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Article: Red hot or too hot? In the first in a series about grocery's global hot spots, we visit Russia, set to be Europe's biggest market.
- Article from:
- Grocer
- Article date:
- August 20, 2005
- Author:
CopyrightCOPYRIGHT 2005 William Reed Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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They may not look much compared with their slick counterparts in the UK. But Russian supermarket chains such as Pyaterochka and Perekriostok could be the future of European retail. Most Russians still buy their groceries from open markets, street kiosks and small independents. That spells the largest single growth opportunity for grocery retailers--domestic and foreign--in Europe, according to IGD'S latest European Grocery Retailing report, which predicts the market will be worth 375bn [euro] by 2020, making it Europe's biggest grocery market.
Steve Barnes, IGD business director, says: "In a market where the leader has less than a 1% share, there are clearly huge ...