The international network of supermarkets and trade centers Ramstore owned by Turkish MigrosTicaret A.Ş. is downsizing its business in Kazakhstan. Two shops were already closed last week and two more will be closed on October 7.
On September 24, 2020, MigrosTicaret A.Ş. announced that after reassessing the retail operations of its Kazakhstani subsidiary, the company has started to look for a buyer for one of its stores and is going to lease the other six shops fully equipped with all goods and shop fittings. This announcement was made due to the public disclosure requirement by the Istanbul Stock Exchange. However, Ramstore Kazakhstan LLP is still there to operate the multifunctional center of Ramstore All In in Almaty. This center is a core of investments for the Turkish company in Kazakhstan.
The information about scaling business down was also confirmed by Zhanyl Murzaliyeva, director of corporate relations in Ramstore Kazakhstan. She said one shop was already closed last week and two more stores in Almaty will be closed on October 7. Ramstore Kazakhstan spokeswoman declined to give any details about negotiations mentioned by Istanbul Stock Exchange or how the other shops will work, citing commercial confidentiality.
The first Ramstore shop in Kazakhstan was opened in 1999. For now, the Ramstore retail network includes 12 stores in Almaty and Nur-Sultan, two online shops and one multifunctional center, Ramstore All In. As of the first half of 2020, the share of Ramstore Kazakhstan LLP was about 0.8% of all consolidated sales by MigrosTicaret A.Ş.
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