Buyout plans are off as the Turkish discounter announces plans to grow at pace.
Ambitious store opening plans
A101 is a hard discount operator which has doubled its store estate in the last two years, operating 1,000 stores in 2011, which grew to over 2,000 stores by the end of 2012. Speaking at a press conference, CEO Erhan Bostan announced ambitious plans to continue to expand the estate. A101 is aiming to grow sales by 55% this year, reaching TL 3.28bn. It intends to achieve this through rapid organic growth, with plans to open 450 new stores by the end of 2013, and a further 500 new stores annually for five years from 2014.
Buyout deal dropped
The retailer had been close to selling a 35% stake in the business to US buyout firm Capital Group International to raise the funds to fuel the expansion. However, the process has been called off following a cash injection from the business's owners. A101 has also announced its plans to expand internationally in the second half of 2015.