Nuri Şapkacı, President of the Shopping Centers and Investors Association (AYD), stated that personal care, cosmetics, and technology sectors attracted the most interest in shopping malls during the first half of the year.

Şapkacı expressed that the sector's resilience and adaptability stood out in the first half of the year.

Stating that a significant differentiation and demand vitality were experienced in some categories in the first-half data, Şapkacı said, "As has been the case for a long time, 'personal care and cosmetics' and 'technology' sectors are at the forefront of the most popular product groups."

Şapkacı explained that in the technology category, consumers continued their tendency to bring forward their demands due to inflationary expectations and concerns about global cost increases.

It was reported that there was a clear upward trend towards the fast-food segment in the food and beverage category. Şapkacı stated, "In May, a very strong and remarkable growth of 74 percent annually was recorded in the entertainment and hobby category, also aided by the long Eid al-Adha holiday and the base effect."

Nuri Şapkacı stated that the shopping malls expected to open this year are in the nature of completing investments made before the COVID-19 pandemic. Şapkacı assessed, "As a sector, we currently represent an ecosystem consisting of 450 shopping malls, approximately 14 million square meters of leasable area, and 43-45 thousand active stores. In this period of decreasing new investments, our main focus is the modernization, renovation, functional changes, and changes of ownership of our existing, especially 15-year-old, building stock."

In store leases and tenant relations, transparent and accurate declaration of rent payments based on turnover is of critical importance. Şapkacı reported that the accuracy of turnover declarations is measured by independent audits and category-based benchmark analyses.

It was stated that overly protective regulations in commercial real estate, especially the 10-year extension requirement added to 5-year lease agreements, restrict investors' room for maneuver. Şapkacı said, "Overcoming this situation, ensuring the flexibility that will facilitate new brand entries, and completely separating the commercial real estate lease regime from the residential lease regime are essential for the future of our sector."

It was stated that shopping malls have significant international potential with their infrastructure, modern designs, and strong brand mix. Şapkacı noted the following:

"The summer season, holiday breaks, and tourism mobility keep the physical traffic in our shopping malls vibrant. For example, in May 2026, a very significant activity was experienced in shopping malls, with strong vitality observed in visitor traffic and turnovers, also due to the Eid al-Adha holiday. To make the positive reflection of tourism mobility on traffic sustainable, we must accelerate Tax Free processes, bring cost inflation under control, and regain our competitiveness."

Şapkacı stated that in the monthly indices for 2026, consumer spending followed a course sensitive to seasonal effects and campaigns. He expressed that they foresee this delicate balance will be maintained and campaigns will be decisive in the second half as well.

It was stated that turnover performance generally followed a strong course in the first half of this year. Şapkacı used the following expressions:

"Pleasing real growth rates of 3.5 percent in March and 6.9 percent in May were achieved. Annual increases of 6.7 percent in March and 4.5 percent in April in our visitor numbers also prove that physical demand vitality continues. By the end of 2026, if we can keep cost inflation under control and support consumer confidence, we aim to close the year with inflation-adjusted real growth. We foresee that the stable upward trend in visitor numbers will continue, and turnovers will maintain their strong nominal increase, completing the year at a positive real growth threshold."

It was pointed out that experience-oriented areas play an important role in increasing visitor traffic in shopping malls. It was stated that consumers now visit shopping malls not only for shopping but also to spend time and socialize.

Emphasizing that the experience economy has settled at the center of the sector, Şapkacı stated that the share of food and beverage and entertainment areas has increased.

AYD President Nuri Şapkacı stated that the strong growth trend and local vitality in Anatolian cities continued their effect in the first half of 2026.

Şapkacı continued his words as follows:

"According to the 2025 results, the square meter productivity increase in Anatolia reached 35.3 percent, significantly ahead of Istanbul (25 percent). In the first half of 2026, we also observe a very significant local appetite and activity in Anatolia. When looked at in absolute terms, Istanbul is still in a leading position in turnover per square meter; for example, in April 2026 data, square meter productivity in Istanbul was approximately 38 percent higher than Anatolia. However, in terms of growth rate and local dynamism, Anatolia continues to carry the overall sectoral performance. The biggest dynamics supporting this growth are the intense preference of the local population in Anatolia for shopping malls as a socialization area and the potential offered by our 13 cities that do not yet have shopping mall investments. Although investors will focus on the modernization and changes of ownership of existing qualified structures in Anatolia for some time due to high financing costs, Anatolia's characteristic of being the growth engine of our sector will be preserved in the coming period."

Attention was drawn to the importance of mutual trust and strong collaborations for the success of the sector. Şapkacı stated that the focus should be on the growth of the sector rather than issues such as rent regulations and common area expenses.

Şapkacı noted that they attach importance to two issues for the sustainability of the ecosystem. Şapkacı said, "Firstly, establishing an understanding of 'contractual freedom' in international standards, and clearly separating the commercial real estate lease regime from the residential lease regime with a clear legal line. Secondly, these are the green transformation steps that will determine the future of our sector. I am fully confident that if we join hands with our sector components and retailers and act in line with common goals, we will overcome all financial difficulties ahead and continue to keep Turkey as a global attraction center in retail."