In 2018, due to exchange rate value depreciation of the Turkish lira against foreign currencies, Turkey, as a tourist destination, became a popular spot for shopping. Department stores that offer an extensive product range across a range of categories continued to be a convenient way of shopping for tourists.
In 2018, increasing awareness and popularity of internet retailing continued to hinder the performance of department stores. Department stores, with their extensive product and brand ranges, remained a convenient way of shopping for the older generations of consumers; however, an increasing number of young consumers preferred online shopping.
In 2018, department stores continued to register a dynamic performance in terms of outlet growth due to the ongoing penetration strategies of leading retailers such as Boyner Buyuk Magazacilik. Nevertheless, exchange rate value depreciation of the Turkish lira against foreign currencies and decreasing enthusiasm for shopping among consumers continued to exert a downwards pressure on profit margins by increasing outlet operational costs.
In 2018, Boyner Buyuk Magazacilik continued to lead department stores and registered the most dynamic performance in terms of both value sales and outlet growth. Boyner Buyuk Magazacilik operates an extensive network of outlets and enjoys strong brand awareness and consumer-level trust, as it was one of the first retailers to introduce the concept of department stores to consumers in Turkey.
Due to a significant number of incoming tourists with high levels of disposable income, luxury department stores such as Vakko and Harvey Nichols registered dynamic performances in 2018. These department stores offer an extensive portfolio of leading luxury clothing, footwear, bags, and beauty and personal care products in a single store, which significantly increases the convenience of luxury shopping for high-end tourists.
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