Old shops in Istanbul swept away by prosperity



ISTANBUL // As property prices in the centre of Istanbul shoot up during Turkey?s unprecedented economic boom, traditional shops are being forced to make way for trendy boutiques, cafes and hotels.
Ugur Guracar ran the Librairie de Pera, a shop renowned for antiquarian and rare books, for almost 30 years before he had to give up this month as a wave of gentrification rolled through the old town.
"I made a dream a reality, but now it?s over," Mr Guracar, 57, said as he sipped coffee at a cafe close to his shuttered shop in Galip Dede Street near the Galata Tower, one of Istanbul?s main historical attractions.
As Istanbul reaps the benefits of economic growth that has more than doubled Turkey?s GDP in the past decade, some old buildings in the city centre have been expensively renovated or torn down to make room for new ones.Prices for commercial property in the city rose 17 per cent on the year to July.
The consequences hit some long-established shops around Istiklal Street. The city?s main shopping street was formerly known as "Grande Rue de Pera", and is the heart of Beyoglu, the theatre and nightlife district. The Galip Dede Street, with Mr Guracar?s book shop, forms an extension of Istiklal Street towards the Galata Tower.
The Librairie de Pera was housed in a run-down building that was built about 100 years ago as a police station and today belongs to the General Directorate of Foundations, a state agency administrating many old public properties in the city.
"About three years ago, they sent me a letter telling me they wanted to have the building renovated by private companies" and would dissolve his lease, Mr Guracar said.
He went to court, but lost his appeal.
Mr Guracar said he was not opposed to a rent increase beyond the subsidised 750 lira (Dh1,340) a month he was paying, and had offered to do the renovation himself.
But the fact that the businessmen doing the renovation were renting the building and another one next to it for 40,000 lira a month from the state made it clear to him that a new lease would be out of reach for him. "So I handed over the keys," he said.
Mr Guracar?s shop took up two of three rooms in the small two-storey house.
The history of the Librairie de Pera reflects Istanbul?s character as a cosmopolitan city with many identities. The shop was founded in the 1920s by a business partner of the former book purveyor to the Ottoman court and was later owned by families from the city?s Greek community. One owner, in the 1940s, was a prominent historian.
Mr Guracar, a regular at the book shop, was asked by a daughter of the historian to take it over in 1984, when he was a student. He agreed because the price was "very adequate", as he put it. He later set up a website that he now hopes will help him to stay in business even without a shop. He said he had about 56,000 books in storage.
"It would have been important in a place like Istanbul to keep such a shop afloat," he said. But the authorities were interested only in earning as much money for the state as possible. "It?s a shame for Turkey."
Also hit by the wave of gentrification was a 1940s sweet shop, Inci, and the historic Emek theatre, which was demolished this year.
Up the road from the Librairie de Pera, another well-known but struggling Istanbul book seller has enlisted the help of Turkey?s Nobel laureate, Orhan Pamuk, to raise money.
"We have had a 300 per cent rent increase within the last five years," said Seda Ates, the co-owner of the Robinson Crusoe 389 book shop on Istiklal Street.
In an effort to raise cash quickly, the shop is asking customers to pay 500 or 1,000 lira up front for a "RobKart" and use the card afterwards to buy books or magazines. Pamuk is appearing on posters promoting the cards.
"Gentrification has been on the increase around here," Ms Ates said. When she opened her book shop 19 years ago, there were cobblers and other small shops in the vicinity. "Now, Istiklal is filled with big global brands."
tseibert@thenational.ae

How to get exposure to gold

Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.

A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.

Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.

Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.

London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long

However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now

WWE Evolution results
  • Trish Stratus and Lita beat Alicia Fox and Mickie James in a tag match
  • Nia Jax won a battle royal, eliminating Ember Moon last to win
  • Toni Storm beat Io Shirai to win the Mae Young Classic
  • Natalya, Sasha Banks and Bayley beat The Riott Squad in a six-woman tag match​​​​​​​
  • Shayna Baszler won the NXT Women’s title by defeating Kairi Sane
  • Becky Lynch retained the SmackDown Women’s Championship against Charlotte Flair in a Last Woman Standing match
  • Ronda Rousey retained the Raw Women’s title by beating Nikki Bella
APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

Storage: 128/256/512GB

Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

The specs: 2018 Jeep Grand Cherokee Trackhawk


Price, base: Dh399,999
Engine: Supercharged 6.2-litre V8
Gearbox: Eight-speed automatic
Power: 707hp @ 6,000rpm
Torque: 875Nm @ 4,800rpm
Fuel economy, combined: 16.8L / 100km (estimate)


View from London

Your weekly update from the UK and Europe

      By signing up, I agree to The National's privacy policy
      View from London