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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.