Hot Retail Market in... Turkey?
Shumacher Group's Harold Shumacher just returned from Turkey with ICI World Pilgrims (which unites Jewish, Christian and Muslim leaders for interfaith discussions). But it wouldn't be Harold if we didn't get his take of Istanbul's retail market. To say the least, he's stunned. The country's oldest--and perhaps largest--mall is called Grand Bazaar and is a nine-square-block facility with stores mostly locally owned by multi-generations of families. What amazed Harold the most were the rents: an average of $350 to $400/SF. Despite regional tensions, the Turkish economy felt thriving and healthy.
Back on the homefront, Harold shared that he just helped Ray's Rio Bravo purchase 6450 Powers Ferry Rd, the former Peter Chang's Tastey China II restaurant space, for its re-entry into the Atlanta market. Rio Bravo will retest the market demand here before expanding further, he says.