Tapping Into Turkey For New Liquor Market
on 29/11/10 at 3:01 pmIndustry
Unlikely Mediterranean Market Offers Promise of Profits but Dilemmas, Too
With countries like Spain, Italy and Greece, where they traditionally sell alcohol, plagued by economic troubles, liquor-company executives are turning to a perhaps unlikely Mediterranean market: Turkey, whose mostly Muslim population hasn’t ranked among the world’s big drinkers historically.
Tapping nontraditional markets while established regions stagnate is a strategy that other industries are also pursuing, and the challenges that liquor makers face in Turkey echo the kinds of dilemmas that those industries confront as well.
Turkey, for instance, offers a fast-growing economy, but liquor companies must navigate high taxes, advertising restrictions, and a lack of familiarity among some consumers with the finer points of their products.
“In developed countries, consumers are much more familiar with products,” says Robert Furniss-Roe, vice president of Bacardi Ltd. “In these new, emerging economies you have to go back to basics in some ways and explain things.”