Turkey's retail giant continues to grow: It has fully acquired that brand

UCZ Mağazacılık, known as one of the significant players in Turkey's retail sector, has ended its commercial life as part of Şok Marketler. Following the approval granted by the Capital Markets Board (SPK), the merger process was officially completed, and thus UCZ became a 100 percent subsidiary of Şok Marketler.

During the merger process, it was ensured that UCZ Mağazacılık Ticaret A.Ş. was acquired by Şok Marketler Ticaret A.Ş. along with all its rights and obligations. Consequently, the legal existence of UCZ ended, and all its movable and immovable assets were brought together under the Şok umbrella.

The merger of both brands had been previously announced in notifications made to the Public Disclosure Platform (KAP). Şok Marketler had officially initiated the process in accordance with the Turkish Commercial Code, the Corporate Tax Law, and Capital Markets provisions, and had announced to the public that the transfer process was completed.

Entering the sector in 2012 with only 10 stores, UCZ Marketler grew rapidly to reach 800 branches. Attracting the interest of budget-conscious consumers with its "very cheap" slogan, UCZ made a name for itself with its affordable pricing policy and warm customer relations. Once a notable chain in the "three-letter markets" category, UCZ managed to reach neighborhoods and even the most remote streets.

However, in the following years, the company's performance declined due to managerial problems in the franchise system, increasing cost burdens, and the transfer of shares by its founding partners. Following this difficult period, the number of stores gradually decreased. Especially with the intervention of Yıldız Holding in 2017, a large portion of the stores were transferred to Şok Marketler and converted.

Although the UCZ sign has been erased from the streets today, the stores originating from the brand continue their operations under the name Şok Marketler. With this final merger, all remaining assets of UCZ have officially been incorporated into Şok.

News Source: 12punto