Retail property specialist Comfort is supporting the German market entry of Turkish textiles and fashion company LC Waikiki.
The leading Turkish company in the young fashion and children's fashion segments will be commencing its expansion into Germany by opening an approximately 1,100-m² store on Limbecker Strasse 75-77 in Essen which was previously occupied by C&A and leased to LC Waikiki by Comfort.
Prior to this, Comfort had been providing strategic advice to LC Waikiki relating to German market entry for around two years. LC Waikiki has requested Comfort to provide comprehensive property search and advisory services in connection with the company's further expansion in Germany.
During the first phase of market entry, it will be focusing on sourcing retail properties with a floor area of up to approx. 2,500 m² at prime city center locations in North Rhine-Westphalia and Berlin. Property owners and third parties wishing to offer suitable properties are welcome to contact the Comfort Group.
LC Waikiki is part of the Istanbul-based Tema Group which was founded at the end of the 1980s. Today it is market leader in Turkey. In addition to its retail operations, the Tema Group also manufactures textiles, predominantly in the Middle East/Egypt and India/Bangladesh.
As a retail company with its own labels, LC Waikiki, Xside and Southblue, the Tema Group operates more than 400 stores, mainly in Turkey but also in other countries such as Bulgaria (five stores), Romania (six stores), Kazakhstan (two stores), Albania (two stores), Bosnia (one store), Syria (one store), Russia (five stores) and Iraq (two stores).
Expansion into Western Europe will initially focus on Germany, with stores also scheduled to open in Poland, Hungary and Egypt in 2011.
Helge T. Strobel, Managing Director of Comfort Holding GmbH, is delighted that the company has now commenced operations in the German market. "There is certainly room for the LC Waikiki concept in the German retail market," said the retail expert.
The LC Waikiki range is priced between Primark and Hennes & Mauritz. 30-40 stores will be leased in Germany over the next five years. Comfort is currently in negotiations on three leases for properties in North Rhine-Westphalia and two leases for properties in Berlin.
Source: COMFORT Management Services GmbH