Retailers may face harsher punishments

Retailers may face harsher punishments

Retailers may face harsher punishments

Supermarket chains may face some harsher punishments and new regulations may be introduced in the industry as authorities are scrutinizing their prices and other practices.

After President Recep Tayyip Erdoğan earlier this week said that fines do not appear to be enough, now all eyes are on possible measures to be taken in the retail industry.

“We have taken necessary steps following the inspections and will do so. Some other measures may be needed,” Erdoğan said.

Steps to be taken other than fines could be discussed at the next cabinet meeting, he added.

Last week, the Trade Ministry imposed fines on 21 supermarket chains and companies amounting to 9.4 million Turkish Liras over exorbitant prices they charge and engaging in stockpiling.

Sources told daily Milliyet that new steps may include setting up new criteria to launching new supermarkets, reducing the number of supermarket chains and even a penalty to close them.

The Trade Ministry is currently working on those possible measures, which could be discussed at next week’s cabinet meeting.

Senior officials from the ruling Justice and Development Party (AKP) told the daily that to date 200,000 inspections were carried out on supermarkets and fines amounting to 2.8 billion Turkish Liras were imposed on six supermarket chains.

Officials, however, noted that despite those inspections, prices have remained elevated, that’s why alternative measures are being considered.

Türkiye, Economy,