28.08.2025 11:07
Turkey's first luxury and boutique concept shopping mall, Prestige Mall, has closed its doors after 18 years. Following a decision made due to economic difficulties and management issues, all stores in the mall have ceased operations. Once a favorite shopping destination in Istanbul, Prestige Mall has now turned into a veritable ghost town.
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Turkey's first "luxury and boutique" concept shopping mall, Prestige Mall, has closed its doors after 18 years. Due to economic conditions and management issues, the decision was made, and the shopping center in Başakşehir, Istanbul, completely ceased operations as of last week.
ECONOMIC CRISIS HITS SHOPPING MALLS
As the rising cost of living in Turkey changes citizens' consumption habits, shopping malls are also going through tough times. While luxury segment malls that were once popular are experiencing a loss of customers, Prestige Mall could not withstand this process any longer.
TRANSFORMED INTO A GHOST TOWN
The closure decision was first communicated to the stores. Following the consecutive closures of shops, the mall has virtually turned into a ghost town. The liquidation process, which was planned to be completed in July, was extended by one month, and last week all stores ceased operations.
18-YEAR JOURNEY
Opened in 2007 by the Süzer Group, Prestige Mall was launched with a total area of 25,000 square meters and a leasable space of 12,000 square meters. Shortly after, the mall was sold to the Irish Quinn Group for 55 million dollars, marking Turkey's first attempt at luxury shopping in history.
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