Russian retail still going strong

Despite the threat of a global economic crisis, Russian retail is still going strong. Russian Deputy Minister for Industry and Energy Andrey Dementyev announced nothing but excellent figures today.

Sales figures up +7.8% as wages rise almost 4%

Russian retail sales went up 7.8% last month, compared to August 2010: the best result in recent history – still doing better than the already excellent +5.7% of July 2011 compared to July 2010. Moreover, unemployment dropped to 6.1% (the lowest figure in three years) and average wages rose 3.9% compared to one year ago.

 

The deputy minister attributes the sales figures rise to the latter, claiming that the average Russian now earns clearly more, so he can spend more as well. The future is looking bright too, he said, as the government expects a faster economic growth for the July-December period, after a disappointing first semester.

Despite the threat of a global economic crisis, Russian retail is still going strong. Russian Deputy Minister for Industry and Energy Andrey Dementyev announced nothing but excellent figures today.

Sales figures up +7.8% as wages rise almost 4%

Russian retail sales went up 7.8% last month, compared to August 2010: the best result in recent history – still doing better than the already excellent +5.7% of July 2011 compared to July 2010. Moreover, unemployment dropped to 6.1% (the lowest figure in three years) and average wages rose 3.9% compared to one year ago.

 

The deputy minister attributes the sales figures rise to the latter, claiming that the average Russian now earns clearly more, so he can spend more as well. The future is looking bright too, he said, as the government expects a faster economic growth for the July-December period, after a disappointing first semester.

Questions or comments? Please feel free to contact the editors


Retailers call for Commission to ask right questions on trading practices

23/06/2017

(content provided by EuroCommerce) EuroCommerce Director-General Christian Verschueren has commented on calls for legislation on trading practices in agriculture and the Commission decision to take the first steps towards proposing EU measures.

Gaming industry continues to grow

22/06/2017

A study from research firm Newzoo shows that the gaming industry will once again make strides in 2017. The industry’s total turnover should reach 108.9 billion dollars (nearly 100 billion euro) for the full year.

Technology as a 'margin pressure reliever'

19/06/2017

Technology is able to improve productivity of retailers in various sections within their operations, according to McKinsey. The options are numerous: shelf-stacking robots, back office/workflow process automation, delivery via drones and so on.

Insight: five conclusions following the Amazon - Whole Foods deal

19/06/2017

It was as clear as day that Amazon would one day acquire a supermarket chain, but nevertheless, the news hit everyone like a bombshell. What are the consequences of Whole Foods's acquisition for food retailers worldwide? 

Hudson's Bay Nederland presents brand portfolio

15/06/2017

Hudson's Bay Nederland presented its brand portfolio as part of its preparations for its first ten stores. It is the first time the Canadian company opens a store abroad and it will position itself completely differently.

Are Nike, Universal Studios and Sanrio blocking free competition?

15/06/2017

A week after Brussels targeted American clothing brand Guess, Nike, Universal Studios and Sanrio are now also being examined. They all may have breached the European Union’s regulations regarding sales across borders and online sales.

Back to top