Birlesik Magazalar, or BIM, a domestic discount retail chain, and Migros Ticaret, another leading Turkish supermarket chain, have been listed on a list of the “top 50 fastest growing retail dealers” announced by Deloitte, a global research company.

According to the recent “Global Power of Retailing 2011” report by Deloitte, Migros ranks fourth with $3.7 million in sales  while BIM ranks sixth with $3.4 million, on the Africa and Middle East region list

Migros ranked 19th and BIM ranked eighth on the overall 50 fastest growing retail dealers list.

The report observes the financial positions and developments of companies in the retail sector that have shown positive results in decreasing their expenses and regulating stocks.

The top 10 companies remained the same in this year’s results, compared to a year earlier. But Deloitte noted a decrease in the sales figures of Carrefour SA, Metro, Costco and Home Depot.

The report also put BIM in the second spot on a list of top 30 companies in terms of their intangible assets, becoming the first retailer ever from a developing country to rank that high.

Retailers have acted quickly to reduce their costs and now benefit from the advantages of efficient operations, according to Ugur Suel, in charge of consumer business industry leaders at Deloitte Turkey.

Despite decreases in sales figures, an increase in the companies’ profits has been seen, Suel said. “While the demand in developed markets remains insufficient, demand in the developing markets, in parallel with the increasing population, increases gradually.”

"I believe that this situation will have a key role in the globalization of the retail sector, but companies should be cautious."

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