Turkey's BİM reveals global growth plan
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Hürriyet Daily News
Oluşturulma Tarihi: Mart 13, 2009 00:00
ISTANBUL - BİM Birleşik Mağazalar, a Turkish discount supermarket chain, is planning to continue its investments at full speed, not only in Turkey but also abroad. In particular, to Morocco.
BİM is planning to open 40 stores in Morocco this year alone despite the effects of the global financial crisis. The low-cost retailer’s plans also include opening 250 stores in Morocco over the next five years. "We chose Morocco because we believe its retail sector has a great growth potential just like Turkey did 15 years ago when BİM first opened," Jos Simons, chief executive officer of BİM, told members of the press in Istanbul yesterday.
The first store in Morocco will be opened next month, Simons said. "After we have master managing international operations in Morocco, we will seek other markets," he added.
BİM will invest 110 million Turkish Liras ($63 million) this year, and BİM plans to open 350 new stores at home, said Chief Financial Officer Haluk Dörtlüoğlu. That would help generate employment opportunities for 2,000 workers, he added. BİM’s 2008 turnover was 4.25 billion liras, which was an increase of 42 percent compared to a year earlier. BİM’s net profit in 2008 was 114 million liras, an rise of 2.7 percent from the year before.
The first store in Morocco will be opened next month, Simons said. "After we have master managing international operations in Morocco, we will seek other markets," he added.
BİM will invest 110 million Turkish Liras ($63 million) this year, and BİM plans to open 350 new stores at home, said Chief Financial Officer Haluk Dörtlüoğlu. That would help generate employment opportunities for 2,000 workers, he added. BİM’s 2008 turnover was 4.25 billion liras, which was an increase of 42 percent compared to a year earlier. BİM’s net profit in 2008 was 114 million liras, an rise of 2.7 percent from the year before.