One of Istanbul’s top tourist attractions are both the Spice and Grand Bazaar. Merchants gather to peddle their wares that range from cheap soccer jerseys to tea and Turkish delight. I visited near the end of the day when theoretically there would be less people, yet could not believe how crowded it was.
Each merchant basically sold the same combination of merchandise. Sales were, therefore, nearly completely based on the quality of the product and interaction/experience. Several merchants that approached me spoke English and continued to ask more personal questions to get a sale. I found their tactics incredibly effective and proceeded to haggle on prices almost for fun. Their prices are for tourists and cost much less to produce and have a high margin of profit, making haggling an almost necessary practice. Regardless of price inflation, though, don’t they have a bottom line? A necessary cost to continue their business? I asked several shop owners the price they pay per month simply for renting the space. Anywhere from $10,000-$12,000 a month would be normal for average shops. If you were located on the main walkway inside the Grand Bazaar with all the jewelry shops that would put you at an even higher rate. The amount of business both Bazaars do, regardless of similarities between vendors, sustains these costs and profit greatly. No doubt these rents to both private and public investors are valued extremely highly.
In the moment these structures weren’t so obvious simply because it was an experience. I wish I could have bought more Turkish delight, but they had already gotten the rest of my money!