- Reaction score
- 66
- Points
- 530
The Turks have the government they voted for. :-\
http://www.reuters.com/article/us-turkey-economy-lira-retail-idUSKBN1560K6
Turkish businessman Tekin Acar had contracts to open branches of his leading cosmetics chain in ten new shopping malls this year. A few days ago he canceled nine of them after sharp falls in the lira meant he would struggle to afford the rents.
Turkey's currency has lost around a quarter of its value since the middle of last year, causing havoc for retailers selling imported goods or paying rent pegged to the U.S. dollar.
Many were already suffering from a sharp economic slowdown and dwindling tourism numbers after a spate of deadly bombings.
Foreign brands in Turkey are also suffering. Dutch clothing chain C&A, Britain's Topshop, German cosmetics firm Douglas and U.S.-based dietary supplement retailer GNC (GNC.N) have disappeared from shopping centers in recent months.
Retail spaces in some of Istanbul's biggest malls stand empty.
"Since many brands have closed up stores one by one, people don't notice it," said Acar, who founded the cosmetics chain that bears his name in 1979 and has 76 stores across Turkey.
http://www.reuters.com/article/us-turkey-economy-lira-retail-idUSKBN1560K6
Turkish businessman Tekin Acar had contracts to open branches of his leading cosmetics chain in ten new shopping malls this year. A few days ago he canceled nine of them after sharp falls in the lira meant he would struggle to afford the rents.
Turkey's currency has lost around a quarter of its value since the middle of last year, causing havoc for retailers selling imported goods or paying rent pegged to the U.S. dollar.
Many were already suffering from a sharp economic slowdown and dwindling tourism numbers after a spate of deadly bombings.
Foreign brands in Turkey are also suffering. Dutch clothing chain C&A, Britain's Topshop, German cosmetics firm Douglas and U.S.-based dietary supplement retailer GNC (GNC.N) have disappeared from shopping centers in recent months.
Retail spaces in some of Istanbul's biggest malls stand empty.
"Since many brands have closed up stores one by one, people don't notice it," said Acar, who founded the cosmetics chain that bears his name in 1979 and has 76 stores across Turkey.
