McArthurGlen, Europe’s leading owner, developer and manager of designer outlets, has partnered with Fiba Group, Turkey’s leading international financial and retail group, to open the first two designer outlets in Istanbul, Europe’s largest city.
Reflecting an investment of over Euros 250 million, McArthurGlen will open one Designer Outlet on the European side of Istanbul, near the new international airport (set to open in 2018 and to be the world’s largest airport), and the other in a fast-growing university suburb on the Asian side.
The two new Designer Outlets are 75 minutes’ driving distance apart from each other, with each one serving their own separate catchment areas of more than seven million inhabitants within the city. Both centres will benefit from the opening in 2015 of the new North Marmara Highway running across the new third bridge over the Bosphorus.
McArthurGlen manages 20 Designer Outlets in eight countries across Europe. The company is due to open its 21st centre in Vancouver, Canada, in spring 2015. The two new Istanbul centres will offer the most sought-after international and national, luxury and premium fashion brands, with year-round savings of 30-70%, in vibrant and stylish shopping environments. The two Istanbul Designer Outlets will be the Partnership’s first in Turkey, with further centres planned across the country.
Claude Hargreave, McArthurGlen’s Regional Development Director, says: “Istanbul offers everything we look for in a market: an exceptionally strong local partner in Fiba Group; a large catchment, with significant purchasing power and a love for fashion; a spectacular tourist destination; a developed local fashion industry; and easy access to the chosen locations, both by car and public transport.”
Istanbul has a population of 15 million, split between the European side of the city and the Asian side. Mr Hargreave continues: “These are two different markets, which is why it was a natural decision to open two McArthurGlen Designer Outlets – one on each side of the Bosphorus.”
Istanbul, home to what is considered to be the world’s first shopping centre (the Grand Bazaar) is the world’s sixth most visited city, with 12 million annual tourist visitors. In Europe, only London and Paris welcome more travellers.
The two planned McArthurGlen Designer Outlets will initially offer a total of more than 66,000 m² (710,000 sq feet), with each one offering over 33,000 m² (355,000 sq feet). Both will be built in phases, with the first phases being 20,000 m² (215,000 sq feet).
Similar to other McArthurGlen Designer Outlets, these centres will become regional and global shopping destinations. Driven by McArthurGlen’s global tourism network, shoppers from across a 90-minute catchment, as well as many international travellers, will be attracted to the centres.
Construction of both McArthurGlen Designer Outlets is planned to begin in 2015, with openings projected for 2016.
McArthurGlen is also in planning with new centres in the south of France (between Marseilles and Aix-en-Provence), in the Belgian city of Ghent (between Brussels and Bruges) and in the German city of Remscheid (near Cologne and east of Düsseldorf).