Turkey's first luxury concept shopping mall is closing down.

17.06.2025 08:20

The Prestige Mall, which opened for the first time in Turkey with a luxury and boutique concept, is closing due to management issues and challenging economic conditions. The shopping mall, located in Bahçeşehir, Istanbul, was established on an area of 25,000 square meters and had opened its doors to visitors 18 years ago.

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The global economic crisis has led to the bankruptcy of many companies in Turkey, and a massive shopping mall has also been added to the chain.

CLOSING AT THE END OF JUNE

Located in the Gölet area of Bahçeşehir district in Istanbul, the Prestige Mall Shopping and Life Center, which has been operating uninterrupted for 18 years, is preparing to close its doors by the end of June.

STORES ARE CLOSING ONE BY ONE

According to a report by Yener Karadeniz from Ekonomim, around 10-15 stores within Prestige Mall, one of Turkey's first luxury and boutique concept shopping centers, will cease operations by the end of June.

SOLD TO QUINN GROUP IN 2007

Prestige Mall stands out as one of the examples that could not keep up with this change. Established with the vision of being the first shopping center positioned in the luxury and boutique segment during the mid-2000s when shopping mall investments accelerated in Turkey, the project opened its doors in March 2007 with a total area of 25,000 square meters and a leasable space of 12,000 square meters. Developed by the Süzer Group, Prestige Mall was sold to the Irish Quinn Group for 55 million dollars shortly after its opening in 2007.

Investor interest did not stop with this sale. In 2013, the center was acquired by the Russian capital MSFD Real Estate Inc., and in 2016, it was brought into the spotlight due to individuals involved in various corruption allegations. At that time, it was reported that businessman Mansur Topçuoğlu also attempted to purchase the mall. However, this acquisition did not take place, and ownership remained with MSFD Inc. Over time, the mall, which saw a decrease in visitor traffic, a narrowing brand mix, and a loss of competitive power, became largely dysfunctional except for a few symbolic stores. In recent years, the occupancy rate of the mall has been below 50%, and its employees have expressed that the balance of income and expenses has deteriorated, leading to delays in salaries for a long time.

The closure of Prestige Mall symbolizes not only the end of a shopping center but also the conclusion of an era in investment understanding. At the point the sector has reached today, the chances of survival for shopping mall projects that are not supported by innovative, agile, and multidimensional approaches are becoming increasingly difficult.