Turkish brands have continued to maintain their growth strategies abroad as they open two new shops on average every day, head of the United Brands Association (BMD) has said.
A total of 108 Turkish brands operate 3,150 shops abroad as of early 2018. This figure is expected to reach around 4,000 by the end of the year and 6,000 by 2020, BMD Chairman Sinan Öncel told Anadolu Agency (AA). "Last year, Turkish brands opened 650 shops abroad," he said.
He stressed that decreasing profitability due to foreign-currency-indexed rental contracts, import duties and the increasing cost of raw materials, Turkish brands have expedited the steps they are taking to expand abroad.
"Turkish brands have opened most of the shops in Russia. By the end of 2017 there were 515 shops in the country," Öncel said. "Russia was followed by Saudi Arabia (264 shops), Kazakhstan (227), Iran (199) and Ukraine (181)" he added.