Metro’s Media Markt eyes up gaps in $13bn Turkish electronics market

31/01/2016

MediaMarkt Turkey German retailer Metro’s subsidiary is planning to ramp up its Turkish operations, its country director Yenal Gökyldirim told a press conference in Istanbul on Thursday. The discount electronics chain is looking to take advantageof the gap left by the recent withdrawal of some of its international rivals from a market estimated to be worth around TL 40bn, or $13.42bn.
Despite high consumer demand, Turkey’s highly competitive electronics retail market has seen some leading global chains pull out of the country, including French electronics retailer Darty, the UK’s Electroworld and the US-based Best Buy. Their withdrawal leaves MediaMrkt as the only foreign electronics chain competing against Teknosa, Bimeks and Gold, with the last of these having recently filed for bankruptcy.
The company expects to build on a growing young population and demand for the latest technology products, Gökyldirim explained, probably through an acquisition or merger. “We always keep a close eye on opportunities in the market,” he said. 
The Turkish electronics retail market grew 15% year-on-year in 2015 with 12% expected for 2016. However, both Media Markt and its domestic rivals are having to deal with a weakening of the Turkish lira and higher staff costs following a recent 30% hike in the minimum wage. 

Source: todayszaman