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COMPANY PROFILE Getir: Changing fortunes

Image © Getir

Getir was founded in Istanbul in 2015 enabling consumers to receive online grocery orders in just 20 minutes. It has since expanded the swift grocery delivery service to European countries and the US, profiting from the rising curve of consumer demand for convenience online and fast delivery.

However, Getir’s fortunes during the pandemic have since declined as consumers returned to shopping in bricks-and-mortar locations, the recently published RetailX Middle East Ecommerce Region 2023 report has found.

In September 2023, the company announced operational and staff cuts amid a global restructuring programme in order to “significantly increase operational efficiency”. 2,500 jobs were cut amounting to more than 10% of its workforce of 23,000 people. This includes office employees, couriers and pickers from the five countries in which Getir operates.

“Decisions like these are never taken lightly,” said a company statement. “However, Getir is determined to do right by all employees affected by the process in line with its values and in full compliance with local laws. Getir is very grateful to all colleagues for their hard work, dedication, and significant contributions to the business.”

Getir has already ceased operations in Italy, Spain and Portugal as the cost of living crisis reduced business amid rising costs. It will continue to operate in Turkey, the UK, Germany, the Netherlands, and the US, which together generated 96% of the company’s revenue.

Changing regulations in the Netherlands have disrupted business with Amsterdam’s authorities requiring dark stores to be located in industrial areas. Five of Getir’s dark stores have closed. It has also reduced operations in the country, stopping services in Breda, Delft, Eindhoven, Groningen, Leiden and Tilburg. It has also pulled out of 17 cities in Germany, out of the 23 in which it operates, in order to concentrate on major urban centres such as Berlin, Frankfurt and Munich.

At the same time as restructuring, Getir entered a new funding round with the aim of raising $500m from investors. This valued the company at $2.5bn, less than a quarter of the $11.8bn valuation 18 months previously. Getir remains “fully committed to the future of the industry it pioneered eight years ago and will continue to lead it in the future,” the company says.

This company profile was authored by Emma Herrod and appears in the RetailX Middle East Ecommerce Region 2023 report. Download it in full to discover:

  • In-depth research of 6 countries featuring their leading retailers and web traffic
  • Online retailing is growing at a fast pace driven by mobile commerce
  • What makes Turkey the largest of the six ecommerce markets?
  • Separate sections on consumer payment preferences and sustainability
  • Company profiles feature LuLu Hypermarket, Noon, Shufersal and Trendyol

Read More

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