Turkish stock traders were confused when the news popped up about Walmart opening an office in Turkiye.
When the news surfaced, it was interpreted as if Walmart would rival local retail giants by opening branches inside Turkiye.
Experts warned that stock traders should not sell their stocks from major Turkish retails as Walmart’s planned investment in Türkiye is not intended to rival Turkish retailers, but to source goods produced in Türkiye.
‘Not a game changer’
Erdem Kaynar, an investment expert, said on his X account that Walmart’s investment in Türkiye will not have any negative impact on Turkish companies such as the BIM Market, A101 and SOK.
He said Walmart will likely use Turkish Airlines’ cargo services, which will positively affect the company. Kaynar also noted that Walmart’s activities in Turkiye are not expected to be game-changing for Turkish exporters.
AmCham president announced Walmart’s office opening
Tankut Turnaoglu, chairman of the American Companies Association (AmCham) Türkiye, announced that Walmart, a multinational U.S. corporation that manages nearly 10%-15% of retail in the United States, will open an office in Türkiye.
He reiterated that Walmart is set to begin sourcing from Türkiye, stating, “Walmart is starting to purchase products from Türkiye, including furniture and frozen foods. They currently see Türkiye as a supply hub in two to three sectors.”
It is predicted that Walmart will expand a number of sectors in Türkiye.
Furthermore, Turnaoglu identified the United States as Türkiye’s second-largest market.
“One of the major contributors to this growth is Turkish Airlines. Turkish Airlines currently flies to 14 cities in the United States. Beyond tourism, cargo represents the largest part of their business. Turkish Airlines has become one of the world’s largest cargo companies, particularly leveraging opportunities during the pandemic,” he commented.
