Russian retail market worth $800bn

Despite its latest election wobbles, the Russian retail market is expected to exceed $800bn in 2013. In 2010, the Russian retail market recovered after the economic slowdown observed during the previous year and increased by 12.9%

to RUB 16.5tr ($543.5bn).

However, according to market info service company PMR, it predicts that in the next few years the market is unlikely to re-establish the pace achieved before the crisis.

Although the Russian retail industry has grown continuously, there was a steep fall in the growth rate, from 28.1% in 2008 to 4.7% in 2009. According to the latest PMR report, ‘Retail in Russia 2011 - Market analysis and development forecasts for 2011 2013’, in 2010, the retail market increased by almost 13% in comparison with the previous year and was worth RUB 16.5tr ($543.5m).

PMR expects that there will be double-figure growth in the industry from 2011 onwards. However, in the short term the market is unlikely to witness the rate achieved before the crisis. Despite the improving economic conditions and relatively positive forecasts for the next few years, the situation on the Russian retail market still falls short of expectations.

In 2010 the top 20 retailers accounted for about 11% of the country’s total retail sales value. Roreign retailers are active mostly in groceries, clothing and footwear.

Image: Men's fur hat

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