The Russian retail market is expected to be worth $800bn by 2013, a sharp rise from the estimated $545bn it generated last year. According to a new study from PMR, the local market has shrugged off the impact of the recession, and will grow by double-digit figures for the next two years.
The research firm however cautioned that, in the short term, the market is unlikely to grow at the same rate as before the crisis, adding that despite improving economic conditions the Russian retail market still falls short of expectations.
The study also looked at the growth of individual chains, and noted that the country’s top 20 retailers had a 11% market share in 2010. Of this, the three largest firms – X5 Retail Group, Tander, and Auchan – combined to take a 5% stake.
Source: www.freshplaza.com