Turkish Retail Landlords are grappling with Currency Devaluation
Shopping Mall in Turkey
Facing declining rental income as a result of upheaval in Turkey’s financial markets, shopping-center owner Corio Türkiye recently expanded a loyalty-card program so that it can track customer behavior and tailor promotions accordingly.
The program “enables us to better know our visitors and design customized campaigns for them,” said Cem Alfar, chief executive of the company, which is a unit of a Dutch real-estate investment trust.
Many retail landlords in emerging-market countries have become experts in marketing, pricing, leasing and even public relations when they have grappled with sharp currency devaluations or spikes in interest rates.
In Turkey, the devaluation of the lira has raised immediate problems because most retail rents are priced in euros or U.S. dollars. That has put landlords under pressure from tenants to cut rents, something some of them have done already…..
tfrnorthcyprus 