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Reports from media sources suggest that 7% of all garment and footwear shops in Moscow have closed as a consequence of the ongoing economic crisis. “In the larger Russian cities, and most notably in Moscow, the number of shops has fallen by at least 5-7% this year”, Igor Ulyanov, Director of the Russian Textile Association Soyuzlegprom has said.
The combination of sharp price inflation due to the devaluation of the rouble and the abrupt economic recession has led to a fall of the retail sales since the beginning of the year, at the end of the first fiscal quarter a 19% decrease in value and a 42% decrease in volume has been reported. In 2014, the rouble fell 40% against the U.S dollar, inflating the rental market which is historically dollar-based, and leading to the closure of a number of shops.
The Russian economy is expected to contract by 3% this year due both to the low oil prices and the Western sanctions over the Ukraine crisis. However, in response to these sanctions, Russia has announced an enlargement of the banned imported products list, which includes raw materials and leather.