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retailers’ online markets with the services swamped by households opting to isolate themselves from potentially picking up infections while out shopping.
For instance, Carrefoursa said in a note on its website on April 1 that it would not be able to deliver orders over the next six days to certain districts in Istanbul.
Migros said it was fully booked for the next four days.
Migros CEO Ozgur Tort, however, underlined that online sales was not a very profitable business because of the high delivery costs involved. The money to be made from the operations was less than what brick and mortar stores would generate, he added.
The company executive also stressed that since producers faced difficulties selling their produce to foreign countries, they were channelling fruit and vegetables to the Turkish market which was pushing prices down.
“This will definitely have a positive impact on inflation. But on the downside, when prices decline, ​producers stop producing those cheaper products which may result in shortages​. Growers plant fruit and vegetables in April and May, so this is a very critical period. We have shared our projections with the Ministry of Agriculture,” he added.
Tort also pointed out that in the medium term retailers may face packaging problems.
“​Presently we still have access to packaging materials​, for which Turkey is dependent on foreign suppliers. But some problems are emerging at customs. We will have to tackle this problem in the medium term,” he added.
Recently, the head of the wholesale market shop owners’ federation in Turkey said that ​some fruit and vegetable prices had declined by as much as 30%​.
“Given this picture, ​farmers may change their minds about what to grow this season​,” he added.
On March 30, hard discount chain Sok Marketler (SOKM) said in a stock exchange filing that it launched free delivery services​ via a mobile application and it plans to hire 5,000 in 2020.
9.2.5​ Agriculture corporate news
Seven international banks, including Bank of America (global coordinator, bookrunner and initial mandated lead arranger), Rabobank, (bookrunner and initial mandated lead arranger) and Emirates NBD (bookrunner and initial mandated lead arranger) participated in the loan, according to Ulker.
The loan consists of a syndicated facility of $374mn and a parallel loan of €75mn provided by the European Bank For Reconstruction and Development (EBRD), the largest lender among eight international financiers in the transaction, the EBRD said on April 2 in a separate statement. The EBRD has previously provided a total of €100mn to support Ulker’s operations in Turkey and Kazakhstan.
The latest syndication loan is composed of two trenches of $110mn and €244, according to the filing by Ulker.
Ulker did not provide costs but it said interest payments will be made semi-annually.
58​ TURKEY Country Report​ May 2020 ​ ​www.intellinews.com