9/15/2011

Tesco may buy retail chains in Turkey, top executive says

Hurriyet Daily News - Tesco, a global grocery and merchandise retailer headquartered in Britain which also owns Turkish retailer Kipa in western Turkey, might acquire local retail chains in the Turkish market, said a top executive on Wednesday.

“We may consider acquiring some Turkish retail chains as we are open to all possibilities to grow in Turkey,” said Mike Arnott, Trading Director at Tesco Kipa, speaking to the press on the sidelines of a press conference held in Istanbul.

The company also has operations in Hungary, the Czech Republic and Poland, and started to buy products from Turkish suppliers last year. The amount of non-food exports from Turkey to Tesco supermarkets in Central Europe reached TRY 300 million (approx. USD 168 million) by the end of last year. Turkey’s food exports last year reached USD 3.5 million (TRY 6.24 million).

Employment figures have approached 10,000 for Tesco Kipa and the company provided nearly 87 percent of the total products on their store’s shelves in Turkey, said Arnott. “We want to stay in Turkey and we aim to help Turkish suppliers expand to world markets through our company,” he said.
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Turkey; retail sector; retail store; tesco; tesco kipa; turkey supermarket chains; turkey food industry