Navigating the Next Chapter for Turkey’s Retail Sector

Over the course of the last several decades, Turkey has steadily become an increasingly popular international location. Whether it be for world-renowned health care and beauty services, the vibrant metropolitan life the locale offers, or the thriving real estate market, Turkey has become a must-visit location for travelers around the world, and it's easy to see why. 

For the past twenty-plus years, the founder of Rönesans Holding has had a front-row seat to these changes and expansions in Turkey’s retail real estate industry. Amidst all of this, they have realized a central, fundamental truth: change is the only constant. Even as the sector has faced currency fluctuations, regulatory changes, a global pandemic, and natural disasters, it has continued to grow and evolve in unexpected ways.  

It has also confronted global challenges, such as inflation and the rapid growth of e-commerce, taking these elements in stride and adapting to them. To this end, if an organization hopes to thrive within this industry in Turkey, adaptation is essential. Rönesans Holding has become extremely well-versed in evolving alongside this ever-changing landscape. 

The Success of RGY 

Rönesans Gayrimenkul Yatırım (RGY), the retail real estate division of Rönesans Holding, has shown that facing challenges can bolster an organization’s resilience and position it for leadership. Emphasizing adaptability, teamwork, and purpose, RGY incorporates these principles across all aspects of its operations. These core values continue to shape its strategic path. 

When RGY was founded in the early 2000s, Turkey’s retail scene was mainly made up of traditional bazaars and local stores. However, increasing urbanization and changing consumer expectations created new opportunities. RGY saw the potential to revolutionize retail by creating modern shopping centers that could act as lively centers for commerce and community activity. 

This vision demanded more than just development skills; it required a team that could blend deep local knowledge with a global outlook. 

RGY’s Core Principle 

RGY’s core principle is simple yet powerful: truly listening to both tenants and visitors. In Turkey, shopping malls are more than retail centers; they serve as hubs for connection, leisure, dining, entertainment, and culture. This insight has guided the company’s efforts to develop welcoming, vibrant environments with a carefully selected mix of retail, food, and entertainment options. As technology transforms consumer behaviors, RGY adapts by integrating both physical and digital experiences, ensuring it remains responsive and relevant. 

Sustainability continues to be a central element of RGY’s long-term strategy. The company aims to operate all its properties using 100% renewable energy by 2030, demonstrating its commitment to environmental responsibility and strategic planning. Many of RGY’s properties have already earned top BREEAM In-Use ratings, helping tenants lower operating costs and reduce their carbon footprint. These efforts have earned industry recognition and helped to build a greater degree of trust with stakeholders. 

Moving Forward 

Looking ahead, RGY recognizes that new challenges will inevitably occur. However, the qualities that have driven the company this far, resilience, innovation, and a steadfast dedication to people and partners, will continue to be at the heart of its efforts going forward. 

As Erman Ilıcak, President Emeritus of Rönesans Holding, says, “Our work in the retail sector goes beyond constructing buildings; it’s about creating lasting value, fostering communities, and building trust. At Rönesans, embracing change isn’t enough; we strive to be the leaders who shape the future.” 

About Rönesans Holding 

Rönesans Holding, the conglomerate's leading investment entity headquartered in Ankara, is a major international contracting company globally and one of the largest in Europe. With operations spanning 30 countries across Europe, Central Asia, and Africa, Rönesans has been operating as the main contractor and investor successfully for more than 30 years in construction, real estate, concession, renewable energy, and industrials.  

Under the leadership of its President Emeritus, Erman Ilıcak, Rönesans, along with its partners GIC, Meridiam Infrastructure, Sojitz, Samsung C&T, TotalEnergies, and IFC of the World Bank Group (minority shareholder in the group), has invested more than EUR 8 billion into pioneering projects globally. 

Investing involves risk and your investment may lose value. Past performance gives no indication of future results. These statements do not constitute and cannot replace investment advice.