Representatives of the British company Tesco Kipa confirmed the fact of negotiations with the Turkish company Migros on the possible sale of the retailer. British retailer Tesco PLC is losing ground in the retail industry in Turkey due to the increasing competition from major players such as Migros and Carrefour.
Besides, the local discount retailers, such as BİM, A101 and Şok, showed a significant increase in the retail sector. Migros Türk is the oldest player in the retail trade in Turkey. The company was founded in 1925 in Zurich and arrived at Istanbul in 1954.