Foreign Brands Investing in Istanbul
The beautiful and historic city of Istanbul seems to be suddenly becoming a hot spot for travel and shopping, not just for those looking for a historical experience but for those looking for the latest stores and hotels. The International Herald Tribune recently did a story on the rise of shopping malls in the Turkish town. Income is rising in Turkey and malls are attracting shoppers by offering newness and one-stop shopping, food and entertainment. Foreign retailers are starting to move in as well. WWD reports that the Christian Dior boutique at the Istinye Park shopping complex is thriving. Although the general economic environment is worsening, Turkish retail is very appealing to foreign investors.
One foreign brand making a move in Istanbul is W Hotels Worldwide which will mark its entry into Europe with the grand opening of W Istanbul. The W Istanbul is the centerpiece of the Ottoman Row Houses. W Istanbul features 134 guest rooms, including 26 suites, Chef Jean-Georges Vongerichten's Spice Market restaurant, and a signature spa. The rooms include private gardens, terraces and cabanas and are designed in a blend of modern and Turkish design.The project complex in which W Istanbul is located includes luxury residences and retail shops which will offer global luxury brands.