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Turkish retail revenues reached 241 billion USD in 2016, placing them 4th in the AT Kearney 2017 Global Retail Development Index, an overall ranking for developing countries in terms of retail attractiveness. With a relatively low saturation of companies in the marketplace, high GPP, and a very appealing market for local and international companies, the Turkish nation is a powerhouse in retail. With its growing population and GDP, alongside the strength of its own retailers such as fashion retailer LC Waikiki, the turbulence the country is feeling from the crisis surrounding it have been mitigated.
With over 1 million square feet of retail space added in the last year alone, and some 14 malls planned for opening in 2017, the construction industry is betting on a bright future. And this future may lie in a new model for Turkish physical retailers – that of the discount store – designed to appeal to the 73% of the population living in urban areas, and the 16% of total population that are between the ages of 15 and 24. Local companies are looking to benefit from this massive expansion in space, highlighting the underlying confidence in the Turkish economy and in the purchasing power of the youthful population.
Automotive sales looking for growth
Car manufacturing and chemical production are two key export and internally driven industries that are looking for a boost, both sectors having encountered difficult trading conditions over the past years. In terms of manufacturing in the car industry, low raw material costs have seen profitability stay steady, but sales have dipped by 3% year on year. However, geographical positions strengthen Turkey’s ability to export to neighbours, and the domestic market is strong, characterised by frequent price wars to increase market share.
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