Sabanci Group is planning for the aggressive growth of its separate retail joint ventures with Carrefour and the French retailer’s discount arm Dia, the Turkish conglomerate’s chief executive told a press conference in Istanbul today (8 March).
CEO Zafer Kurtul announced that the group was targeting an increase in sales from its CarrefourSA stores by 35% in 2011, a 10% increase on the average 25% annual growth over the past six years.
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At the same time Sabanci plans to expand its chain of DiaSA branded discount supermarkets by opening between three to five new stores a week through 2011, Kurtul said.
Sabanci’s joint venture with Carrefour, CarrefourSA, was established in 1996. Sabanci has 38.78% of the equity and Carrefour 61.22%. The company operates 27 hypermarkets and 219 supermarkets.
DiaSA was established in 2000 as a 60-40 joint venture with Carrefour in which Sabanci holds 40% of equity. The venture operates 890 stores in 29 Turkish cities. Sabanci did not comment on Carrefour’s plans to spin off its Dia discount business next year.
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