Getir gets out as it exits UK, Europe and US markets

29th Apr 2024 15:46

(Sharecast News) - Turkey-based grocery delivery app operator Getir is pulling a planned expansion that will see the loss of 1,500 jobs in the UK, as it also exits Europe and the US.

The firm said it would be concentrating on its core domestic market where it generates most of its revenue - adding that only 7% of its revenue was generated in the markets it was now leaving.

Getir - which means 'to bring' in Turkish - specialised in super-fast delivery, cashing in on changes to shopping habits during the Covid pandemic and younger shoppers who preferred to have the bread and milk delivered rather than walk to the shops.

It confirmed that FreshDirect, its US subsidiary, would continue operating and added that it had raised investment from Mubadala - an Abu Dhabi investment fund - and US company G Squared to fund its exit from the Western market.

"Getir expresses its sincere appreciation for the dedication and hard work of all its employees in the UK, Germany, the Netherlands, and the US," the firm said in a short statement.

It has already quit Italy, Spain, France and Portugal, had auctioned off a large majority of its equipment in the UK as people returned to bricks-and-mortar stores.

Reporting by Frank Prenesti for Sharecast.com