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Russia: Retail Industry Set to Boom in St.Petersburg
Apr 21, 2007
St. Petersburg is among the most dynamic retail markets in Russia. Rising per capita income combined with an inadequacy of quality shopping-space in the city are spurring the boom in retail industry in the city.
Rapid economic development of St. Petersburg is driving the expansion of retail market here. More ambitious and bigger projects are being realized, so that growing demand of consumers can be satisfied. There are several large-scale Western standard shopping space projects that are being developed. These projects are expected to bring St. Petersburg in the list of Russia’s favorite retail destinations.
Just like any other city, retail space available in this city isn’t restricted to just boutiques and shopping malls on primary shopping streets. St. Petersburg market - comprising of open-air marketplaces, neighborhood grocery stores & pavilions, and kiosks - is estimated to be 4 million sq. mt. The city provides both Russian & international retail chain operators as well as developers with room to increase their foothold in this second largest market of Russia.
Quality market of St. Petersburg, a city with 4.6 Million dwellers, is still in its infancy. Today, the city has just 80 sq. mt. of quality space for retail shopping per 1,000 dwellers – one of the lowest figures throughout Europe. Taking into account the importance and size of the city, it becomes quite obvious that the city has vast yet unrealized potential for the development of retail market.
As per RNCOS report “Russian Retail Sector Analysis (2007-2011)”, “Russia is a highly lucrative market for investors, since its retail industry is highly fragmented and because existing modern retail outlets have a high geographic concentration in St. Petersburg and Moscow.”
This research report on “Russian Retail Sector Analysis (2007-2011)” provides extensive research and objective analysis of the Retail Sector in Russia. The report also addresses some interesting issues for today’s global business environment. Issues covered in this report include: Market size and scope of the Organized Retail in Russia, Growth prospects and issues related to the industry, Opportunities & challenges faced by retailers in Russia, etc.
For more information visit: http://www.rncos.com/Report/IM0303.htm
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