LG to open 20 new stores in Turkey this year

Today’s Zaman - LG Electronics Turkey President Christopher Kim said the company plans to open 20 new stores in Turkey this year, having 60 stores in the country by 2010. Delivering a speech in Adana at the inauguration of the fifth LG store in Turkey, Kim said his company has confidence in the future of the Turkish economy despite negative developments in the markets due to the ongoing financial crisis and that LG plans to rank amongst the top three companies in the Turkish electronics market by 2010. Kim also said the company accelerated efforts to tighten its grip on the market in Turkey after having opened an office in Turkey in April 2008. Stressing on the fact that LG posted USD 54 billion in net income in 2008, Kim said LG is the top company in global sales for air conditioning systems. Ahmet Guven, deputy sales and marketing manager of LG Electronics Turkey, said the government's decision to reduce the special consumption tax (SCT) on household appliances will help relieve the ailing domestic market.