River Island pulls out of the Turkish market
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Oluşturulma Tarihi: Ocak 23, 2009 00:00
ISTANBUL - The British men's and women's clothing retailer River Island has announced its decision to pull out of the Turkish market.
Middle East-based retailer Alshaya Group, which is the company’s franchise operator, said that the cause of the decision was the low sales performance of River Island stores.
River Island already closed down stores in Cehavir shopping mall located in Istanbul’s Mecidiyeköy district and İstinyePark shopping mall located in Istanbul’s İstinye district. The company is planning to shut down its store in MetroCity in Istanbul’s Levent district tomorrow. Then it will move on to Ankara to close down the store it owns in Ankamall.
Kuwait-based Alshaya Group entered Turkish market with nearly 14 international brands including Starbucks, Body Shop, Top Shop, Evans and Next in the wake of the 2001 economic crisis in Turkey.
Alshaya Group is considered to be a leading international franchise operator for over 40 of the world's most recognized retail brands, including BHS, H&M, Starbucks, Mothercare, Arcadia Group, Debenhams, River Island, Boots, The Body Shop, Vision Express, Next, Foot Locker, Pizza Express, PQ and Dean & Deluca.
The group adopted a policy to downsize last year due to increasing retails store rents and the quota implemented on imports from China. It already had planned to shutdown 18 stores in Turkey that belonged to various brands it represented. One River Island store was included in that bunch. However, later on the company changed its mind and decided to pull down the shutters of River Island permanently because of poor sales performance.
Another reason for the company’s withdrawal from the Turkish market is said to be the global economic crisis.
The Alshaya Group currently operates over 1,400 stores in 15 countries across its operating divisions in the Middle East, Africa, Turkey, Russia, southern and eastern Europe and employs more than 15,000 people.
River Island already closed down stores in Cehavir shopping mall located in Istanbul’s Mecidiyeköy district and İstinyePark shopping mall located in Istanbul’s İstinye district. The company is planning to shut down its store in MetroCity in Istanbul’s Levent district tomorrow. Then it will move on to Ankara to close down the store it owns in Ankamall.
Kuwait-based Alshaya Group entered Turkish market with nearly 14 international brands including Starbucks, Body Shop, Top Shop, Evans and Next in the wake of the 2001 economic crisis in Turkey.
Alshaya Group is considered to be a leading international franchise operator for over 40 of the world's most recognized retail brands, including BHS, H&M, Starbucks, Mothercare, Arcadia Group, Debenhams, River Island, Boots, The Body Shop, Vision Express, Next, Foot Locker, Pizza Express, PQ and Dean & Deluca.
The group adopted a policy to downsize last year due to increasing retails store rents and the quota implemented on imports from China. It already had planned to shutdown 18 stores in Turkey that belonged to various brands it represented. One River Island store was included in that bunch. However, later on the company changed its mind and decided to pull down the shutters of River Island permanently because of poor sales performance.
Another reason for the company’s withdrawal from the Turkish market is said to be the global economic crisis.
The Alshaya Group currently operates over 1,400 stores in 15 countries across its operating divisions in the Middle East, Africa, Turkey, Russia, southern and eastern Europe and employs more than 15,000 people.