West Marine To Open Istanbul Franchise
May 21, 2008 (FinancialWire) West Marine Inc. (NASDAQ: WMAR) (Current Market Cap. US$101.42 Mil.) has entered into a relationship with East Marine Denizcilik & Turizm A.S. to open its first franchise store in Istanbul, Turkey. Rahmi M. Koç is the chairman and controlling shareholder of East Marine.
Other companies in West Marine's industry include Staples Inc. (NASDAQ: SPLS), Luxottica Group SpA (NYSE: LUX), and Ultrapar Holdings Inc. (NYSE: UGP).
The new West Marine store in Turkey is set to open in July 2008. It's part of a multi-store development agreement for Turkey. Istanbul, located on the Bosphorus Straight, straddling Europe and Asia, is surrounded by the Black Sea and the Sea of Marmara, making it an ideal location for a West Marine store. Other locations are being identified along Turkey's Aegean and Mediterranean coasts.
: Business Week