Refurbishing a shopping center

The major cities of Turkey are becoming saturated with shopping centers. New malls offer trendy alternatives, modern design and better experience to visitors decreasing the appeal of older shopping centers. It is inevitable that shopping centers will reach their maturity, lose attractiveness and decline in offer if not renewed to regain an edge against the competition. It is vital for investors to know when a shopping center needs to be refurbished and what the extent of the revisions need to be. This thesis addresses how to determine if a shopping center needs refurbishment and what the refurbishment process entails. We will examine shopping center saturation in Turkey with a comparison against Europe. Analyze benchmarking methods to determine market saturation to understand the reasons for decline in thriving shopping centers. We will explore the life cycle of a shopping center to comprehend the elements that cause its decline after maturity. Then review the steps involved in an optimal refurbishment process from assessing the problem, compiling a feasibility analysis to understanding the activities involved in carrying out the refurbishment process.