Turkey’s economy might be facing challenges, but Migros Ticaret A.Ş. – the country’s second-largest retailer – is well positioned for growth. ESM spoke to the company’s chief executive, Özgür Tort. This article first appeared in ESM Issue 4, 2019.
With food price inflation currently well into double digits, and the economy contracting, you would imagine that it’s not an easy time for Turkish business owners. However, consumers still have to eat, and while the macroeconomic picture remains gloomy, the retail sector is awash with opportunities.
Take Migros Ticaret – the second-biggest retailer in Turkey (after discounter BIM) – for example, which posted 22% consolidated sales growth in full-year 2018, to TL 18.7 billion (€2.83 billion), growing its store count by 238 in the period and breaking the 2,000-store mark for the first time. EBITDA for the year was up by 39.6%.
