Online shopping giant Groupon exits Turkish market
ISTANBULU.S.-based online shopping giant Groupon has announced its decision to exit the Turkish market on Aug. 24 in a note on its website.
“Groupon has ceased its operations in Turkey as of Aug. 24, 2015, so we are unable to offer new advantages anymore,” said the company.
The company made the decision to leave the country after its Turkey office could not meet financial expectations, according to sector sources.
The company entered the Turkish market in 2010 by buying European group purchase network CityDeal, which was active in 18 countries, from the U.K. to Turkey and Italy to Finland, and typically used a different domain name for each nation. The name of its Turkish unit was Şehir Fırsatı.
The number of companies operating in the Turkish market has surged since then but with only a few companies sharing the largest share in the highly competitive sector.