The long-awaited Retail Trade Act No. 6585 (“Retail Trade Act”) has been published in the Official Gazette today (29.01.2015) and introduced many adjustments that would affect the shopping mall sector.
As per the new legislation, shopping malls are included within the definition of retail business. In that respect, any business (establishment) which bear a building or area integrity with centralized management and communal areas and which also has big stores or places where nourishment, dressing, entertainment, resting, cultural or similar needs can be fulfilled, shall be qualified as a ‘shopping mall’. Read more here.