Some of Russia’s largest grocery retailers have so far, despite the deteriorating financial situation in Russia, proved resilient to the downturn, reporting buoyant sales growth in 2008.
X5 Retail Group, Russia’s largest retailer in terms of turnover, reported a massive 53% rise in sales in 2008. X5’s incredible sales growth, came on the back another incredible achievement – the company opened 233 new stores in the year, including the 24 Karusel hypermarkets which it acquired in June 2008. Growth through organic store openings and acquisitions, combined with a solid like-for-like performance (+22%), ensured that X5 remained ahead of the pack in 2008.
This put the group, which operates over 1,000 stores under several formats including hypermarkets, supermarkets and discounters, in a strong position to confront a difficult market in the year ahead.
Magnit, which operates over 2,000 convenience stores and 14 hypermarkets in the Russian Federation, revealed a 44.0% rise in sales in December and a like-for-like increase for the year of 18.8%. Seventh Continent, the largest grocery chain in Moscow, reported a 22.5% rise in sales in 2008.
The company increased its selling space by 17% in 2008, opening 14 new stores, including three hypermarkets. The retailer now operates a network of 140 stores in Russia, including 131 supermarkets and nine hypermarkets.