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The departure of Russians from the country at the beginning of autumn 2022 affected the decline in demand for products, RBC reports with reference to the reporting for the fourth quarter and the full year 2022 of the largest Russian retailer X5 Group (manages the Pyaterochka, Perekrestok, Chizhik networks). As noted, the company indicated this reason among the environmental factors that influenced its results in October-November last year.
From April to November last year, the food market declined by 2.7% in real terms (compared to the same period in 2021), but demand began to recover in October, according to the company. In the fourth quarter, the group’s total sales increased by 16.3% to RUB 703.9 billion. The Chizhik chain of hard discounters increased sales the fastest — 8 times (up to 15.2 billion rubles), and the main division of the retailer — Pyaterochka format stores — by 14.1% (up to 560.4 billion rubles). )
Previously, the mass departure of its target audience was also recorded by the premium retailer Azbuka Vkusa. At the end of September, the company noted in materials for investors that this factor, together with a decrease in foreign tourist flow to a historic low, affected the buying activity and traffic of its stores.
Source: Rosbalt
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