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
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Istanbul
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 around a quarter of its value since the middle of last year, causing havoc for retailers selling imported goods or paying rent pegged to the US dollar.
