In its recent report on “Russian Retail Sector Analysis (2007-2011)” RNCOS has found that steady growth in the personal incomes combined with continuing real appreciation of ruble will increase the retail market’s size to US$ 744.92 Billion by the year 2011.
Besides filling the treasury with billions of dollars, high prices of oil over the period spanning 2001-2006 have helped in boosting the personal incomes and improved the position of Russia in the world. Oil surpluses in Russia are increasingly driving the economic growth by rising investments that spur consumption and in turn benefit the retail trade & finance.
Growing incomes, political stability and economic recovery over the past few years have all significantly benefited the retail trade in Russia. Year 2005, saw retail market grow exponentially in all segments namely clothing, sporting goods, electronics, etc. Particularly strong growth was observed in mobile phone segment.
Spurred by the macro economic factor (increase in both consumer income & spending, and GDP growth), structural changes in marketplace, and other factors, retail trade will likely grow intensively in the years to come. Chain retailers along with modern store formats will help in significantly increasing their respective market shares.
As per the RNCOS report “Russian Retail Sector Analysis (2007-2011)”, “There’s been rapid improvement in retail sales in Russia, which had dropped post 1998 crisis. Russian retail sales reached approximately US$ 318 Billion last year (2006). This has also made Russia the second most lucrative and twelveth largest retail market throughout the globe.”
The report further provides extensive research and objective analysis of the Retail Industry in Russia. This report also addresses some interesting issues for today’s Global business environment namely 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 and emerging trends there, etc.
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