TURKEY: Boyner lines up store expansion

Turkey's leading department store chain Boyner's has posted interim turnover up 15% compared to last year's first half, as the company vowed to grow its store numbers.
Asli Karadeniz, general manager of Boyner, said the company opened new stores in Istanbul, Eskisehir and Izmir in the first half of the year, increasing its total sales area by 11%.
Two additional stores in Ankara, and one each in Istanbul, Bursa and Balikesir are planned in the second half of the year.
In February this year, Citigroup Venture Capital International (CVCI) agreed to purchase a 30% stake in Boyner_Stores for US$153.8m and a 50% stake in Beymen Department Stores valued at US$285.2m. Once approved by the competition board, CVCI will take over the Boyner shares.
Boyner Stores is part of Boyner Holding, one of Turkey's leading non-food retail groups. It commenced its activities in 1981 with its first shop in Istanbul. Today, there are 20 Boyner department stores and 8 discount stores in 11 different locations.
The group employs 2044 people and sells thousands of products under well-known local and international brands in its women's, men's and children's wear, shoes and accessories, young and active sportswear, cosmetics and home departments.
By Altan Dinler.