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Best Buy hopes for leading share in Turkish market
Best Buy Turkey President Ruşen Kopmaz explained the reason behind Best Buy's decision to enter the Turkish market, saying, “Turkey is definitely one of the most attractive consumer electronics markets in Europe.” He based this claim on the fact that nearly half of Turkey's population is under 25 years old, an age segment that is generally far more interested in new technology and high-tech advancements and innovations than any other. Additionally, Turkish youth tend favor dynamic communication and are very likely to encourage their friends to buy the latest gadgets. “Young people are likely to spend more than their actual purchasing power, which is what we call ‘over index',” he said.
Speaking to the Anatolia news agency yesterday, Kopmaz described the company's plans in Turkey.
In response to comments that having too many players in the market will lead to oversaturation, hurting the profits of all companies, Kopmaz said the presence of a range of competitors will work to the advantage of customers. “With our entrance, the Turkish market will be a place where all important global players are competing,” he pointed out, predicting that the market will experience consolidation through mergers and acquisitions in the not-so-distant future.
Foreign companies that have come to Turkey have contributed to developing the market, Kopmaz argued, adding that they also triggered a misconception that price is the only thing that makes something worth buying.
Best Buy will help Turkish consumers recognize that even though the price of an item may be low, that does not necessarily mean the consumer should buy the product, Kopmaz stated, signaling that Best Buy will change the focus of competition from promotions and discounts to service and product quality. The company has conducted surveys to evaluate the characteristics of the Turkish market for the past two years, and thanks to this preparation, they have a good deal of information about consumer expectations that the current players in the market have failed to meet, Kopmaz noted.
“The products will not be behind cases. Consumers will be able to touch them. They will enjoy all comforts while buying. They will have fun. A consumer wants to believe that s/he is making the right choice, especially while buying a high-tech product. We will provide this,” he said, describing how Best Buy aims to change the market.
After İzmir, Best Buy plans to open stores in Ankara and Bursa. İstanbul, the heart of the Turkish economy, will have a Best Buy in the second half of 2010.
Kopmaz also shared his views on the recent performance of the consumer electronics sector around the world. He said the global economic crisis had a deeply damaging effect on sales for two main reasons: “First, product prices saw sharp declines all around the world. For instance, the prices of mobile phones on average plummeted nearly 30 percent. That means, technology markets suffered a loss in their earnings even if they managed to sell the same number of devices. Secondly, sales in the previous period dropped again, up to 30 percent, largely amid the fluctuations in exchange rates,” he said. According to Kopmaz, the current troubles will be over soon. Best Buy has 4,000 stores in 13 countries and employs 155,000 people.
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