Major Turkish retailers again warming up to Greek market

Major Turkish retailers are once again increasingly looking to neighboring Greece, with Colin’s apparently examining the prospect of a presence in the country, on the heels of LC Waikiki, Penti, Madame Coco and Vakko.

Colin’s, with roughly 600 outlets in 38 countries, mainly in Asia, is the retail arm of ERK Pazarlama Ve Giyim Sanayi Ticaret AS, part of the massive Eroglu Group. Recently, a subsidiary, ERK Greece, was established in the country.

Its presence in Greece is deemed as an initial foray by the retailer in the west European market.
Children’s furniture maker Cilek and major Turkish furniture retailer Istikbal already operate in Greece via affiliated local companies.

Turkey’s version of Zara, LC Waikiki, recently opened its latest store in Greece with a new outlet in Irakleio, Crete, with the target being 30 outlets in the country over the next three years. At the end of 2021, six stores operated in Greece, with a turnover of 12.7 million euros.

Luxury retailer Vakko last year also established a subsidiary company, as did the underwear retailer Penti, which first debuted in the border city of Alexandroupolis, and followed with an outlet in Thessaloniki. A new store is set to open in Athens.

Four outlets of the Madame Coco linen and interior design retailer already operate in the greater Athens area.

Conversely, the Turkish retailers English Home, Inci, Mavi, Koton, Gizia and Ipekyol previously entered the Greek market but failed to remain in operation in the country.