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Business news, 06.02.2003 14:11

Retail investment sets off chain reaction in St. Petersburg

Retail investment sets off chain reaction in St. Petersburg Food-retail chains are one of the fastest developing business sectors in St. Petersburg. Last year, results showed a vast increase in the number of outlets in the city, with 350 new shops and supermarkets springing up. And there are more openings on the horizon, with several Moscow-based - and international - retail chains revealing plans to set up shop in St. Petersburg. Research by the A.T. Kearney agency puts Russia in an impressive fourth place in a list of the most attractive emerging markets for global retail chains. In its Global Retail Development Index, A.T. Kearney gives Russia 69 out of a possible 100, with only China, Slovakia and Hungary ahead of it. And, though the prospects may look good, much has already been achieved. In 2002, foodstuffs sales in the city's chain stores doubled, from 15 percent of total foodstuffs sales in the city to 25 percent to 30 percent, according to expert estimates. The City Statistics Committee puts the total retail-trade turnover in St. Petersburg at 125.4 billion rubles ($4 billion) in the first 11 months of 2002, 40 percent of which is accounted for by foodstuffs.

News source: www.lenpravda.ru

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