The Chairman of GYODER, an Association of Real Estate Investment Companies, Can Fuat Gürlesel, said that the total retail expenditure of Turkey reached $221.6 Billion in 2007 with nearly $125.6 Billion spent on the food and drinks market, accounting for 56.7% of the total expenditure, as reported by TurkishDailyNews.

According to GYODER officials, the total Turkish consumer expenditure reached about $484.4 Billion, whereas the retail expenditure accounted for nearly $232.5 Billion by May 2008. Turkey has third highest number of shopping malls after Spain and Russia. Also, the retail sector of Turkey is expected to grow two-fold from 2009 to 2013.

Moreover, rapid urbanization can be seen in the rural culture of the country due to its burgeoning economy. The growing young Turkish population of about 73 Million is leading to the establishment of several departmental stores and shopping malls with huge foreign investment in the country. Also, these malls make the process of shopping easier for consumers as they get the opportunity to shop under one roof.

Further, a rapid increase in per capita income of the country is resulting in a rise in demand for better goods and services by Turkish consumers. Also, due to increase in spending power of the consumers, a change is being witnessed in their tastes and it consequently is leading to establishment of super- and hypermarkets and restaurants instead of shops in the ancient alleyways.

Also, the heating competition in the market is leading to an increase in brand choice and improvement in brand quality and resulting in an increase in the demand for retail products. Thus, increase in demand for retail products is attracting a large number of big retail chains to Turkey.

A Research Analyst at RNCOS said “The Turkish retail market is growing rapidly and is expected to deliver the same performance this year. Also, the growing retail sector of the country is likely to attract several FDIs to Turkey, which will help in further infrastructural developments of the Turkish retail sector. The emergence of new retail chains will bring foreign investments in Turkey and will strengthen its economy.”

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