Turkey: A Market Study

Country Project for TXA 392 Global Retailing
Shamini Rajaganesh



SECTION I Turkey at a glance--History, Demographics and Society Economic development Government Consumer characteristics

SECTION II Retailing Trends Retailing Formats/Structure Regulations Major Retail Players Cultural Aspects

SECTION III International Retailing Opportunities and Challenges References


SECTION I Turkey at a glance--History, Demographics and Society Turkey occupies one of the most strategic locations in the world. Lying between two major continents, Asia and Europe, it can be called as a transnational country. It belongs to the MENA region. Turkey controls access to the Black Sea. Russia’s only warm-water ports lie on the Black Sea. Bulgaria, Romania, Ukraine, and Georgia also depend upon their Black Sea ports. Access out of the Black Sea into the Mediterranean is via the straights of the Bosporus and the Dardanelles, both of which lie entirely in Turkish territory. Furthermore, as the only member of NATO in direct proximity to Russia, Iran, and Iraq, Turkey’s strategic importance cannot be underestimated. The physical location of Turkey can be seen in Fig.1 Modern Turkey was born on October 29, 1923, after the defeat of the Ottoman Empire. This modern Republic of Turkey is the successor to a series of empires that have existed on the Anatolian peninsula since the dawn of recorded history. Turkey joined NATO in 1952. After that, the invasion of Kuwait by Iraq in 1990 put enormous strains on Turkey as it was a major trading partner of Iraq and also a supporter of the embargo against Iraq and the multinational coalition that liberated Kuwait in 1951. This caused Turkey to experience economic problems from both the embargo and high inflation during the Gulf crisis, although these were partially offset by $4 billion in grants and credits from Turkey’s grateful allies. In June 1992, Turkey initiated the Black Sea Economic Cooperation Treaty. Signed by Turkey, Greece Bulgaria, Romania and several exSoviet republics, the treaty is designed to enhance trade within the region. The Capital of Turkey is Ankara. The other major cities are Istanbul, Izmir, Bursa, Adana, Gaziantep. The nationality is Turks and the currency is Turkish Lira. The official language is Turkey, though minor languages such as Arabic, Kurdish, Armenian and Greek are spoken in some places. Although Turkey was declared a secular country in 1924, 99% of the population is Muslim. The population of Turkey is at 79,749,461 (July 2012 estimate). Approximately 80 percent of the population is Turkish, and an estimated 17 percent, concentrated in the southeast, is Kurdish. Smaller minority groups include Arabs, Armenians, Greeks, Jews, and Donme (a small, separate group of

3 Muslims, concentrated in Edirne and Istanbul, whose forbears converted from Judaism). In 2008 some 24 percent of the population was 14 years of age or younger and 7 percent was 65 or older. The birth rate, which has declined significantly in recent decades, was 16.2 births per 1,000 in population. The fertility rate was 1.87 children per woman. The death rate was 6.02 deaths per 1,000 in population, and the infant mortality rate was 37 deaths per 1,000 live births. Life expectancy, which has increased rapidly since 1960, was 70.7 years for males and 75.7 years for females. The age structure of the population is given in Table 1. Table 1: Age Structure of the Turkey’s Population
Range 0-14 years 15-64 years 65 years and over Percentage 26.6% (male 10,707,793/female 10,226,999) 67.1% (male 26,741,332/female 26,162,757) 6.3% (male 2,259,422/female 2,687,245) (2011 est.) Total: 28.5 years Male: 28.1 years Female: 28.8 years (2011 est.)

Median Age

The age of the population is relatively young when compared to EU countries, which indicates the potential of the country. Turkey’s urbanisation rate gained momentum in the 1990s, rising to 78% in 2003 from 73% in 1998, and it is expected to reach 83% in 2008. In 2010, the urban population aaccounted for 70% of total population (2010) and the present rate of urbanization is 7% annual rate of change (2010-15 est.) Economic Development Turkey’s macroeconomic outlook has been impressive with declining inflation, which is at its lowest for over 30 years, strong economy, productivity growth and other benefits of Turkey’s economic and institutional convergence. The Turkish economy underwent a rapid transition during the 1980s. The original concept of a centrally controlled economy dominated by State Economic Enterprises (SEES) and Public Economic Enter-prises (PEES), with a small private sector heavily protected by investment regulations, foreign exchange and import controls, has been superseded by the development of free enterprise and private (including foreign) ownership. Thus Turkey can be

4 called as an economy in transition from being centrally planned to being open market. Also, investment and export incentives have helped to move the economy away from its mainly agricultural base toward manufacturing. Although Turkey experienced a serious macroeconomic crisis in 2001, the country recovered due to her dynamic economic structure. The Turkish economy has shown remarkable performance with its steady growth over the last eight years from 2011. A sound macroeconomic strategy in combination with prudent fiscal policies and major structural reforms in effect since 2002 has integrated the Turkish economy into the globalized world, while transforming the country into one of the major recipients of FDI in its region. The structural reforms, hastened by Turkey’s EU accession process, have paved the way for comprehensive changes in a number of areas. The main objectives of these efforts were to increase the role of the private sector in the Turkish economy, to enhance the efficiency and resiliency of the financial sector, and to place the social security system on a more solid foundation. As these reforms have strengthened the macroeconomic fundamentals of the country, the economy grew with an average annual real GDP growth rate of 5.2 percent over the past nine years between 2002 and 2011(Fig. 1). During the European debt crisis, Turkish economy expanded by 9.2 percent in 2010 and 8.5 percent in 2011. This makes Turkey one of the fastest growing economies in Europe.

Figure 1: Average Annual Real GDP Growth (%) 2002-2011

Source: IMF World Economic Outlook April 2012, Turkish Statistical Institute (TurkStat)

5 The Gross Domestic Product has been continuously growing, making Turkey a promising land for investment (Table 2 and Fig. 2). The inflation rate was at 10.45% (Consumer Inflation) and 13.3% (Producer Inflation) in 2011.

Table 2: Gross Domestic Product (in US$)
Year Purchasing Power Parity $1.026 trillion $981.2 billion $906.9 billion Official Exchange Rate $763.1 billion Real Growth Rate 4.6% 8.2% -4.7% Per Capita

2011 2010 2009

$14,600 $13,800 $12,900

Figure 2: Gross Domestic Product by Sector

9% Agriculture 27% 64% Industry Services

The exports were at $133 billion (2011 est.) and the imports were at $212.2 billion (2011 est.). The major countries for exports are Germany 10.1%, UK 6.4%, Italy 5.7%, France 5.3%, Iraq 5.3%, and Russia 4.1% (2010). The commodities exports are apparel, foodstuffs, textiles, metal manufactures and transport equipment. The major countries of imports are Russia 11.6%, Germany 9.5%, China 9.3%, US 6.6%, Italy 5.5%, France 4.4%, Iran 4.1% (2010) and the commodities imported are machinery, chemicals, semi-finished goods, fuels and transport equipment. Despite its strong potential, Turkey has not benefited much from in-creased FDI flows brought on by globalization. From 1999 to 2003, FDI inflows to Turkey averaged about EUR 1,330 million net per year, equivalent to about 0.1% of GDP. This low FDI may be attributed partly to the slow pace of reforms and instability in growth, high inflation rates and high competition for FDI from other Eastern European countries. After the new FDI law in 2003, the growth in FDI has been phenomenal when compared to the previous performance, due to the reduced macroeconomic imbalances and swifter governmental procedures. (Fig. 3) .

6 Figure 3: FDI Inflow to Turkey (USD billion)


Currently, Turkey ranks as the world’s 13th most attractive destination for Foreign Direct Investment (FDI) in 2012, according to the A.T. Kearney FDI Confidence Index. Turkey has a Custom Union Agreement with the European Union. It also has Free Trade Agreements with Albania, Bosnia Herzegovina, Chile, Croatia, EFTA member countries (Switzerland, Norway, Iceland and Liechtenstein), Egypt, Georgia, Israel, Jordan, Macedonia, Montenegro, Morocco, Palestine, Serbia, Syria and Tunisia. Government The Republic of Turkey is a multiparty democracy. The president is the chief of state. The prime minister is the head of the government. There is one legislative house, the 450-seat Grand National Assembly. Judicial power in Turkey is exercised by independent courts and high judicial organs on behalf of the Turkish nation. The judicial section of the Constitution is based on the principle of the rule of law. The judiciary is founded on the principles of the independence of the courts and the security of tenure of judges. The judges work independently. Consumer Characteristics Turkey has a relatively young population who are willing to invest on a good lifestyle. The annual income and savings data is given in Figure 4.

7 Figure 4: Annual average income, expenditure and savings rate per capita

Source: From Beijing to Budapest, 2005/2006 PricewaterhouseCoopers

According to research conducted in 1996 by the State Institute of Statistics, an average consumer spends 38% of his/her income on food and beverages, 11% on durable goods, 16% on semidurable and non-durable goods, 18% on energy, transportation and communication, 12% on services and 5% on home ownership. According to 2004 results, spending on food and beverages declined while spending on durable goods and home ownership increased during the eight-year period. The consumer spending levels was at USD 6,977 in 2010 and is expected to reach USD 12,948 in 2014.

SECTION II Retailing Trends Since the opening up of the Turkish market in the 1980’s, the retail industry has been making quantum advances. Based upon the 2011 Global Retail Development Index by AT Kearney, Turkey moved up by 8 positions from the previous year and is currently ranking at the 10th place in the list of countries that are investment worthy in the retail sector. This indicates the potential that Turkey holds for the retail industry. Between 1995 and 2000, the number of supermarket outlets has grown from 1,208 to 3,491, while the number of hypermarkets has risen from 37 to 149. This can be attributed to the lifestyle habits of the young population. Consumer behaviour shows the increasing popularity of shopping malls. In Turkey, since more than half the population is under the age of 25, they prefer more leisure focused, one-stop shopping malls to traditional high street shopping. Istanbul has many sizeable shopping malls, with many others presently under construction. Turkey’s food

8 consumption patterns are changing as per capita income increases along with the urbanisation rates and the rise in the number of women in the workplace influences food trends. Urban consumers, who are receptive to imports, are more aware of international trends, have higher incomes and transportation to the larger stores. Therefore, locally owned retail chains tend to be concentrated in smaller towns where imports do not fare as well. Another important trend has been the increase in consumption fuelled by declining inflation and increased purchasing power. Demand for durable goods, especially cars and white goods, has surged due to decreasing interest rates on consumer loans and credit cards. The US$187 billion retail sector size of 2010 is expected to reach c. US$250 billion by 2014. In 2010, food and non-food retail sub-sectors have totalled US$96 billion and US$91 billion, respectively. Turnover growth rates of non-food retail and ready-wear retail were strong, at 16% and 27%, respectively, compared to 11% and 18% in 2009. Additionally, Consumer Confidence Index has reached 90.99 at the end of 2010. The retail industry in Turkey employed more than 2 million people as of 2009, as per the study by TURKSTAT, even when the effects of the agricultural industry on the retail industry are excluded. The retail industry thus makes up 20 percent of total employment in Turkey. The total service industry contributes 62.4 percent of GDP. This picture reveals the effect of the retail industry on the Turkish economy. Prior to the global financial crisis, consumer expenditure was rising steadily, alongside the growth in per capita income and increasing investment in shopping centres, in large cities in particular. The share of the wholesale and retail industry was approximately 13 percent between 2004 and 2008, but fell to 12.2 percent in 2009 due to the financial crisis. The prominence of the wholesale and retail commerce industry in the Turkish economy is reflected in its third place ranking, following manufacturing and agriculture. (Fig. 5)

9 Figure 5: Share of Industries in GDP at Constant Prices

Source: PricewaterhouseCoopers and AMPD 2010 Retail Report on Turkey

Retailing Formats and Structure The retail stores in Turkey are categorized as the following according to their space or square meter consumption. The classification is given as follows:       Hypermarkets – more than 2,500sq m Large supermarkets – between 1,000 and 2,500sq m Supermarkets – 400 to 1,000sq m Small supermarkets – less than 400sq m Medium markets – 100 to 50sq m Bakkals – 50sq m or less

With the current per capita income, the average Turkish consumer usually shops in small, traditional, specialised, neighbourhood retail food outlets called “bakkals”, which sell fresh and prepared foods, and other products; and bazaars, where food prices are relatively low. A consumer’s food budget is mainly allocated to bread, rice, potatoes, vegetables and pasta products. For the entire population, processed foods make up only 15-20% of total consumption. The longstanding popularity of bazaars is enhanced by convenient locations and lower prices for a variety of consumer products, such as fresh fruits and vegetables. The Turkish retail market is still in the hands of traditional retailers, despite the strong growth achieved by organised retailers over the past five years. This can be seen from the market share figures from 2009. (Table 3)

10 Table 3: Retail Market Share 2009

Source: PricewaterhouseCoopers and AMPD 2010 Retail Report on Turkey

A breakdown by number of stores is given in the table below (Table 4) .But these figures are slightly outdated as they have been recorded for the years 2003 and 2004. The total number of retail stores in Turkey from 2002 to 2007 is given by Table 5.

Table 4: Breakdown by number of stores in Turkey

Source: From Beijing to Budapest, 2005/2006 PricewaterhouseCoopers

Table 5: Total number of Retail Outlets in Turkey (2002-2007)

Source: http://www.just-style.com/store/samples/wrdas_samples.pdf

Retail Regulations Real Estate Law Real estate acquisition of foreign real and legal persons was approved in July 2003. This gave the same rights to foreigners buying land in Turkey as the citizens of Republic of Turkey. This eased the process of land acquisition by foreign retailers. Competition Law Turkish law prohibits unfair competition in a very general manner. It provides for injunctions and compensation of damages to a person who suffers as a result of its competitor’s actions, which

11 includes misrepresentation and other sanctions that are contrary to good faith principles. The Turkish Commercial Code defines unfair competition as the misuse of competition in a financial sense, through misleading actions, untrue statements or any other type of action that is not in accordance with good faith principles. The Anti-Dumping Law is designed to protect the competitive nature of the market economy against foreign sourced dumping activities, or foreign-sourced trade incentives. Regarding competition, the Protection of Competition Law provides that any agreement between persons engaged in any industry in Turkey that restricts the competitive nature of the market or misuse of power can be subject to preventive action by the authorities. One of the most common applications of the competition rules is during M&A transactions. It is unlawful and prohibited for one or more enterprises to merge in a manner that impedes market competition within the goods or services sector, in whole or in certain parts of the country, in order to create and strengthen a dominant position. Store Opening The regulation of supermarket establishments is conducted through city planning and development law, and overseen by the government. There are no limitations on opening hypermarkets in city centres as of now. But the draft Retail Law, which has made it onto the government’s agenda from time to time, can bring certain restrictions on store openings. Since, the organised retailing sector is still underdeveloped in Turkey, the draft Law will not be put into immediate implementation especially with global retailers pressuring the government. According to the new draft Retail Law, existing stores will be allowed to remain at their current locations, but the establishment of new stores in metropolitan areas will require the approval of the governor’s office for stores smaller than 2,500sq m and the Minister of Industry and Commerce for stores larger than 2,500sq m. Taxes Direct and indirect taxes are applicable in Turkey. Direct taxes are corporate tax and individual income tax, while indirect taxes consist of taxes on wealth and expenditure. Taxes on wealth range from inheritance and gift taxes to motor vehicle and property tax. Taxes on expenditure include value added tax (VAT), special consumption tax, banking and insurance transaction taxes, and minor municipality taxes.

12 Major Retail Players In Turkey, expenditure on food and beverages accounted for 33% of total consumer expenditure in 2004, compared to 36% in 2003. Turkish white goods and consumer electronics industries are well developed and mainly export-oriented, with many domestic companies producing a wide range of white goods and electronic goods under licences from various large international companies. Table 6 gives the list of top local players in consumer goods. Table 6: Major consumer goods retailers

Source: From Beijing to Budapest, 2005/2006 PricewaterhouseCoopers

Since the Turkish retail industry is dominated by food and wholesale retailers, it is important to know the key food retailers ranking. It is given in Table 7. Table 7: Key food retailers in Turkey

Source: From Beijing to Budapest, 2005/2006 PricewaterhouseCoopers

13 Cultural Context Historically, Turks are generally closed to outside information. This is reduced somewhat by Turkey’s position as a bridge between East and West. Turks are trained to process information subjectively and associatively. Turkey is a secularized Islamic nation and one’s personal involvement is more important than rules or laws. Thus, the Turkish culture can be branded as high-context, indirect and emotion-based. The key values in their value system are hospitality, justness, benevolence, keeping word and trustworthiness. Hofstede’s Dimensions Analyzing Turkey by the Hofstede’s 5D model, we get the following ratings for the dimensions: Power Distance Index, Individualism/Collectivism, Masculinity/Feminism, Uncertainty Avoidance Index and Long Term Orientation. (Fig.6) Figure 6: Hofstede Dimensions for Turkey

Source: http://geert-hofstede.com/turkey.html

Power distance is defined as” the extent to which the less powerful members of institutions and organizations within a country expect and accept that power is distributed unequally.” Turkey’s high score of 66 indicates that the work place often is dependent, hierarchical, with inaccessible superiors and an ideal boss figure. Power is centralized and managers rely on their bosses and on rules. Employees are expected to obey orders from the higher-ups. Control is expected and attitude towards managers is formal. Communication is indirect and the information flow is selective. Individualism is the degree of interdependence a society maintains among its members. It has to do with whether people´s self-image is defined in terms of “I” or “We”. Turkey, with a score of

14 37 is a collectivistic society, meaning “We” is important. Communication is indirect and the harmony of the group has to be maintained .Open conflicts are avoided. The relationship has a moral base and this always has priority over task fulfillment. Time is invested on building the relationship before establishing a work/partnership connection. Masculinity indicates that the society will be driven by competition, achievement and success, with success being defined by the winner / best in field – a value system that starts in school and continues throughout organizational behavior. A low score (feminine) on the dimension means that the dominant values in society are caring for others and quality of life. Here, the sign of success and standing out from the crowd is not admirable. Turkey scores 45 and is in the “middle” of the scale but more on the feminine side. This means that the softer aspects of culture such as leveling with others, consensuses, sympathy for the underdog are valued and encouraged. Uncertainty avoidance has to do with the way that a society deals with the fact that the future can never be known: should we try to control the future or just let it happen? This ambiguity brings with it anxiety and different cultures have learnt to deal with this anxiety in different ways. Turkey scores 85 on this dimension exhibiting that there is a huge need for laws and rules. People count on rituals. The long term orientation dimension is closely related to the teachings of Confucius and can be interpreted as dealing with society’s search for virtue, the extent to which a society shows a pragmatic future-oriented perspective rather than a conventional historical short-term point of view. There is no score available for Turkey.

SECTION III International Retailing Until the 1990s, the retail industry in Turkey consisted of traditional stores. Retail encompassed grocery stores and open-air city markets for food and beverages, and clothing stores – and all of these were concentrated in city centres. After 1990, the opening of supermarkets heralded the rise of the modern retail industry. Many large retailers then began doing business in Istanbul,

15 starting with Migros and then Metro. The timeline graph of market entry made by various retailers is given in Fig. 7. Figure 7: Development of modern commerce

Source: PricewaterhouseCoopers and AMPD 2010 Retail Report on Turkey

The space for retailing in Turkey is found in the food and wholesale sector, which has the biggest market share. Several international players viewed Turkey as an opportunity for internationalization and expanded into Turkey. Turkey ranked 12th in 2007 and 19th in 2008 in terms of global retail opportunities, according to research conducted by Retail Forward. As illustrated in the table below, Turkey slipped in the rankings due to the global economic crisis, but remained in the top 20, reflecting its great potential. (Table 8) Table 8: Global Retail Opportunities Ranking by Retail Forward

Source: PricewaterhouseCoopers and AMPD 2010 Retail Report on Turkey

16 Taking a look at A.T. Kearney’s Global Retail Development Index 2011, Turkey is in an attractive position for market entry. This is given in Fig. 8. Figure 8: Market Attractiveness

Source: A.T. Kearney Global Retail Development Index 2011

The Turkish market has great potential but there is fierce competition between the local and international players, especially in the food retailing domain. As of September 2009, 71 percent of investment in shopping centres was made by local investors. The entry of international investors in the shopping centre arena has broadened the investor profile. Germany takes the lead among foreign investors in Turkey, with the Netherlands and France close behind. Taking a look at the top 10 retailers of Turkey, (Table 9) we can see that they both are in equal dispositions in terms of size and volume.

17 Table 9: Top 10 retailers of Turkey in 2009-2010

Source: http://www.retail-index.com/HomeSearch/TopretailersinEuropebycountry/ToprankingretailersinTurkey.aspx

Local discount store BIM is the leader in terms of revenues in 2011, followed by Migros Turk (private equity) and Carrefour (French player with a partnership with local retailer Sabanci Holding). The other main players are Metro Group, domestic player Bizim Toptan, Tesco Kipa, Makromarket and discounter A101. The primary mode of market entry is by mergers and acquisitions. There were 7 transactions in the retail sector in Turkey in 2010, with an estimated deal value of US$200 million. Between 2005 and 2010, there were 38 retail deals with a total volume of US$4.6 billion in Turkey. The following mergers and acquisitions were announced in the year 2010.  February, 2010 – Migros Turk made 3 acquisitions on the same day. The company purchased AdesGıda Sanayi, Egeden Gıda and Amac Gıda, with deal values of US$8.1, US$2.7, and US$2.7 million, respectively. Target companies were operating Migros and Şok stores with franchising rights in the following Turkish cities: Eskişehir, Sakarya, Denizli, Afyon, Balıkesir, Bilecik and Duzce.  May, 2010 – CarrefourSA acquired 100% of İpek Giyim Mağazaları for US$29.6 million. The target was a ready-to-wear retail chain operating with 27 stores in shopping malls located in Istanbul.  June, 2010 – UK-based private equity house Ashmore acquired Nezih Kitap Kırtasiye, which is a stationary retailer with 7 stores in Istanbul and Ankara.

18  October, 2010 – Netherlands-based SPV WNC Kids Holding set up by fi nancial investors Eurasia Capital Partners, FMO and the Balkan Accession Fund acquired a 50% shareholding in Wenice Kids, which is a children’s clothing company.  December, 2010 – The owner of Turkish footwear company Yeşil Kundura, Kamil Engin Yeşil, acquired 92% of Ceylan Giyim with a deal value of US$100.8 million. Ceylan Giyim is a retail company focused on children’s wear. No major grocer entered in 2010. In the electronics sector, Best Buy exited Turkey in 2011 after a two-year trial run with two stores. Apparel retailer H&M entered in late 2010, while C&A ramped up its commitment to Turkey with plans for 10 new stores on top of its existing base of 24 stores, focused predominantly on the Anatolia region. Another retailer counting on Turkey is German shoe retailer Deichmann, which opened 44 stores in 2010 and has committed $8.5 million to opening of further 20 stores. During the last 10 years, local producers have had to face increasing competition between each other and from large international companies like Unilever, Coca Cola, Nestle, Philip Morris, BAT, JTI, Bosch, Siemens, Procter & Gamble, and Gillette. Intense competition caused weaker local companies to withdraw from the market, while the firms that stayed on the market remained competitive against international counterparts and gained a strong reputation in the Central European and Middle Eastern markets. The still pending entry of the giant retailer Wal-Mart is kindling interesting thoughts and talks in the retailing world. Opportunities and Challenges The retail industry’s susceptibility to changes in economics is bringing about dynamic effects on the consumer confidence index. Small retailers are facing intense pressure from the new and large new comers and hence, are forced to modernize their store. This progress can bring about a positive change as the traditional retailers still hold a huge market share. The upside is enormous; the Turkish retail sector could more than double its productivity by 2015 and become a primary job creation engine in a rapidly growing economy. Despite the progress, chain retailing remains a largely unexplored market in Turkey, with organised retail representing only a 42% share of the total turnover

19 in 2010. There are approximately three hypermarkets and 17 supermarkets per one million of the population in Turkey, compared to an average of 15 hypermarkets and 150 supermarkets in EU countries. These figures show that the Turkish market still has lots of potential. The Turkish retail sector is also relatively fragmented. At present, the top-five players hold a combined market share of under 25% of the modern grocery distribution. Also, a change in the retailing structure has opened new areas for branded import items. Industry sources estimate that only the top 5-10% of the Turkish population can afford imported food items. Also, the governmental initiative taken on putting Turkish companies on a global front called as “Turquality”, is helping to create a positive image for the retail industry. Turkey’s growth during the EU accession period has been quite imbalanced and it will be imbalanced for a few more years or so. The macroeconomic instability from time to time is proving to be a challenge to many of the retailers in Turkey. Also, the consolidation of the local retail market is cause an increased competition which can lead to both positive and negative outcomes. Also, the demographic patterns in Turkey are going through a transitory phase, which can be healthy for the retailers. What is needed at this hour is, operational efficiency, better use of information technology in inventory management, purchase planning, customer data warehousing, customer relationship management and category management.

20 References 1. PricewaterhouseCoopers. (2005). From Beijing to Budapest: Winning Brands, Winning Formats. 2005/2006 4th Edition. 2. PricewaterhouseCoopers.(July 2007).Retail and Consumer Worlds. 3. Deloitte Turkey Corporate Finance.(2011).Deloitte retail sector update 4. Louargand M., (2011).Turkey: Modernizing through mall developments. Insider’s Perspective. Volume 36, Number 2. 5. Kearney, A.T. (2011). Retail Global Expansion: A portfolio of opportunities-The 2011 A.T. Kearney Global Retail Development Index.” http://www.atkearney.com/images/global/pdf/Retail_Global_Expansion-GRDI_2011.pdf 6. PricewaterhouseCoopers and AMPD (2010). Shining Star- The Effects of the Retail Industry on the Turkish Economy. http://www.pwc.com/en_TR/TR/publications/industrial/retailconsumer/published/PwC_AMPD_2010_TR_Final.pdf 7. Top Retailers in Turkey. Retail- Index.com. From http://www.retailindex.com/HomeSearch/TopretailersinEuropebycountry/ToprankingretailersinTurkey.aspx 8. FDI in Turkey. Invest in Turkey. From http://www.invest.gov.tr/enUS/investmentguide/investorsguide/pages/FDIinTurkey.aspx 9. Economic Outlook. Invest in Turkey. From http://www.invest.gov.tr/ENUS/TURKEY/FACTSANDFIGURES/Pages/Economy.aspx 10. The World Fact book-Turkey. Central Intelligence Agency. From https://www.cia.gov/library/publications/the-world-factbook/geos/tu.html 11. Hofstede, Geert. Turkey. Geert Hofstede. From http://geert-hofstede.com/turkey.html.

Sign up to vote on this title
UsefulNot useful