Turkey’s discount grocery chain BIM plans new stores in Egypt, Morocco

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Turkish discount grocer BİM is planning to open 100 new stores in Egypt and 80 in Morocco as well as 600 new stores across Turkey in a bid to increase its revenue by 20 percent, company representatives said on March 9. 

“We plan to make around 700 million Turkish Liras of investment this year… In this vein, we aim to open more than 600 stores in Turkey, 100 in Egypt and 80 in Morocco,” said BİM Executive Committee Member and CFO Haluk Dortluoğlu in a meeting to announce the company’s 2015 results and 2016 targets. 

BİM had 4,972 stores in Turkey by the end of 2015. The company also had 279 stores in Morocco and 140 in Egypt. 

Executive Committee Member Galip Aykaç said the company may announce new investment plans to expand into a new country in 2017. 

Upon a question on whether this new market was also in North Africa, Aykaç said: “Our current works have showed this.” 

The company posted 17.4 billion liras of revenue in 2015 and plans around 20 percent growth in 2016. Its net profits also increased by 48 percent in 2015 to 583.1 million liras compared to the previous year. 

On the world’s largest 250 retail companies list of Deloitte, BİM ranked 153rd. The company has also been named the 21st fastest growing retail company in the world.

Source: Reuters