The people of Turkey are on a spending binge. New cars proliferate and new shopping malls are appearing across the country, often with glamorous brand names as key tenants. A milestone of sorts in this trend was reached earlier this year, when Harvey Nichols, the luxury London fashion store, opened at Kanyon, an upmarket mall in the business district of Istanbul.
Much of this development is attributable to low interest rates and inflation and the stable economic environment that has been ushered in during the past five years. Optimists cite Turkey’s young population, where half of its 72m inhabitants are under the age of 25. Though Turkey is not a rich country relative to western Europe, there is wealth in Istanbul and other cities, resulting in a hankering for brands and consumer goods.
