Multiple-Award-Winning Prime Mall in Antakya Opens for Business

Located in the town centre, the Prime Mall Antakya had an investment volume of approximately 90 million Euros and was completed in a construction period of twelve months. During a market period of seven months, 107 stores and thus 93% of the floor space was let.

The team behind the development and management of Prime Mall Antakya has an international cast whose staff members have an average industry experience of more than 13 years on European growth markets. The professional experience of these specialists adds up to an involvement in the planning, project-development, construction and management of 67 shopping centres.

Overall, Antakya’s first shopping centre is home to 127 retail units spread across four storeys and around 37,000 sqm in lettable area. It is served by 800 parking spaces in the underground car park and outdoor parking areas. Retailers include national and international brands such as Darty, Mc Donald’s, Vodafone, Samsung, Nike, Adidas, Burger King, Yves Rocher, as well as Benetton, and Pierre Cardin.

Prime Development’s latest project is situated in Antakya, a major city located in south-eastern Turkey, close to the Mediterranean seaboard. Antakya is the capital of Hatay Province, which has a population of 1.4 million. Antakya district counts around 460,000 residents. Owing to the excellent transportation access based on the nearby central bus station, more than 100,000 people are within a 5-minute commute of the shopping centre, while the driving time for another 600,000 people is 30 minutes or less. The purchasing power within the catchment area equals more than 1.2 billion Euros for retail-relevant commodities. Antakya is one of Turkey’s fastest-growing cities. The region serves as a hub for national and international trade with the Middle East, and benefits, aside from the logistics sectors, from local industry and extensive tourist business.

Of particular importance is also the competitive situation in the surroun-ding area. In August 2010, Prime Development opened Prime Mall Iskenderun in the eponymous city. “Our two shopping centres put us in a position of unrivalled regional market dominance,” emphasises Carsten Probst, Managing Director and co-founder of Prime Development.

Prime Mall Antakya represents a fourth generation shopping centre. In addition to retail venues, this latest category of shopping centres features extensive leisure options such as restaurants, cafés, cinemas and a play world for children. “The purpose of modern shopping centres is not limited to shopping, but includes the purpose of a vibrant marketplace and meeting point meant for relaxation. Purely consumption-oriented malls are a thing of the past, whereas modern shopping centre concepts encourage people to spend time, enjoy themselves, and have fun,” elaborated Philipp von Wilmowsky, also Managing Director and co-founder of Prime Development.

The choice of Turkey as investment location is not incidental. For years, the country has reported a very brisk economic development, and currently ranks seventeenth in the world. In 2010, economic growth equalled 9%, with subsequent years expected to see an annual growth of 5-6%. With a sovereign debt of 42.5% of its gross domestic product, Turkey would easily undercut the Maastricht criterion of 60%. The dynamic growth of the country includes its demography, as Turkey has a population of 73 million today. Twelve Turkish cities have more than one million residents.

“Our shopping centres benefit from Turkey’s economic and demographic growth. Turkey has become a Mediterranean tiger state, and has a vast potential as it is,” said Probst.