"Turkish gambit": Neighbor country trade networks take root in Greece

The number of Turkish retailers “expanding” their activities in the Greek market is on the rise, indicating that political tensions between the two countries are not hindering trade in any way.

It remains to be seen whether the second great “exit” of the neighboring country will succeed, and whether this “economic intervention” will not end with the events of 20 years ago.

Along with LC Waikiki, Penti, Madame Coco and Vakko, another Turkish chain, Colin’s, seems to be looking to open stores in Greece. ERK Greece Sole Proprietor Company has recently been established with ERK Pazarlama Ve Giyim Sanayi Ticaret AS as the sole shareholder, representing the interests of Turkish giant Eroglu Groupwhich works productively in the field of clothing sales, and is present in retail trade through Colin’s chain stores.

Colin’s currently has an international presence with 600 stores in 38 countries, mostly in Asia.

As is the case with other Turkish chains, its entry into the Greek market is one of the first steps in its expansion into Western Europe. It is noted, according to the Sunday Step report, that some retail chains of the neighboring country, such as Cilek children’s furniture, as well as the Istikbal mattress and furniture company, operate in our country through their representatives. Regarding the presence of Greek businessmen in the trading market in Turkey, N. Varveris Moda Bagno has had a store in Istanbul since 1999, and the B&F group’s BSB brand is also present.

Aiming to become one of the top three clothing retail brands in Europe, Turkish chain of clothing stores LC Waikiki, Turkish “Zara”as it is called, opened its own two months ago 11th store in Greece, “landing” in Heraklion on Crete. The Turkish chain aims to open more than 30 stores in Greece in the next 3 years. Agreements have already been signed to open outlets in Kavala and Ioannina.

At the end of 2021, the company had 6 stores with a turnover of 12.7 million euros, and managed to double the figure in a year. The main shareholder is Mustafa Kuchuk, whose fortune, according to Forbes, is currently estimated at $1.6 billion.

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