Boston, MA -- (SBWIRE) -- 02/13/2014 -- The last few years have been challenging for the Turkish retail sector. Growth evaporated as the global financial crisis deepened, export markets shrank and consumer confidence fell. Retailers were forced to make drastic price cuts to defend the sector's outlook. However we expect strong growth in the future and perceive Turkey as one of the most attractive regional retail markets.
The new Turkey retail report provides an extensive and comprehensive forecast of various retail indicators including household spending, and headline total spending across each retail subsector, household income and employment forecasts, demographic forecasts, and a detailed breakdown of household and per capita spending across a large number of retail areas including food & drink, healthcare and insurance, consumer electronics, toys, pets, gardens, household goods, and a number of other subsectors.
The country is seeing retail groups expand to the rural hinterlands where the older small shop format had reigned supreme. Larger retailers across all subsectors, but particularly fashion, electronics and MGR, are benefitting from this expansion trend the most.
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The Turkish economy is very open to foreign trade and the retail sector is proving to be the most attractive (after the banking sector) to foreign investors. Foreign retailers looking to open in the country can benefit from government tax incentives and are therefore rapidly entering the sector. Turkish investment laws treat domestic and foreign investors equally, ensuring that foreign companies benefit from all the encouragement measures offered to local operators. Europe's economic slowdown and Middle Eastern political unrest have made Turkey attractive to new entrants and incumbents seeking to expand. In the shopping centre market, supply will be boosted by 37 new schemes expected to open by the end of 2014.
This influx of western groups is causing the retail sector to slowly shift towards the establishment of more Western-style operations, particularly in the larger cities - although recently medium-sized cities and tourist centres have also been targeted for investment, as their populations have risen in line with the country's general population growth. In response to the changing market, retailers are expanding their range of nonfood items in order to boost sales and margins.
Competition can be expected to intensify over the coming years, as retailers scramble to get a foothold in the alluring and expanding Turkish retail sector, with new expansion plans being announced regularly. This will, however, become increasingly difficult as the sector consolidates - with the beginning of this trend already being witnessed.
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