Retailers do not want to leave the Russian market
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Stores of about 150 foreign brands continue to operate in large Russian shopping centers, says a representative of NF Group. But to do this, they used various schemes to avoid sanctions. Some, for example, carried out rebranding, and someone sold their business to partners, but with buyback obligations.
L’Occitane began to work under the sign “L’Occitane”, and the brands Reserved, House, Cropp, Mohito and Sinsay from the Polish company LPP Group were renamed RE, Xc, CR, M and Sin, respectively. As of the end of 2022, the share of foreign retailers that announced the termination of operations or business restructuring is 35 and 28%, calculated in CORE.XP. The departure of IKEA and the H&M group of brands was the most sensitive for the owners of Russian shopping centers, says Nadezhda Tsvetkova, head of the retail space leasing department of this company. But other players, such as Adidas and Inditex, are also reducing their points in our market. The latter wants to find a buyer for the main part of the stores and close less profitable Massimo Dutti, Zara Home and Oysho boutiques.
At the beginning of the year, more than 360 foreign retailers were present in Russia. After the start of the NWO, 180 of them decided to suspend work in our country, according to the NF Group. Only 20 companies have completely left, including the grocery chain Prisma, coffee seller Paulig, JYSK and IKEA chains, as well as clothing retailers Victoria’s Secret, H&M Group (H&M, H&M Home, COS, Weekday, Monki, & Other Stories) and so on.
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