Despite the slowing economy and shrinking liquidity level, the retail sales in Russia grew by 14.1% to Ruble 12.4 Trillion during January-November 2008. However, retail sales growth declined to 8% during November to around Ruble 1.24 Trillion. But irrespective of declining growth rate, retail sales in Russia are anticipated to remain modest during 2008 and will not disappoint the industry players. Further, it is expected that the industry will be able to sustain the current growth level during 2009 and attain its past growth trajectory by the beginning of 2010.
According to new study, “Russian Food and Non Food Retail Forecast (2009-2012)†by RNCOS, the Russian retail industry is growing dynamically and undergoing rapid transformation. The market is still fragmented in nature with top 25 retailers accounting for less than 15% of the total market. The current situation offers big opportunities for retailers (both domestic and foreign) to expand their operations and to tap the market. And the vast consumer base with rising demand offers the desired platform for growth and expansion.
Also, the future growth in retail sales will be driven by rising middle class and the changing dynamics of the retail industry. Entry of foreign retailers, purchase of mass segment products, introduction of private labels and growing preference for high-end products will add to the consumption level in future. And once the economy starts recovering, the demand for high-end products will shoot at a rate faster than that of mass segment products. However, despite low demand, spending on mass segment products will dominate the consumer basket for goods and services.
“Russian Food and Non Food Retail Forecast (2009-2012)†provides detailed overview on the retail industry in Russia. It covers the past, current and future performance of the industry and identifies the factors responsible for the growth of the industry. The research also studies the behavior of the Russian consumer with respect to his purchasing power, spending pattern, and inclination towards domestic and foreign brands. The future growth areas discussed in the report helps to analyze the emerging market segments for players.
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RNCOS, incorporated in the year 2002, is an industry research firm. We are a team of industry experts who analyze data collected from credible sources. We provide industry insights and analysis that helps corporations to take timely and accurate business decision in today’s globally competitive environment.
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