Migros to invest 6.5 billion liras each year

ISTANBUL

Migros, one of Türkiye’s largest supermarket chains, plans to make investments worth 6.5 billion Turkish Liras ($231 million) each year.

With investments to be undertaken, Migros will become a 120 billion liras company, said Özgür Tort, its CEO, noting that its current market value is 60 billion liras.

The combined turnover of Migros’s business partners and service providers accounted for one-fourth of Türkiye’s GDP last year, according to Tort.

The company’s online operations will triple in the next three years, the executive said, adding that the size of orders placed on Migros Yemek will reach the size of supermarket orders.

“We target that one in two of our customers use MoneyPay, which offers online transactions and financial services… the number of brands our retail media company offers will increase to 750 next year.”

Migros also continues to invest in delivery company Paket Taxi, which is expanding its fleet with electric vehicles, Tort said.

He noted that Migros launched its cosmetics retailer chain Mion in January.

“It will become an important player in the sector by having a total of 150 stores by the end of 2024.”

Electric charging station operator Migen will install stations at 100 locations by the end of next year, according to Tort.

The company annually consumes 600,000 MWh of electricity, he said, adding that they decided to produce one-third of the production via solar power. “We will invest $100 million for this.”

The number of stores Migros operates increased from 2,681 in the first half of 2022 to 3,100 as of the end of June this year.

The company’s sales leaped 113 percent year-on-year to 60.14 billion liras in the first half. Its net income amounted to 2.08 billion, including 288 million liras from one-off gains from asset sales, rising 245 percent.