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Western Brands Disappearing From Russian Malls — Analysts
The presence of foreign brands in Moscow’s largest shopping centers has dropped significantly over the past year amid an exit of Western companies from the Russian market, according to data shared by consultancy firm Nikoliers.
According to the company’s calculations, at the end of the first quarter of 2023, the share of foreign brands in Moscow’s 12 most prominent shopping malls was 35.9%. That figure is almost half that in the fourth quarter of 2021, before Russia’s military operation in Ukraine and the Western sanctions that followed.
Analysts noted that spaces previously owned by foreign brands had been actively occupied by Russian retailers, both long-established and those that bought out the businesses of departing companies.
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The presence of foreign brands in Moscow’s largest shopping centers has dropped significantly over the past year amid an exit of Western companies from the Russian market, according to data shared by consultancy firm Nikoliers.
According to the company’s calculations, at the end of the first quarter of 2023, the share of foreign brands in Moscow’s 12 most prominent shopping malls was 35.9%. That figure is almost half that in the fourth quarter of 2021, before Russia’s military operation in Ukraine and the Western sanctions that followed.
Analysts noted that spaces previously owned by foreign brands had been actively occupied by Russian retailers, both long-established and those that bought out the businesses of departing companies.
Subscribe to RT