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Metro Subsidiary, Cash&Carry to Open 3 New Locations in Turkey |
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Friday, 28 March 2008 13:41 |
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Germany-based retailing giant Metro Group’s subsidiary, Metro Cash & Carry, has plans to open three new stores in Turkey this year.
Commenting on expectations for the company in 2008 at a press conference yesterday, Metro Cash & Carry Turkey General Manger Ergin stated that the financial crisis that began in the US had spread to the world and that Turkey will also be affected by it. Ergin said there had been a contraction in sales of non-food products, but for them the real crisis will begin when this spreads to food items, adding that the company had not yet observed the latter phenomenon. Ergin said 2007 was a bright year for the company, noting that they had increased their turnover by 18.1 percent over the preceding year to 841 million euros, with 11 stores in eight different cities in Turkey. He noted that the company is planning to establish three new stores this year but did not specify the locations of the stores as the feasibility studies are still under way. Ergin said Metro Cash & Carry Turkey is exporting several different products to Metro Group, mainly household appliances and brown goods. He noted that Metro Group does around 600 million euros worth of procurement annually. Source: Zaman |
