| Retail Market In Russia Moving Towards Westernization |
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| Friday, 05 January 2007 | |
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The retail market in Russia is rapidly developing western commercial methods. Supermarkets and hypermarkets are mushrooming throughout the country. The retail market in Russia is rapidly developing western commercial methods. Supermarkets and hypermarkets are mushrooming throughout the country. There's been a surge in the number of these markets, 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. |
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