Turnover rises in organized retail industry

ISTANBUL

Turnover in Türkiye’s organized retail sector started to increase in March after falling in February in the wake of the devastating earthquakes in the country’s southern provinces, said Sinan Öncel, the president of the United Brands Association (BMD).

Both turnover and the number of visits by shoppers declined 20 percent in February due to the adverse effects of the earthquakes, Öncel said.

Surveys conducted among BMD member companies pointed to a recovery in March, he added.

“Some 70 percent of participants said that their unit sales grew in March compared with February, while 84 percent said their turnover had increased.”

Turnover grew between 60 percent to 70 percent from March 2022, which is due to the price increases linked to higher costs, business daily Dünya quoted Öncel as saying.

“Local shoppers are back, but sales to foreigners still remain weak. Sales to foreign shoppers fell compared with March last year. Shopping by visiting tourists is important [for the industry]. Foreigners accounted for 10 percent of purchases made with credit cards last year.”

Öncel also said that the Eid al-Fitr shopping is expected to boost retailers’ turnover between 20 to 25 percent.

The data from the Turkish Statistical Institute (TÜİK) showed earlier this month that the increase in sales volume in the retail sector eased from 34 percent in January to 21.5 percent in February.

Retail sales fell 6.5 percent month-on-month in February after rising 5.7 percent in January.

Turnover in the sector grew by 93.4 percent from February 2022, with turnover of non-food retailers rising nearly 100 percent.