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Retailers staying in Russia intend to work here "for a long time" — expert

The growth of retail trade turnover in Russia by the end of 2024 could reach around 7-8%, Igor Karavaev noted

MOSCOW, June 14. /TASS/. The Association of Retail Trade Companies, which unites Russia’s largest retailers, does not see any prerequisites for reducing the presence of foreign retail chains - those that remain in Russia intend to work "seriously and for a long time," Chairman of the Association’s presidium Igor Karavaev said in an interview with TASS.

"I am inclined to believe that those who wanted to leave the market have already left it, and the remaining companies intend to work in Russia seriously and for a long time," Karavaev said.

He stressed that the Auchan, Metro, and Globus retail chains, which are members of the association, confirmed their intentions to continue working and developing in the Russian market. "We do not see any prerequisites for the reduction of their presence," he said.

The growth of retail trade turnover in Russia by the end of 2024 could reach around 7-8%, Karavaev added. "Judging by the observed demand revival, as well as the projected growth of real incomes of Russians, we can expect that the growth of retail trade turnover this year will surpass the figures for 2023 and will reach around 7-8%," Karavaev said.

According to the Russian State Statistics Service (Rosstat), retail trade turnover in Russia in 2023 will amount to 48.156 trillion rubles ($533.7 bln), increasing by 8% year-on-year (in comparable prices).