UK/US market information and advice organisation PMR has revealed that the Russian retail market recovered in 2010after the recenteconomic slowdown, increasing by 12.9 per centto RUB16.5tn (US$543.5bn, €392.5bn)-although the group predicted that the market is unlikely to re-establish the pace achieved before the crisis in the near future.
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 per centcompared with the previous year.
The group said it anticipated double-figure growth in the Russian retailindustry from 2011 onwards, although, inthe short term, the market is unlikely to witness the rate achieved before the crisis with positive forecasts still leading to a market that 'falls short of expectations'.
Overall value is expected to hit RUB25.2tn(US$800bn, €602m) over the course of the next two years, PMR noted.
In 2010 the top 20 retailers accounted for about 11 per centof the country’s total retail sales value, withthe three largest players - the X5 Retail Group, Tander and the Auchan Group - controlling almost 5 per centof the market.
