American technology retailer Best Buy, which entered the Turkish market 14 months ago by opening a store in the western province of İzmir, has decided to end operations in Turkey. Announcing Best Buy’s new business strategies on Tuesday, company CEO Brian Dunn said: “It is expected that Best Buy, which entered the Turkish market to improve the returns of its stakeholders, will exit the market and Best Buy stores will [also] be closed in China.”A departure from the Turkish market will mean that Best Buy will end all its current operations and close its two stores in the country.
The mega technology retailer is planning on saving $60-70 million annually until the 2013 fiscal year by closing stores in Turkey and China. Some speculation suggests that the company has already incurred a loss of about $100 million in Turkey alone. The talk of substantial losses in the electronics sector in Turkey has, however, been present since mid-2010. Sector representatives have earlier predicted that two firms would exit the technology sector in Turkey. Sector representatives point to Best Buy’s inappropriate date of entry into the market, when it was taking a heavy hit from the global financial crisis, and the company’s high prices as reasons for its failure in Turkey.
Last modified onSaturday, 06 May 2017 10:07
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