1. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 1 Current position and development perspectives SHOPPING CENTER İÇERENKÖY 2009 Current position and development perspectives SHOPPING CENTER İÇERENKÖY 2009 VAL D’EUROPE - ETUDE CLIENTELE - Juin 2008 1 MARKETING SURVEY AND ADVICE PARIS. SAO PAULO. ISTANBUL 23 Rue de la performance 59660 VILLENEUVE D’ASCQ Tel 03 20 815 820 - Fax 03 20 8158 21 etudes@sad-marketing.com - www.sad-marketing.com Fahrettin Kerim Gökay caddesi No:245, D:6 Göztepe / Kadiköy Tel 0539 365 04 85 e.ozturk@sad-marketing.com - www.sad-marketing.com

2. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 2 Trading area of İçerenköy

3. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 3 The trading area of İçerenköy The trading area

4. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 4 The trading area of İçerenköy The trading area : 1 740 186 inhabitants The shopping center Carrefour İçerenköy catches a very large trading area within 1 740 186 inhabitants, comparing to 1 488 368 inhabitants in 2005. The turnover of the center is well distributed on the whole zone. Its 28% of sales are due to the immediate area (zone 1, 2, 9) comparing to 39 % in 2005. * Tendancy

5. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 5 Analysis of Center’s performance and marketing

6. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 6 Analysis of Center’s performance and marketing Household consumption Source : Tuik, 2007 The details of the Turkish household outgo reveals a typical consumption of a developing country with excess in food products, alcohol and cigarettes and under-consumption in culture, leisure and education. The consumption of Istanbul and Ankara compared to the whole country is about to be more similar to the French one, even though the differences are still important.

7. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 7 Analysis of Center’s performance and marketing Household consumption Source : Tuik, 2007 Turkish household expenses are increasing, and it impacts a progressing standard of living. Consumption attended a growth of 1.5 between 2004 and 2007.

8. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 8 Analysis of Center’s performance and marketing The shopping center İçerenköy counts about 12,6 millions visitors and its turnover is estimated at 427 Millions TL. Analysis of Shopping center’s performace The shopping center gets less well the consumption of its customers: it gets only more than 12 % of the consumption of his customers. Between 2005 and 2009, the center lost in performance. 19,9 % Shopping center’s performace 12,3 % Market Shares – Carrefour İçerenköy Market shares – Competitors 9,7%

9. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 9 Visitors number during 2008/2009 Analysis of Center’s performance and marketing Weekly Average input: a decrease of -24% between 2008 and 2009 over the same period. 276 365 222 822 2008 2009 Weekly Average (January to April):

10. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 10 The marketing Analysis of Center’s performance and marketing The center is very well-balanced in its marketing mix. The domestic capital goods sector (domestic equipment) ans entertainment are under-represented compared to the average of its 3 main competitors. Nevertheless, the restauration/foods and services are well developed.

11. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 11 Extending opportunities of Carrefour İçerenköy shopping center

12. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 12 Threats and opportunities Extending opportunities of Carrefour İçerenköy shopping center It is necessary to distinguish the density of shopping malls situated in the city of Istanbul and on its whole customer trading area. In 2005, the competition was especially intense in the trading area but less intense in the city. Now, between 2005 and 2009, numerous shopping centers were opened in Istanbul. Consequently, the density doubled in Istanbul and increased about 1.7 on the trading area. The densification should continue, with numerous openings in Istanbul. Eventually, the competitive intensity will be also strong on Istanbul (+ 74 %) as on its whole zone (+ 49 %).

13. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 13 Threats and opportunities Extending opportunities of Carrefour İçerenköy shopping center (Density : sqm/1000 inhabitants)

14. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 14 Threats and opportunities Extending opportunities of Carrefour İçerenköy shopping center 1 – Threats In spite of a dense and competitive customer trading area, the Içerenköy shopping center is very well placed and rather powerful to compete with its main competitors. The impact of the projects involving the center's area around remains rather limited. The competition will impact much more the gallery than the hypermarket, which will continue to keep a"leadership"position of its area.

15. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 15 Threats and opportunities Extending opportunities of Carrefour İçerenköy shopping center Facing its main competitors, in particular Optimum, Palladium and Nautilus, the Carrefour Içerenköy shopping centerl should strengthen to keep its position. 2 - Opportunities The center disposes of real assets: - Fame of Carrefour - A powerful shopping center - A wide customer trading area - A population of dense nearness - The standard of living of the inhabitants of the zone - A developing zone - A very big car park

16. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 16 Recommendations Extending opportunities of Carrefour İçerenköy shopping center To face its competitors and further projects around, the center has to "relook " itself, and complete some deficits. He has to respond to the customers expectations. The center must be provided with a leisure space : cinema and / or tenpin bowling, and spaces for children. It has to strengthen by surrounding itself with some supplementary signboards as Zara, C*A, Marks*Spencer or Decathlon (sports), in order to create new streams. The setting-up of an average sports surface such as Decathlon, containing essay paths and demonstration of the material would bring the center closer to the profile of the customer's zone. The center has to complete the sectors of domestic equipment and culture (as D*R, Fnac) which are under represented.

17. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 17 The competition Extending opportunities of Carrefour İçerenköy shopping center Carrefour Haramidere Migros Galleria Carousel Olivium Carrefour Bayrampasa Cevahir Profilo Metrocity Kanyon Akmerkez Capitol Tepe Nautilus Carrefour ümraniye Carrefour Icerenköy Real/IKEA Maltepe Park Forum Istanbul City Park Merter Real Taksit Center Sapphire Forum TEM Edip Iplik Ispartakule NeoCity Akkoza Akasya Optimum Outlet Ali Samiyen Capacity M1 Real Metroport Tansas Koctas Armoni Sefaköy Fly Inn Airport Historia Marka City Existing centers Projects Istinye Park Carrefour Istinye Migros Istinye Projet Tarabya Dogus Power Center Palladium Astoria City’s Trump Towers Torunlar Istoc Demirören-Istiklal Town Center Hayat Park Aquarium Bahcelievler Kale Center Ömür Plaza ORA Asya Park Basak Deposite MarmaraPark Akkom Buyaka Ancora Pelican Mall Mass Plaza Espri Kadir Has Colony Atrium Yaylada Kozzy

18. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 18 The competition (Existing shopping centers) Extending opportunities of Carrefour İçerenköy shopping center

19. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 19 The competition (Projects of shopping malls) Extending opportunities of Carrefour İçerenköy shopping center

20. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 20 Appendices

21. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 21 The plan of the shopping center Analysis of Center’s performance and marketing

22. SHOPPING CENTER İÇERENKÖY – CUSTOMERS SURVEY - 2009 22 The signboards of the shopping center Analysis of Center’s performance and marketing