Top Turkish furniture showroom eyes expansion abroad
As a key player in Turkey's $20 billion furniture market, Modoko hopes to boost its exports by 30% in 2020, said CEO Koray Çalışkan in a press release on Dec. 16.
Speaking at an event Sunday marking Modoko's 50th anniversary, he noted that the company currently exports to 40 countries in Europe, the U.S., the Central Asian Turkic republics, and the Middle East.
With its 350 shops in Istanbul boasting over 150,000 square meters (1.6 million square feet) of total retail space, Modoko meets 40% of furniture demand in the Turkish metropolis, he said.
On Modoko’s U.S. plans, he said the showroom will have a minimum 15,000 square meter size (161,000 square feet) and feature 80 brands.
"We’re aiming for $1 billion sales in the first year, and we also started looking into establishing the same model malls in Europe and the Middle East," he stressed.