Shopping sale days to bring 60 billion Turkish Lira boon to retail industry
ISTANBUL
November’s shopping spree is expected to boost the sales of both physical and online retailers by as much as 60 billion Turkish Liras (around $6.2 billion).
Retailers are keenly waiting for the Singles’ Day on Nov. 11, the “Legendary Friday” on Nov. 26 and the Cyber Monday on Nov. 29.
Legendary Friday is the Turkish equivalent of Black Friday.
“Those special days always give boost to the retail industry. We are expecting online sales and sales through retailer shops to increase 100 percent to amount to 60 billion liras,” said Emre Ekmekçi, the head of the E-commerce Enterprises Association (ETİD).
As was the case in the previous years, the clothing, cosmetics, and consumer technologies and furniture sectors will be the main beneficiaries of the shopping season, according to Ekmekçi.
The Singles’ Day and Legendary Friday present good opportunities both for consumers and retailers, said Sinan Öncel, the chair of the United Brands Association (BMD).
However, he warned that retailers may not offer large discounts for all items to shoppers this shopping season due to the increase in raw material prices over the past year.
“Because the cost of the goods which will replace the sold goods at cheaper prices is very high. I do not think the goods in inventories will be enough to meet demand for the whole month and companies are likely to offer discounts for a limited period,” he explained.
Serkan Tınastepe from the Chain Stores’ Association (ZMD) agrees.
“Indeed those three days will be a boon to the retail industry, but retailers will have problems finding goods and offering them with a large discount,” Tınastepe said.
