Reports today are stating that retailer Migros is to buy the Kipa chain from Tesco Group who aquired the brand in 2003. This is alongside Tesco Group’s recent sale or closure of its operations in China, South Korea and the U.S.
Tesco Group are also selling off the Giraffe brand that they have owned for only 3 years, as part of on-going cost cutting measures, in an attempt to break ties with it’s under-performing businesses.
Migros, who at the end of March 2016 year, had 1,402 stores in Turkey alone, as well as 45 overseas, plan to open between 150 and 200 branches in 2016.