Turkish discounter BIM says to open 350 stores

The grocery store chain opened 551 stores in 2008, it said in a statement.

Turkish discounter BIM says to open 350 stores

Turkey's BIM (BIMAS.IS) plans to open 350 new stores this year, as consumers turn to its discount grocery stores as economic growth slows.

"BIM continues to grow and create new job opportunities despite the global economic crisis that has affected Turkey," it said in a statement on Thursday.
BIM employs some 13,700 people in 2,300 stores, having opened 551 stores in 2008.

Turkey's economy slowed to a six-year low in the third quarter of 2009 as demand declined. Discount retailers like BIM are expected to weather the economic downturn better than premium stores as consumers rein in spending.

BIM increased sales 47 percent to 3.174 billion liras ($1.9 billion) in the first nine months of 2008 and had a net profit of 25 million liras in the third quarter alone, it said on Thursday.

Its shares were unchanged at 34.75 lira at 0936 GMT.


Reuters

Last Mod: 23 Ocak 2009, 12:42
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