Good news for both retailers and investors as the Turkish retail sector continues to expand. Total household spending is predicted to increase by around 5% in the period from 2016-2019. This presents a whole range of opportunities according to new research presented in a recent BMI Research report.
Ray Gaul, a retail analyst with Kantar Retail, sums up the continuing strength of the retail sector. In a recent interview he confirmed that “Turkish retail has seen a robust growth over the past few years and the trend is set to continue for at least several years to come. Strong domestic demand continues to drive growth”.
This demand stems from a period of urbanisation with 4.4 million people predicted to move to cities by 2019. The shift will mean more people spending and providing the potential for continued development within the sector.
On top of this more people than ever are shopping online. Online retail is predicted to increase by at least 20% by 2019. Gaul states that “Turkish consumers have changed their buying patterns to online, particularly in the electronics sector”.
All of this equates to a strong retail environment within Turkey making now a great time to invest with stability and further growth on the horizon.