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. Last Updated: 07/27/2016

Food Retail to Expand 10% Annually

Russia's $99 billion food-retailing market will expand at an annual pace of more than 10 percent through 2011, the fastest in Europe, an analyst covering Eastern Europe for London-based Euromonitor said at a conference in Moscow on Thursday.

Growth in the entire Russian retail industry will come to 6.3 percent per year on average through 2011 as consumption grows, according to a Euromonitor statement. The country still has just two retailers per 1,000 citizens, the second-lowest level in Europe, leaving room for local and foreign companies to keep expanding, Euromonitor's Irina Kazanchuk said.

The biggest revenue gains among Russian grocers in 2006 came at superstore chains, where sales jumped 60 percent, Kazanchuk said. A total of 40 such outlets were opened in the country last year, up by more than half from 2005, she said. Superstores will raise their sales by more than 20 percent annually to $9 billion by 2011, outpacing the retail industry, according to the analyst.