Purpose

The continuation of globalisation and liberalisation processes has prompted the restructuring of many national and local property markets. The research examines the evolution of Istanbul's retail property market to identify how global and local agents engage with one another to produce a unique “glocalized” outcome.

Design/methodology/approach

The morphogenetic approach is adapted and applied to analyse the dynamics of market change. The focus is on the character and behaviour of national and international market actors and how they interact with the wider political economy. The research uses a combination of elite interviews, document analysis and corporate case studies to obtain empirical evidence.

Findings

The liberalisation of the Turkish economy heralded the entry of the first international companies into Istanbul's retail property market in the 1990s. International involvement expanded rapidly after 2004, accelerating the process of market re-structuring. However, while the number of global buy-outs increased, the expansion of local property companies–and the establishment of some international/national corporate partnerships–was even more marked. This resulted in a “glocalised” market with a strong and distinctive local culture.

Originality/value

Istanbul has been a major centre of trade for millenia. This is the first substantive analysis of the recent restructuring of the city's retail property market. Previous research on market maturity and market evolution has paid limited attention to the dynamics of change. The paper describes the use of a process-based theoretical framework (morphogenesis) that was explicitly designed to analyse structural shifts in socio-economic conditions through an examination of the characteristics and behaviours of the actors involved.

中文翻译：

---

伊斯坦布尔零售房地产市场的“全球本地化”

目的

全球化和自由化进程的持续推动了许多国家和地方房地产市场的重组。该研究考察了伊斯坦布尔零售房地产市场的演变，以确定全球和本地代理商如何相互合作以产生独特的“全球本地化”结果。

设计/方法/方法

形态发生方法适用于分析市场变化的动态。重点是国家和国际市场参与者的特征和行为，以及他们如何与更广泛的政治经济互动。该研究结合精英访谈、文件分析和企业案例研究来获取经验证据。

发现

土耳其经济的自由化预示着 1990 年代第一批国际公司进入伊斯坦布尔的零售房地产市场。2004年以后，国际参与迅速扩大，市场重组进程加快。然而，在全球收购数量增加的同时，本地房地产公司的扩张——以及一些国际/国内企业合作伙伴关系的建立——更加显着。这导致了一个具有强烈而独特的当地文化的“全球本地化”市场。

原创性/价值

几千年来，伊斯坦布尔一直是主要的贸易中心。这是对近期城市零售物业市场结构调整的第一次实质性分析。以前对市场成熟度和市场演变的研究对变化的动态关注有限。该论文描述了基于过程的理论框架（形态发生）的使用，该框架旨在通过检查相关参与者的特征和行为来分析社会经济条件的结构变化。