unemployment, but retail spending remains robust, supporting ongoing retail development and mall activity. Istanbul’s broader economy is projected to grow around 3.3% in 2026, which should further support commercial construction demand including malls.
While exact numbers or growth rates specific to Istanbul’s shopping mall supply by 2026 are not detailed, the retail commercial construction segment in Turkey—including Istanbul— is expected to expand steadily with a positive outlook based on economic growth, urbanization, and consumer behavior. This implies a likely moderate to significant increase in shopping mall development or modernization by the end of 2026 in Istanbul.
Finance and business sectors are anticipated to benefit from the growth of the retail industry in Turkey, as seven new shopping malls are set to open by the end of 2026, contributing to the expansion of the commercial construction market. The retail market in Turkey, including Istanbul's shopping malls, is projected to grow at a robust 11% compound annual growth rate from 2025 to 2030.
