Istanbul’s Istiklal Street busiest avenue with 90 million footfalls in 2024

Street is home to historical theatres, art galleries, and music venues alongside flagship stores of major Turkish brands and global retailers

ISTANBUL, Turkiye (MNTV) – Turkish metropolis Istanbul’s iconic Istiklal Street welcomed more than 90 million visitors in 2024, reaffirming its place as the most visited and vibrant commercial hub.

Located in the heart of Istanbul on the European side, the 1.4-kilometre pedestrian-only boulevard remained a magnet for both locals and tourists, thanks to its blend of historic architecture, cultural landmarks, and a wide range of retail and entertainment options.

The figures were published in the 11th edition of the “Istanbul High Streets” report by Cushman & Wakefield TR International, a global real estate consultancy that tracks trends in foot traffic, store occupancy, leasing activity, and brand presence across three of Istanbul’s premier shopping destinations—Istiklal Street, Bağdat Street, and the Nişantaşı district.

The 2024 edition presents a detailed analysis of how these high streets continue to evolve as key economic and social arteries of the city, even as urban transformation and space constraints pose new challenges.

According to the report, Istiklal Street recorded an average weekday footfall of 207,000—a 2% increase over the previous year—while weekend visitor numbers surged by 7% to reach 313,500 daily.

This translated into a monthly average of 7.5 million pedestrians and an annual total of 90.1 million visitors. The report described Istiklal as “the epicentre of metropolitan tourism,” underlining its enduring appeal to both international visitors and local shoppers.

Despite its unmatched popularity, Istiklal is facing a slowdown in leasing activity.

The report attributes this to a scarcity of available retail space and already high occupancy levels. Of the 58 shops that were undergoing urban redevelopment in 2023, only 14 (24%) found new tenants in 2024.

Meanwhile, among the 32 vacant stores listed last year, 11 (34%) were leased during the year. These numbers illustrate how competitive and saturated the market has become on Istanbul’s busiest high street.

In contrast, Bağdat Street on the city’s Asian side—spanning 2.6 kilometers through one of Istanbul’s wealthiest districts—witnessed a decrease in footfall due to ongoing road renovation and urban renewal projects.

Nevertheless, it continued to attract new tenants, and the demand for retail space remained robust. The number of shops slightly dropped from 335 to 329, but 324 were occupied by the end of the year, with vacant units falling from seven to five.

Nişantaşı, known for its upscale boutiques, cafes, and cultural charm, comprises four main avenues—Rumeli, Teşvikiye, Vali Konağı, and Abdi Ipekçi—spanning a total of 2.7 kilometres.

While the total number of shops dropped marginally from 374 to 370, vacant properties increased from 14 to 18, suggesting a temporary flux amid the district’s ongoing redevelopment.

Istanbul’s premier shopping street

Despite this, weekend footfall in Nişantaşı surged by nearly 59%, reaching 153,000, while weekday visits remained stable at around 78,000. The area posted a monthly visitor average of 3.01 million and an annual total of 36.2 million, showing a marked rise in popularity.

Cushman & Wakefield also assessed the presence of international brands across the three streets. Bağdat Street hosted the highest proportion of foreign retailers, with 21% of stores operated by global brands, including luxury names such as Sephora and Pandora.

It was followed by Nişantaşı with 17%, and Istiklal with 15%. Despite this, Turkish brands continued to dominate the retail landscape, making up 82% of the stores across all three locations.

Notably, Bağdat Street remains a key retail and lifestyle destination, despite disruptions. The report attributes its resilience to its unique mix of national and international tenants, high-income catchment area, and long-standing reputation as a premier outing street.

Its urban transformation has brought about new modernized storefronts and infrastructure improvements, aimed at enhancing long-term accessibility and commercial viability.

On the leasing front, Bağdat Street saw an increase in new transactions, in contrast to a dip in activity in Istiklal and Nişantaşı. The growing interest in Bağdat reflects retailer confidence in the area’s continued commercial strength, even as construction temporarily impacts daily foot traffic.

Meanwhile, Istiklal’s sustained footfall growth is supported by its cultural significance.

The street is home to historical theatres, art galleries, and music venues alongside flagship stores of major Turkish brands and global retailers. Its proximity to Taksim Square, easy access by metro, and reputation as a tourist hotspot all contribute to its dominant position.

The report concludes that while Istanbul’s high streets continue to experience dynamic shifts in leasing activity and visitor flows, their overall strength remains resilient.

Footfall has either held steady or increased across most corridors, and leasing demand remains high, especially in areas where redevelopment is creating new opportunities.

For both investors and retailers, Istanbul’s premier shopping streets continue to offer strong returns and unmatched visibility, making them key players in Türkiye’s urban economy.