Chairman of the United Brands Association of Turkey (BMD) Sinan Öncel said 99 BMD member Turkish brands have over 2,700 stores in 110 countries, indicating that they aim to increase this number to over 3,000 by the end of the year and to 4,500 in 2020.

Öncel told Anadolu Agency (AA) the 412 BMD member brands have more than 70,000 stores in more than 380 shopping malls and streets in the country, adding that about 400,000 people are employed in these stores.

Stating that the retail sector closed 2016 with a turnover of TL 670 billion ($190 billion), Öncel said the share of organized retail in this turnover is around TL 220 billion.

Öncel stressed that they focused on cautious growth in the first half of 2017 with one foot on the brakes and one on the gas and that they gave weight to domestic stores more than the overseas market.

Pointing out that they pay attention to growth and productivity and that they will give priority to the closure of non-productive stores from this point forward, Öncel noted they are demonstrating caution at this point in an effort to not repeat previous mistakes when making new investments.

Öncel recalled that organized retail has grown four times faster than Turkey's economy in recent years. "Given the fact that we will be a bit cautious this year, we expect a growth rate of 12-15 percent. However, there are significant declines in the profitability of our brands," Öncel said. "We expect that bureaucratic regulations will compensate for this decline will be realized quickly."

Sinan Öncel said their brands have undertaken important economic operations abroad as well as in the country. While explaining that 99 BMD member brands currently have over 2,700 stores in 110 countries and that they aim to move this number to over 3,000 by the end of the year and to 4,500 in 2020, Öncel said: "Our brands, which have opened abroad, touch the people of that country and establish an emotional connection. That is why we call our brands the ‘economic special forces' of the Turkish economy and the retail sector, and we believe we will achieve far more important successes in the near future."

Öncel also added that Turkish brands have spread across a very wide geographical area abroad, mainly in Russia, Saudi Arabia, Ukraine, Kazakhstan, Iran, Azerbaijan, Iraq and Romania.