Turkish brands open average of 2 new shops abroad daily

By Ugur Arslanhan

ANKARA

Turkish brands continue to practice their growth strategies and they open an average of two new shops abroad daily, head of the United Brands Association (BMD) said.

A total of 108 Turkish brands have 3,150 shops abroad as of early 2018, and it is expected that this figure will reach around 4,000 by the end of the year and 6,000 by 2020, Sinan Oncel, the chairman of the BMD, told Anadolu Agency.

"Last year, Turkish brands have opened 650 shops abroad," he said.

He stressed that decreasing profitability due to foreign-currency-indexed rental contracts, import duties and increasing cost in raw material, Turkish brands expedited expanding steps abroad.

"Turkish brands have so far opened most of the shops in Russia by the end of 2017. There were 515 shops in Russia," Oncel said.

He added that Saudi Arabia (264 shops), Kazakhstan (227), Iran (199) and Ukraine (181) followed Russia.

Reporting by Ugur Arslanhan:Writing by Gokhan Ergocun

By Ugur Arslanhan

ANKARA

Turkish brands continue to practice their growth strategies and they open an average of two new shops abroad daily, head of the United Brands Association (BMD) said.

"Last year, Turkish brands have opened 650 shops abroad," he said.

He stressed that decreasing profitability due to foreign-currency-indexed rental contracts, import duties and increasing cost in raw material, Turkish brands expedited expanding steps abroad.

"Turkish brands have so far opened most of the shops in Russia by the end of 2017. There were 515 shops in Russia," Oncel said.

He added that Saudi Arabia (264 shops), Kazakhstan (227), Iran (199) and Ukraine (181) followed Russia.

Reporting by Ugur Arslanhan:Writing by Gokhan Ergocun