Tesco Opens First Istanbul Outlet

Five years after entering the Turkish market, the UK's Tesco has finally opened its first Istanbul outlet through its joint venture operation Tesco Kipa. The retailer opened its 28th hypermarket in the country in the Kurtköy neighbourhood, with an investment of around EUR7mn (US$10.8mn), not including rental fees. The new store covers 13,000m2 and will have a product range of over 25,000 items. Tesco has stated that Turkey, along with the US and China, is a priority market for the company, as it continues to look abroad to achieve strong growth.

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