Shopping is essential and apart of our society.  Some shop for the necessities and some for luxury.  Regardless, both women and men especially the youth are constantly the “target market” for major corporations and growing business.  Located in the Western Asia Turkey is well known all over the world for its traditional garments, textile fabrics, jewelry and spices. It is also one of the most peaceful and liberal Muslim countries in the world. It is true that the current democracy in Turkey has been a victim of propagandas and conspiracies attempted to over throw the current government but the country’s thriving force of youth is not letting negative speculations hold them back. They have decided to experience the life at its fullest just like us across the globe in the western world.

The modernization and the liberalism of modern Muslim country have resulted in surprising economic boom. According to the article posted on January 19^th, 2012 on Bloomberg.com, Turkey has shown a 8.2 percent increase in the Gross Domestic Product due to a rise in private consumption. The economic strength proven by recent numbers have gained confidence of several corporations to invest in shopping centers and malls. As a new emerging European economy, Canada Pension Plan Investment Board controlled by Multi Corp has chosen Turkey over Russia and Ukraine which have been the backbone of Europe’s  economy for the past decade.  This is evident that the Turkish youth too is developing more interest towards the glamorous world of fashion and apparel.  Currently, there are some amazing shopping malls in Turkey such as Istanbul’s Istinye Mall which is a very Modernized shopping center with many luxury retailers like Prada, Gucci and according to many one of the most amazing food courts.  This is all great but a draw back is that there is too much competition and the market can get tight.  According to Mike Rodda, Cushman’s head of European retail capital markets, in order for Turkey to continuously grow they must focus on differentiating there shopping centers.

“It’s an emerging market, so it has its bumps,” said Wenzel Hoberg, the pension board’s head of European real estate investment.

With the rising demand there is definitely a “need” factor in terms of more shopping malls; increasingly, there was a rise of 35% last year in the retail properties.  A systematic and well managed solid business plan for the next 10 years should be developed in addition to extensive market research for Turkey is essential.  Appropriate micro and macro project management is crucial.  This is just my thoughts for Turkey’s growing economy.  What do you think would be a good starting point or focus point?  What are your thoughts?

Did you know that the web companies like Google, Facebook and others make billions of dollars by collecting data about us (the consumers)?  I was browsing through the new articles on Business Week and I came across this article in regards to data safety and privacy.  What if a company was created for “web surfers” like you and me to actually be able to manage and save our own data and than at your discretion the data will than be sold to a third party. For example, this is a similar process to our conventional banks that we store our money in either as a “cd” or in a savings account where the bank than turns around and lends out that money to other companies; benefiting both the bank and the consumers.  Any digital information about me or you can be very valuable to another so being able to view and control who is using it would definitely be a privilege.  Since, Privacy and theft identity is a rising issue and people, more than ever before, want to make sure their information is secure.  The web is growing and our information is also floating around the internet; I don’t know about you but I would sure like to know what kind of information these web companies have collected about me.  This article introduced “SWIFT” ( the Society for Worldwide Interbank Financial Telecommunication), which is also a nonprofit global that supports wire transfers between financial institutions and now SWIFT offers the service to store and manage your own data.  Our online shopping, favorite hangout spots, food, clothes, and entire social life is being viewed and utilized by major advertising companies.  People started to send several complaints to the Federal trade commission and due to the high volume of concerns, now facebook has agreed to first obtain the users permission before releasing their data.

 

Furthermore, imagine being able  to “trade your data” rather than money.  SWIFT gives users the option to possibly trade their data to third party’s that may offer them discounts as a “return” or money.  Banking institutions have information like our health records and financial activity, so SWIFT wants to create the opportunity for the banks to set up “digital asset accounts”  that will enable users track all their information.  This is a great idea and may do really well in the current market and definitely a very innovative idea.  The only drawback is that SWIFT will probably require a monthly service charge to keep the account open and to be able to continuously manage it.  I’m not surprised, after all, “there is no such thing as a free lunch right?” and as long as the service charge is an acceptable market price, I can’t see why this won’t work can you?

 

I love reading about innovative ideas like this to further stimulate the economy as well as giving the consumers more control over their privacy.   SWIFT is known to do an exceptional job with market and development research prior to actually launching any ideas, they are definitely known to be trustworthy.  This “data trading network” will probably not officially take off for at least another five years.  Please see the below link to the article.

 

http://www.businessweek.com/magazine/who-do-you-trust-more-with-your-data-facebook-or-a-bank-01122012.html