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Retail Market In Russia Moving Towards Westernization
Jun 20, 2007

The retail market in Russia is rapidly developing western commercial methods as supermarkets and hypermarkets are mushrooming throughout the country.

There's been a surge in the number of Supermarkets and hypermarkets , which reached to 20,524 (in 2006) from 8,991 (in 2003). The market share of modern commercial outlets is likely to triple and reach 50% by the year 2010.

Actively developing retail market in Russia represents over 80% firms witnessing a surge by above 10% in their profits. The figure below represents supermarkets and hypermarkets' share in Russia's consumer retail market. In spite of a slowdown in previous year (2005), growth is likely to continue in this year.

As per industry experts, the local markets' share in retail sales dropped to 19.8% in 2006 compared to 21% last year (2005), whereas other retail outlets' share grew to 80.2% from 79% last year.

Russia is the sole country in world where the international retail majors' onslaught met with a quick response from local players who're quick in learning modern trade methods.

RNCOS market research report "
Organized Retail Sector In Russia (2005-2008)" finds Russia to be the fastest growing market for retail food sales in the world. The market has potential and will likely double up by the year 2008. Russia was ranked as the second most lucrative retail market in the Global Retail Development Index 2005. So, Russia can be seen as a great opportunity for retail industry.

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