Istanbul remains the preferred destination for investors in Turkey. Several multinational companies have set up regional headquarters or operating offices in the city due to its easy accessibility, potential for growth and expatriate culture. Izmir and Ankara, the capital, are two other promising cities and recipients of foreign investment in Turkey. However, there are prime opportunities for growth outside of the major cities because of the lack of modern organized retail in these rural areas.
Bakklas (small corner stores, often family run) that sell daily household products and personal care items, still dominate the rural areas of the country. Despite the increasing urbanization of the country where three quarters of the population is projected to live in urban areas by 2018, these informal shops still capture half of food related purchase sales. This presents opportunities for retailers looking to enter a market that is underserved.
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Another prime area of opportunity is the rise of online retailing in Turkey. Driven by the young population and rising income levels, this sector will see tremendous growth in the next decade. According to the Turkish Informatics Industry Association, e-commerce in Turkey produces USD1.1bn in sales and is projected to grow by 20% each year. Turkey has the fifth largest Internet literate population in Europe and with half the population under 30 years old, the country's e-commerce shopping sector would be ideal to invest in. Founded in 1998, Elektronik Hizmetler Ticaret AS leads the internet retailing sector with 12% of the market share in Turkey with its hepsiburada.com website. Trailing the leader are private shopping clubs<em...
The Turkey Retail Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the retail sector. The report examines key drivers of retail sales growth and future prospects, including consumer spending and private sector investment.
BMI's Turkey Retail Report also examines the level of development and potential for growth of the retail sector, the commercial initiatives of major players, changing consumer demographics that influence demand and the regulatory environment. Key sub-sectors include mass grocery retail, autos, over-the-counter pharmaceuticals, computers and consumer electronics.
Key Benefits
* Benchmark BMI's independent retail industry forecasts for Turkey to test other views - a key input for successful budgeting and strategic business planning in the Turkish retail market.
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