Article: Retail Sector Pumped Up By Growing Middle Class, THE ST. PETERSBURG TIMES

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With fewer bills to pay, members of the middle class have plenty to spend on clothes, appliances and audio-video equipment, among other things, driving up the consumer-goods market in the process, analysts say. Utility and housing costs are lower compared to Western countries, allowing members of St. Petersburg and Moscow's middle class to spend a larger percentage of their income on consumer goods, Greg Thain, chairperson of the Interactive Research Group, said in a recent interview. Companies need to keep up with that demand if they want to survive, said Alexander Utochkin, an IRG analyst. "We believe that only those domestic companies that can satisfy the ...

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