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Crumbling lira hits Turkish retailers as costs rise amid slowing economy

Many foreign brands have closed shop while local businesses struggle to pay rent, salaries

Many of Turkey's new malls were financed with dollar and euro loans and their owners, who have seen their debt burden rise as the lira fell, charge rent in hard currency to offset the risk.


TURKISH businessman Tekin Acar had contracts to open branches of his leading cosmetics chain in ten new shopping malls this year. A few days ago, he cancelled nine of them after sharp falls in the lira meant he would struggle to afford the rents.

Turkey's currency has lost...

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