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According to Turkish media reports, Prestige Mall, a long-standing shopping and lifestyle center in Istanbul, is decided to shut down operations entirely by the end of June.
Once known as one of Türkiye’s first boutique-style malls, the facility has begun winding down, with its anchor tenant, File Market—a subsidiary of Turkish retail group BIM—already closing its doors over the weekend.
The shutdown of Prestige Mall comes at a time when Türkiye’s shopping mall sector comprises nearly 450 centers nationwide. The industry has experienced significant changes in recent years, shaped by evolving consumer habits and the increasing role of e-commerce, particularly following the COVID-19 pandemic.
Today, nearly 50 malls across the country are failing to maintain sufficient occupancy rates to remain commercially viable. Experts attribute this to outdated tenant mixes, misaligned branding strategies, and a failure to meet evolving customer expectations.
According to the business-focused outlet ekonomim.com, Prestige Mall was launched in March 2007 to redefine the upscale retail experience. It initially offered 25,000 square meters (269,100 square feet) of total space, including 12,000 square meters of leasable area. The project was developed by the Suzer Group and quickly attracted international investor interest. Later that year, it was sold to the Ireland-based Quinn Group for $55 million.
Ownership changed hands again in 2013, when Russian-owned MSFD Real Estate Inc. acquired the property. In 2016, the mall came under public scrutiny due to reports linking it to individuals allegedly involved in corruption, including claims that businessman Mansur Topcuoglu attempted to purchase the center.
However, the sale never materialized, and MSFD retained ownership.
Over time, Prestige Mall suffered from declining foot traffic and a shrinking tenant base. The occupancy rate eventually dropped below 50%, and most commercial activity was reduced to a handful of symbolic stores.
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