Fund Crisis Contraction in Luxury Consumption and Food & Beverage Sector
Sector representatives stated that the fund crisis has negatively impacted sales in high-end retail and food & beverage businesses.
Sinan Öncel, President of the United Brands Association, announced that the ongoing fund crisis has started to cause a contraction in the turnovers of luxury stores and food & beverage businesses.
Contraction in the Luxury Segment
The effects of the fund crisis on consumption have begun to be felt in luxury stores and food & beverage businesses. It was stated that high-end brands reported a contraction in sales.
Impact of Weather Conditions
It was noted that retail activity is affected by weather conditions, and the cooling over the past ten days has accelerated the shift toward winter products.
Profitability Problem and Discounts
Despite the activity in sales, it was pointed out that retailers' profitability issues persist, and the share of discounted sales in total turnover has reached high levels.
Other Problems of the Sector
It was emphasized that shopping mall general expenses and exorbitant rent increase demands stand out among the sector's main problems.