2024 will be a year in which the globe will face a lot of challenges and negative topics. In that sense, it can be predicted that for real estate developers 2024 will be a year in which costs will increase, competition will be quite intense, and consumer demand will be relatively low.
Instead of focusing on new investments, reviewing existing portfolios, adding functionality and making them sustainable will gain much more importance on the investors’ side. Whereas in the retailer market, new-generation brands will face a supportive atmosphere.
The interest of developers in renovating existing projects and building retail parks will continue. We believe that brands who specialize in a specific product line, and pay attention to personal experience, content and product design will be successful in expanding their business model. The trend of Turkish brands in expanding to neighbouring countries, being active on online platforms and opening stores at street locations and malls have already started and will expand in the future as well.
Repurposing and restructuring existing old-school retail destinations will be the new trend in the industry. Of course, humans’ needs and wishes will be at the center of this change.
In parallel with changing consumer needs and new retail concepts, 2024 will be a year in which destinations will be developed that appeal to common sense.
Despite the ongoing complex world realities, we hope and believe that opportunities for cross-border cooperations, and business models that will protect the economy and nature will arise during these challenging times.
Ortaç Özortaç
Ortaç Özortaç is Partner at Weconsult.
