Word: boyner
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...spread elsewhere. For a while, Turks - like Chinese, Brazilians, Indians, Hungarians and others - thought their buoyant domestic growth could insulate them from a downturn in the U.S. and Western Europe. Now they're discovering that it can't. "A lot of us gave credence to 'decoupling,' " says Ümit Boyner, who together with her husband runs a big Turkish retail empire. "Looking ahead, we're wondering if we've even seen the worst...
...That's little consolation to Ümit Boyner. The Boyner family's retailing business includes many of the world's top brands, from high-end names such as Prada and Bottega Veneta to more affordable ones like Benetton. Along with their competitors, the Boyners have been on a roll. New shopping malls have sprung up across the country, especially in Istanbul, where some of the most recent examples were deliberately aimed at upscale, upwardly mobile clients. The Boyners have fully participated in this boom; for luxury goods alone, they doubled their retail space over the past two years...
...That's about it for the near future. Everybody's going to have to be careful." For Turks used to living in a boom, it's quite a change. But they've been through hard times before - much harder times, and not all that long ago. As Ümit Boyner says, "We have a saying here: "If you go into the hammam, you have to sweat." If a downturn at home is the price of greater integration into the world economy, so be it - as long as it doesn't last too long. - with reporting by Pelin Turgut / Istanbul
...Osman F. Boyner and George Nikas are from Turkey and Greece respectively. Boyner is an MPA student at the Kennedy School of Government...
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