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Istanbul's Grand Bazaar to undergo $100 million renovation
One of Istanbul's most popular tourist destinations is getting a long-overdue makeover. The 550-year old Grand Bazaar is about to be infused with 140 million Turkish Lira (about $100 million USD) to renovate and update the covered market. Once plans are approved next month, work will begin at night to avoid disrupting day trade. The Grand Bazaar is over 45,000 square meters with nearly 3,600 shops selling everything from handmade rugs to gold jewelry to Turkish water pipes and was last renovated in 1894 after a major earthquake.
In addition to restoring the original features of the market, modernizing electrical work, the refurbishment aims to bring in more high-end Turkish and international brands to appeal to more local shoppers. While the bazaar currently sees about 500,000 visitors daily, only about 30% are local and name brands may attract more locals than tourist souvenir stalls. According to local newspaper Hurriyet Daily News, interested retailers include luxury goods label Vakko and supermarket chain Migros. With the Council of Monuments reviewing and approving plans, it is hoped that the Grand Bazaar will retain its heritage and avoid becoming another generic shopping mall. Regardless of new additions, locals and visitors can agree that cutting down on the large amount of stalls selling Made-in-China swag and "genuine" fake Gucci bags to make room for more traditional artisans could help preserve the unique landmark.
Reader Comments (Page 1 of 1)
acetracer Oct 25th 2010 9:05PM
140 Turkish lira = $100 million?
I knew the US economy was bad, but that's pretty crazy.
Meg Nesterov Oct 26th 2010 3:01AM
Ooh, good catch, thanks! Made the edit: the dollar may be down but it's still at about 1.40 TL to $1.
Craig Oct 26th 2010 12:21AM
Ugh. This is exactly why I decided to go to Turkey in 2009 -- before it becomes too gentrified and Disney-ized. A major grocery chain store? Double ugh.
I realize the Grand Bazaar isn't the most authentic market today, but it's a million years old and to some extent it still sticks to its own traditions. Fine, fix the electrical wiring so the place doesn't burn down, but otherwise leave it be, it can't be losing money.
All that money would be better spent on, say, expanding the reach of the metro/tram. Maybe I'll have to plan another trip soon before they open a Starbucks inside Hagia Sofia.
Peter Sommer Jan 5th 2011 9:15AM
A very interesting article. How interesting to read such news. I'm delighted time and money will be spent on caring for the Grand Bazaar and Turkey's rich heritage, but it will be fascinating to see how things proceed and how they balance the building's old character with a range of new shops.
Keep up the good travel journalism.
Peter Sommer Travels
http://www.petersommer.com/