Russia recorded a significant growth in the number of department stores: their number increased by 71% compared to 2023.
According to the analysis of experts from the consulting co CORE.XP, since the beginning of this year, the Russian department store market has demonstrated active development. For the period from January to April the number of open outlets of this format increased by 71% in comparison with the total number for the previous year.
In parallel, the total area of new department stores increased by 21% over the same period, wrote “Kommersant”.
The leader in expansion was the Lady & Gentleman STREET chain, which took over premises previously owned by the Just Clothes chain in a number of major cities, including Moscow, St. Petersburg, Kazan, Yekaterinburg, Rostov-on-Don and Nizhny Novgorod. In addition, new Stockmann stores opened in Khabarovsk and Ivanovo.
In 2024, there was an 84% reduction in the area of new department stores. Vasily Grigoriev, Director of Market Research at CORE.XP, noted that this dynamics was influenced by the high base of 2023, the need to consolidate resources for the development of existing stores, as well as the tightening of monetary policy. He emphasized that such cyclicality is a common practice for the retail industry.
Analysts believe that the active replacement of monobrand stores by department stores indicates the stability and popularity of this format among consumers.
It was reported that marketplaces are replacing traditional stores with discounts of up to 50%.
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