Turkey’s Yıldız to merge Dia and Şok retail stores
ISTANUL - Hürriyet
Yıldız Chairman Murat Ülker says Dia and Şok stores will be merged under Şok brand, except franchises.Turkish conglomerate Yıldız Holding is clearing the deck and preparing to turn all stores of discount supermarket chain Dia into stores of its other discount market, Şok, the Yıldız Holding chairman has said.
Spanish supermarket group Dia and Turkey’s Sabancı Holding in July sold Dia to Şok Marketler, one of the subsidiaries of the Turkish conglomerate Yıldız Holding, for 129.7 million Turkish Liras.
Yıldız Holding Chairman Murat Ülker has said that the group is considering transforming all Dia stores, except franchised ones, into Şok markets by the end of this year. There are currently 960 Dia stores across the country, 360 of which are franchises.
“Sales in DiaSa rose by up to 50 percent after the acquisition,” Ülker said. However, this level apparently wasn’t satisfying enough for the retail giant, which recently bought another small retail chain, Onur Ekspres Marketçilik, through Şok Marketler.
“A Dia store makes a turnover around half of that of a Şok store. Dias will catch up with Şoks in three years,” Ülker said.
He also stressed that the group was not planning any other acquisition for now. “We’re trying to swallow what we have already bitten,” he said.
Ülker also touched upon issues in Egypt, where the group had to suspend its production activities in mid-August due to escalating violence in the country. He said the group had now restarted its production in Egypt.