Foreign retail groups in Russia - The limits of development
Paul W. Sanders
Burgundy School of Business, Dijon, France
paul.sanders@escdijon.eu
The paper casts a Western perspective onto the specifics of the Russian retail environment,
detailing the adaptations and strategies that accompany the establishment of Western retail
groups.
Russia has enjoyed strong single-digit growth for several years, resulting in rising living
standards and a consumption boom that offers an important potential for volume retailing and
distribution. Already today Russia is one of the top European consumer markets for food, beer,
wine, mobile phones, automobiles and home improvements (DIY).1 Between 2004 and 2005
retail sales soared from 199 billion USD to 250 billion; they are estimated to reach 400 billion
by 2010.2 According to Deutsche Bank projections, by the same year average retail
expenditure will have risen threefold from its 2001 level of 1,007 USD, thus closing the gap
with Central and Eastern Europe.
Table 1. Annual per capita retail expenditure (in USD, 2001)3
Russia
1 007
Czech Republic
1 931
Germany
4 358
France
5 125
USA
9 137
Several reasons explain the comparatively high amount of Russian purchasing power, in spite
of salary payments still lagging behind EU levels. Among them, a higher share of disposable
1
Russia is expected to become the largest food and groceries market in Europe by 2020, s. Food and
Drink Europe, «Russia: A hard market to crack», 29 Jul 2005,
http://www.foodanddrinkeurope.com/news/ng.asp?id=61632-s-p-russia-retail
2 AT Kearney, 2005 Global Retail Development Index ; Consulat général de France à SaintPétersbourg, Mission économique, La grande distribution à Saint-Pétersbourg, 18 Jul 2006.
3 Deutsche Bank (UFG), in Wells, Kathryn, «Consumer Boom as Spending Power Rises», Euroweek,
8 Apr 2005, pp. 8-11.
1
income in total earnings, the absence of a culture of saving and availability of credit facilities,
lower utilities and rent bills as well as the fruits of the shadow economy, which add an extra
40% on top of official GDP.4
The first home-grown groups, such as the discounter Pyaterochka, appeared in the wake of the
1998 financial crisis. In close parallel with the revival of domestic production capabilities,
they benefitted from rouble devaluation and diminishing importations. Starting with a mere 17
St Petersburg stores in 1999, Pyaterochka attained a turnover of 1.6 billions USD, with about
1,000 store locations, in only five years. This rapid expansion was achieved via a franchising
strategy inside Russia - boosted by an EBRD equity participation - and subsequent
acquisitions and greenfield investments in the near abroad.5
The insertion of the new Russian retailers occurred in a retail landscape that continues to
blend remnants of Soviet distribution with new formats developed during and after
Perestroika: Produkti neighbourhood stores, Univermags and Universams in the residential
districts, Goums and Tsoums in the city centres, kiosks and open-air markets, the successors
to the kolkhoz markets. None of these correspond to the modern formats introduced into other
Eastern European countries during the 1990s, and to this day modern hyper- and supermarkets
constitute a minority in the Russian retail landscape.
Table 2. Market share of five largest retail groups (in %, 2003)6
Netherlands
93
France
88
Germany
70
UK
67
Spain
48
Czech Republic
27
Poland
17
«The Power behind Russia's Top 100 – Official Statistics Underestimate the Influence of the "Grey
Economy"», Financial Times, 2 Apr 2003.
5 AT Kearney, 2005 Global Retail Development Index
6 Deutsche Bank (UFG), in Wells, Kathryn, «Consumer Boom as Spending Power Rises», Euroweek,
8 Apr 2005, pp. 8-11; Standard & Poors estimates cited in Food and Drink Europe, «Russia: A hard
market to crack», 29 Jul 2005, http://www.foodanddrinkeurope.com/news/ng.asp?id=61632-s-p-russiaretail
4
2
Russia
5
(est.)
Unlike conditions prevailing in Central and Eastern Europe, local agents continue to dominate
the market. This strong local presence limits the leverage of foreign groups. First and
foremost among the Russian retailers is X5 Retail, a group formed through the 2006 merger
of Pyaterochka and the country's no. 1 supermarket chain Perekrestok, owned by Alfa Group.
X5 has the declared mid-term aim of doubling its combined turnover of 2.4 billion USD
(2005) and to compete directly with Auchan and Metro. Another important actor is Sedmoy
Kontinent. Founded earlier than Pyaterochka, in 1994, this supermarket chain managed to
triple its turnover between 2000 and 2002.
Table 3. The top ten generic chains in Russia (2006)7
N° Groupe
Origin
Turnover (million USD) Market share (%)
1
X5 Retail Group
Russian
3,210
3.2
2
Metro
Foreign
2,539
2.5
3
Magnit
Krasnodar
2,299
2.3
4
Auchan
Foreign
1,013
1.1
5
Diksi
St Petersburg
998
1
6
Kopeika
Moscow
904
0.9
7
Sedmoy Kontinent Moscow
879
0.9
8
Lenta
St Petersburg
813
0.8
9
Ramenka
Foreign
570
0.6
10
O'Key
St Petersburg
532
0.5
13,575
13.8
Total
In addition, a consolidation movement among the Russian market players is now in progress,
with mergers between super- and hypermarket or between Moscow and St Petersburg-based
operations taking place across the board.8 Some chains, such as Pyaterochka and Paterson,
have also extended their reach to Ukraine and Kazakhstan. Again others have launched IPOs.
7
Planetretail figures cited in I. Doiseau, «Le temps des "global players"», Points de vente, 21 May
2007 ; «Commerce de détail en Russie : un avenir incertain», Smart Money, 30 Oct 2006.
8 Examples are the mergers Pyaterochka-Karoussel-Perekrestok and Diksi-Megamart.
3
Although a foreign retail presence can be dated back as far as the 1980s, Russian market
involvement started in earnest in 2000, with the implantation of IKEA.9 Two other
international heavy-weights, the German Metro Group with its cash and carry format and
French hypermarket pioneer Auchan, followed in 2002. Since 2003 the movement has grown
to a torrent, as a result of strong 'follower effects' derived from the previous large
implantations as well as of positive assessments of Russian market potential by Goldman
Sachs and AT Kearney. One of the latest additions to the Moscow landscape is Marks &
Spencer, which arrived in 2005. As others before, the British retail institution found an
environment burgeoning with opportunity. Only one year later it was already launching
franchises across Russia - in St Petersburg, Nizhniy-Novgorod and Yekaterinburg.
Table 4. The foreign presence – generic retail groups (late 2006)
Group
Number and type of
Locations
stores
Auchan
14 hypermarkets
Development
projects
Moscow and suburbs,
Saint-Petersburg,
Nizhny-Novgorod,
Yekaterinburg
Metro
31 cash and carry
Moscow, Saint-
Siberia (Omsk,
7 «Real» hypermarkets
Petersburg, Tula, Rostov- Novosibirsk)
4 «Media Markt»
on-Don, Krasnodar,
Voronezh, Yaroslavl,
Nizhny-Novgorod,
Kazan, Ufa, Volgograd,
Samara, Yekaterinburg,
Tyumen, Lipetsk,
Ryazan, Ulyanovsk,
Naberezhnye Tchelny,
Perm
Ramstore
54 supermarkets et
Moscow, Cheboksary,
Yekaterinburg,
9
A notable exception is the Russian-Turkish joint venture Ramenka (Ramstore) which entered the
Russian market in 1997
4
(Ramenka)
hypermarkets
Krasnoyarsk, Kazan,
Krasnodar,
9 malls
Lipetsk, Murmansk,
Novosibirsk, Tomsk,
1 business centre
Naberejnye Tchelny,
Tyumen, Smolensk,
Nizhny-Novgorod,
Sochi, Irkutsk,
Rostov, Saint-Petersburg, Togliatti, Tver,
Samara, Stavropol, Ufa, Rostov, Kirov,
Volgograd, Vologda
Serguiev Posad,
Orekhovo-Zuyevo
REWE*
26 «Billa» supermarkets
Moscow
IKEA
7
Moscow, Saint-
Nijni-Novgorod,
Petersburg, Kazan
Yekaterinburg
Spar
41 supermarkets and
Moscow and region, Tula Doubling turnover by
superettes
and region, Vladimir,
2007 ; launch of
Kostroma, Nizhny-
hypermarkets
Novgorod
Tradeka
3 «Siwa» supermarkets
Saint-Petersburg
*Via a joint venture with Muscovite holding Marta.
Moscow, which accounts for 30 % of Russian retail trade, remains the prime location (and test
market) for foreign implantations.10 Several factors such as purchasing power, standard of
living, infrastructure as well as presence of a sizeable middle class (approx. 20% of total
population) account for this preference. The most remarkable foreign retail development in
Moscow are the three gigantic malls baptised Mega and located beyond the outer ring road,
on the territory of the Moscow region. These malls mix several retail formats in one single
suburban location: large hypermarkets, specialised chains, smaller brand stores as well as
entertainment and hospitality facilities. About 200 smaller operators such as Polo, Adidas,
Yves Rocher share retail space here with the project initiators IKEA, Auchan, OBI,
Stockmann and M. Video. The ultimate aim of the arrangement is to pool resources and
increase political leverage11, and the out-of-town location is crucial in more than one respect:
10
The Moscow retail market was worth 48 billion euro in 2003; this compares favourably against, for
example, the 80 billion euro Paris market. It should be noted that lack of storage facilities and risk of
market saturation are motivating late entrants, such as the French Carrefour chain, to bypass Moscow
and set up shop directly in one or several of the larger provincial agglomerations.
11 In 2004 an extortion attempt by regional government officials, in conjunction with the opening of the
second Mega mall in Khimki, was successfully thwarted by a combined strategy of going public and an
5
on the one hand this places them closer to the centres of population density, located in the
residential sleeper districts. On the other hand it allows them to escape the high rents as well
as the jockeying for scarce retail space in central Moscow. Unsurprisingly, besides a
continuing influx of luxury and high-end boutiques the only major inner city retail
development in recent years is the new shopping centre Atrium Kurskaya. One may indeed
ask the question why this development accommodates a Sedmoy Kontinent supermarket, but
no foreign volume retailer.
What are the mainsprings of the success of retailers such as Metro, Auchan and IKEA, and
what can they tell us about axes of development for foreign groups?
As in other emerging markets the ability to frame profitability into a long-term perspective is
a key component of success. Auchan are well aware that their Russian hypermarkets will
require several years of market presence in order to develop their full profit potential. In the
same veneer, IKEA only broke even in 2005, despite the fact that its Russian stores are among
the ten most visited on the planet.12 Due to high import tariffs foreign retailers rely on Russian
supply chains (and not on their global supply chains). In 2002 IKEA sourced goods worth 50
million USD in Russia, after having invested 400 million USD into propping up their Russian
supply chain. These environmental constraints can limit competitive power, but in the long
run they may well be a blessing in disguise. To understand IKEA's approach one has to
understand that the group's aim is not solely to gain market share, but also to access valuable
resources and production capacity - wood, plastics, aluminium, textile and ceramics - for use
as inputs in the global IKEA network.13
Metro entered the Russian market simultaneously with other markets in Eastern Europe and
Asia, within the framework of an internationalisation strategy whose declared aim was to
escape the oversaturation of its home market. The group which, besides the cash and carry
concept, also runs the Real hypermarket and the Media Markt electronics chains, now realises
a majority of its turnover outside Germany. As most other foreign chains the major part of its
140,000 in-store items is provided by 2,000 Russian suppliers. To facilitate its acceptance
appeal by IKEA's Ingvar Kamprad and the other 200 tenants to President Putin, s. Curt Hazlett, «Wild
East – Russia is an alluring but sometimes scary place for Western retailers», International Council of
Shopping Centers, mai 2005, http://www.icsc.org/srch/sct/sct0505/atg_1.php; Hans Bengtsson, 'Ikea
Refuses to Pay Bribes to Open Russian Shopping Center', The Epoch Times, 20 Dec 2004,
http://en.epochtimes.com/news/4-12-20/25078.html
12 The leader among the Russian IKEA stores received 40 million visitors in 2004.
13 According to one article IKEA aims "to make Russia the major supplier of IKEA goods worldwide", s.
Jorma Larimo, Ari Huuhka, «Internationalization of the biggest Finnish and Swedish retailers in the
Baltic States and Russia», Journal of East-West Business, 13 (1), March 2007, 82.
6
Metro grooms its image of good corporate citizen, communicating actively on its social
responsibility and charity projects and cultivating its relationship with the mayor of Moscow,
Yuri Luzhkov. As IKEA, it plans to place its Russian portfolio of activities in the top five of
its worldwide network (in terms of numbers of locations and sales) and to use Russia as a
global sourcing base. To this effect the chain is expanding sales into Siberia.
Equally instructive is the case of Auchan. From the beginning Auchan opted for a discount
strategy which was to allow the chain to take on both Metro's cash and carry network and the
outdoor markets. Auchan tried to take advantage of its understanding of Russian consumer
behaviour which – besides gratification of genuine basic consumer need - also includes an
element of pure curiosity that could be resumed under the term 'window shopping'.
Accordingly, the French retailer tried to position its shopping experience as a more
convenient version of a stroll around an outdoor market, with a similarly advantageous pricequality ratio. Auchan is the principal initiator of the Mega Malls, a concept cloned from its
experience with retail developments across Eastern Europe.
Although Auchan has been a highly profitable operation, it's introduction of the hypermarket
concept raises questions of how far growth can actually go before saturation sets in.14 After all
the success of the formula resides on three distinct elements, all of which are easy to copy:
low prices, ample parking facilities and large retail areas offering a broad choice of food and
non food products. Consequently, it did not take long for the concept to be copied by several
other retailers.15 Even more serious than the competition are the cultural factors at work
limiting the generalisation of the hypermarket concept on par with Western Europe. Keeping
prices low depends on how well a retailer controls his supply chain. And in this respect the
situation in Russia is nowhere as advantageous for retailers as it is in Western Europe, where
supplier power is weak.16 Soon after its arrival Auchan also had to learn the paradox that their
Russian locations had higher footfall compared to hypermarkets elsewhere, but at less sales
volume. This is linked to imponderables such as limited car ownership, which renders the
availability of parking space irrelevant while putting a cap on the size of purchases. Finally,
the continuing preference of ordinary Russians for small daily purchases on markets, in
Graham Roberts, «Auchan’s Entry into Russia: Prospects and Research Implications», International
Journal of Retail and Distribution Management, 33 (1), 2005.
15 Sedmoy Kontinent positioned itself against Auchan, by stating expressly that it was "one kopek
cheaper than Auchan".
16 Already in 2001 several Russian chains, under the aegis of Sedmoy Kontinent and Perekrestok,
formed an alliance to combat supplier power.
14
7
neighbourhood shops and at kiosks counters the established Western concept of the weekly
car ride to the hypermarket or superstore.
What can we learn from these examples? Considering the requirement for long term
commitment non-listed private companies (IKEA, Auchan) have a distinct advantage over
their listed counterparts who need to focus on maximising shareholder utility. Private
companies have the latitude to react in their own time to windows of opportunity which, as in
the case of Russia, typically remain open for no more than 5 to 10 years. Another important
consideration for foreign retail groups is access to high quality labour. Despite the fact that
Russian universities churn out one million graduates per year and have twice as many
students enrolled than their Chinese counterparts, this remains a bottleneck.17 Rather than
focusing on the teaching of transferable, work-relevant skills, the educational system is still
largely geared towards passive knowledge transmission. While IKEA's first batch of Russian
recruits had a good level of education, they lacked initiative and were often unable to translate
their knowledge into practical action. Also Russian education today produces many lawyers
and economists, but too few managers and engineers - a clear regression from the Soviet
period. At the same time the fierce competition for the limited pool of available candidates
forces foreign retail chains to adapt their remuneration practices and design staff retention
policies. The third key to making the most of the Russian market is the optimisation of
organisational learning and the creation of learning curves, expressed in a firm's knowledge
management and knowledge sharing. From the onset IKEA downgraded the passive
absorption of traditional abstract market surveys and information gathering in favour of a
more active mode of organisational adaptation. IKEA cracked the market by concentrating on
the acquisition of active knowledge, through its human resource policy as well as its
cultivation of links with Russian suppliers and decision makers. The ability to create fluid
information flows and feedback loops is closely connected to corporate culture, i.e.
hierarchical organisation, characteristics of top management, risk profile, ability to
communicate one's values, efficiency of information exchange tools and gateways, as well as
general openness toward key stakeholders.
What are the competitive mainstays of Western groups? In the face of reliance on local supply
chains, these lie above all in factors of inimitability. Three avenues can be charted here: firstly,
17
7 million compared to 3 million in China.
8
foreign groups hold a competitive advantage in the development, management and marketing
of large shopping malls and precincts, such as the Mega Malls. One major success factor for
the Mega project consisted in its excellent environmental scanning and subsequent marketing
campaign, both based on inside knowledge of the Russian consumer and his mental universe.
Thus, departing from the concept of 'pleasure purchase' – in itself an important motivator in
Russian consumer behaviour - Mega communicated on the slogan: "Shopping in Europe –
without visa, without travel."
The second advantage is foreign muscle in specialized chains and niche markets. Even though
food still accounts for the lion's share of retail purchases, a shift in line with Engel's law is
already perceptible.18 In due course a growing share of consumer spending power will flow
toward the non-food sector and contribute to the unprecedented growth of specialised chains.
Already it is hard not to notice the continuing attraction of international luxury brands for the
urban markets of Moscow and other agglomerations. While most noticeable from a visual
point of view, the luxury market is by no means the most significant; nor is it the only place
where foreigners can succeed.
Table 5. Foreign specialised (non food) chains in Russia
Group
Sector
Origin
Media Markt (Metro)
Electronics
Germany
Stockmann
Department stores
Finland
Intersport
Sports and leisure equipment
Switzerland
Karstadt Quelle
Mail order sales
Germany
Marks & Spencer
Textile, clothes, accessories
UK
Inditex (Zara)
Clothes, prêt-à-porter
Spain
Hachette
Press
France
IKEA
Furniture, home equipment, accessories Sweden
OBI
Home furnishings, DIY
Germany
Castorama (Kingfisher) Home furnishings, DIY
UK
Leroy Merlin
France
18
Home furnishings, DIY
The share of food purchases in budgets fell from 54 % to 39 % between 1998 and 2004.
9
K-rauta (Kesko)19
Home furnishings, DIY
Finland
A S Watson Group
Cosmetics /beauty products
Hongkong
Douglas
Perfumery
Germany
Body Shop
Cosmetics
UK
Yves Rocher
Cosmetics
France
(HWL)20
For the time being foreign investment in specialised chains is still limited, in particular in
comparison to other emerging markets such as China or Brazil. To give an example: so far
practically no foreign pharmaceutical chain has entered the Russian market.21 Also the
majority of foreign operators - such as French cosmetics chain Yves Rocher, present in Russia
since 1990 - still prefer to enter via a local distributor or a franchising network. 22 In this
respect the example of IKEA, but also the take-off of Marks & Spencer's Russian sales offer
encouragement. This demonstrates what customer-oriented companies dedicated to
identifying and satisfying unaddressed demand can achieve in Russia. Today unrealised
consumer demand still exists in electronics, furniture, DIY and home improvements.
Theoretically, Western chains are also competitive with their hard discount formats. Relying
on economies of scale, global logistics and supply chains these players exert formidable
marketing power. Reasons of fit make this the most promising sector of the Russian retail
market: discount stores are typically small-scale, established throughout urban areas, they do
not require car ownership and their prices are adapted to Russian pockets. In addition, the
tendency for growth in this sector is reinforced by Russia's progress from growth market to
mature market. With the change in the cycle a market reconfiguration takes place: outdoor
markets and small grocers disappear (or at least suffer a heavy reduction in their presence),
the supermarket format begins to limp, while hypermarket and cash & carry growth stagnates.
The principal winner of this new stage is the discount format. In addition, entirely new mature
market formats such as branded mini-stores in locations with heavy footfall or convenience
19
Kesko acquired the stores of the St Petersburg Stroïmaster group which it commercialises under the
K-rauta brand.
20 Watson entered the market through acquiring the St. Petersburg Spektr group.
21 The largest British pharmaceutics groups, Alliance Boots (Boots the Chemist), entered the market
through a 2006 merger with Apteka Holding, Alliance Healthcare Russia, http://www.alliancehealthcare.ru/history.aspx?rel=1
22 If Russian chains continue to succeed in their drive for public listings then the road to expansion on
the Russian market may also pass via the M&A route. As an example Dixon, the leading British
electronics chain, has signed a cooperation agreement with Russian chain Eldorado, over which it
holds a purchase option until 2011.
10
stores in petrol stations, train stations or cultural establishments appear. The new trends find
an expression in table 6.
Table 6. Evolution of formats in the Russian retail market (% market share)23
60
50
40
2002
30
2004
20
10
0
Discounters
Supermarkets
Hypermarkets Cash and carry
However, due to high entry barriers, in the form of complicated title registration procedures,
the foreign advantage in the discount sector is as yet not exploitable. Considering that four of
the top Russian retail groups (Pyaterochka, Diksi, Kopeyka, Magnit) started with a pure
discount format, this is also the area where Russians have the greatest experience and where,
as a consequence, competition is fiercest. The shunning of Russia as a retail destination by
market leaders Lidl and Aldi should not come as a surprise; perhaps only the country's WTO
adhesion could change entry opportunities.
In view of the information detailed in the preceding lines it must be clear that the Russian
retail boom is neither a fata morgana nor a Potemkin village. From the foreign retail group
perspective, a Russian entry can be an effective antidote to declining domestic markets as well
as an appropriate complementary position in their international portfolios. At the same time it
is pertinently clear that mastering the ropes of Russian trade is no Sunday walkabout. And to
maintain competitive edge one has to rely on inimitability and uniqueness - qualities difficult
to sustain in this industry. Thus, in view of the especially politicised nature of the Russian
business environment, it is questionable how sustainable the activities of many nonspecialised foreign retail chains actually are. Could the puzzling parallels between the currentday Mega Malls and the historical slobody (foreign quarters) of Old Russia be more than a
simple coincidence? A second question follows from this: does a level playing field exist for
23
AC Nielsen figures, in 2005 Global Retail Development Index
11
Russians and foreigners? Under adverse conditions, could retail become 'off limits' to
foreigners, on par with the so-called 'strategic sectors' of the Russian economy? The recent
allegations of a hostile raid on Arbat Prestige, do nothing to dispel such fears and rekindle the
controversy on the inalienability of private property and the enforcement of legal rights in
Russia.24 Other critics contend that the current consumption boom could be short-lived and
may not own up to the expectations of Western retail players. If present trajectories are to
continue the Russian government will need to step up its efforts to contain inflation and
promote social justice. In the long run this requires a better redistribution of wealth, the
creation of a middle class and the development of an SME sector. In addition government will
have to address the problem of negative demographics and wage an uncompromising war
against corruption. It is on its ability to deliver on these challenges that the performance of
any Russian government should be measured.
Finally, one should not forget that the most pressing future needs of Russia are not in the
consumer sector, but in the industrial goods sector. Over the next decades Russia will have to
invest in the modernisation of infrastructure and transport networks, replace equipment and
production units. And it would seem that foreign industrial heavy-weights, able (as they are)
to rely on state-sponsored economic promotion policies, can look forward to perspectives that
dwarf the benefits of the retail trade almost into insignificance. Therefore, before erupting into
triumphalism one should appreciate that the current level of involvement is no more than the
smallest common denominator in a myriad of possibilities for economic interaction between
Russia and the EU. Unfortunately, realising the full potential of the relationship will
necessitate a thorough, genuine and long-lasting thaw in relations. In the face of renewed
Russian buoyancy and the EU's perceived weakness this is unlikely to happen anytime soon.
Perhaps one should therefore consider foreign retail development in Russia as a first timid
step in the right direction. Nothing more, nothing less.
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24
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12
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13
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Kathryn Wells, «Consumer Boom as Spending Power Rises», Euroweek, 8 Apr 2005, pp. 811.
«Yves Rocher prêt à des acquisitions dans les cosmétiques», L'actualité des fusionsacquisitions, 221, 9 Feb 2007, http://www.fusacq.com/fr/newsletter/newsletter_221.html.
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