The financial crisis started to affect fashion industry in Russia and, to a high degree, the operations of retail chains. On the one hand this verifies the strategies of some least effective retailers, while on the other it creates opportunity for others to build upon the situation.
Clothing, footwear and accessories (CFA) is the second-largest retail sector after food retailing in Russia. â€œClothing and footwear market in Russia 2009,â€ the most recent report by PMR, a research and consulting firm, forecasts that in 2009 the Russian CFA market size will decrease by some 5% to RUB 1,380bn ($41bn, â‚¬31bn). The expected downtrend in 2009 compared to 2008 will be a result of a sharp drop in clothing sales and stagnation in the sales growth of accessories and footwear.
Meanwhile, the main factor hampering further growth of the CFA industry is the decreasing purchasing power of the population. Compared to 2008, values expressed in dollars and euro are to demonstrate an even steeper drop in 2009. The underlying reason is that at the end of 2008 a dramatic fall in commodity prices as well as substantial capital outflow caused by the economic crisis resulted in significant rouble depreciation.
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