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Metro retailer will refurbish stores of its network in Russia

The food retailer is going to focus more on wholesale sales to professional customers in b2b. According to Kommersant, it will work in three new formats, including the premium segment. The company’s representatives denied this.

German retailer Metro AG, managing a network of small wholesale hypermarkets Metro Cash & Carry, plans to change the approach to its business in Russia and make it more affordable for wholesale. The press service of the company told in a conversation with RBC.

The company has set a goal to focus more on wholesale sales for professional clients in b2b and to become the leading multi-channel center in this segment.
“To this end, the company is re-equipping part of stores, which will make the space convenient from the point of view of wholesales”, said the representative of Metro Cash & Carry, adding that “this measure will be implemented in conjunction with changing pricing policies, developing delivery and improving services for the professional customer segment”.

The retailer also refuted the information of the Kommersant newspaper, which previously wrote that Metro will fundamentally change the approach to business in Russia and introduce three new formats:

- a universal store that will offer products for both private buyers and entrepreneurs who have restaurants, cafes and other catering business, as well as small food stores;

- retail space for traders who are engaged in wholesale supplies;

- retail trade in premium goods.

According to the newspaper, the changes will affect 67 hypermarkets out of 93, which operate in Russia, and the reason for such measures was the drop in revenue from sales by 8% in rubles, as well as stagnant consumer traffic. The representative of Metro Cash & Carry stated that the retail assortment will not change towards premium goods. The first half of last year was for the German retailer is not the most successful financial results, he said, because of the business in Russia. The negative effect of currency fluctuations that have affected sales and network profits. The total revenue of the retailer for the six months of 2018 fell by 0.3% to € 18.56 billion, while profits grew by 9.5% to € 181 million. The revenue of the Russian division fell by 14.9% to € 1.5 billion, the company said in a report, and in ruble terms, sales fell by 9.6%. Russia has become the only country out of 31 where Metro is present, in which this indicator fell.


Source: www.rbc.ru

News
The OECD predicts acceleration in the global economy and a slowdown in the domestic Russian economy. The decline in household incomes and the contraction of consumer demand may become an additional brake on the recovery of the Russian economy.
According to Rosstat, the economic downturn in Russia in 2020 amounted to 3.1% – significantly better than expected.
The Deputy Chairman of the Bank of Russia Alexey Zabotkin emphasized that the potential economic growth rates do not depend on monetary policy, they are influenced by demography, labor force, and the efficiency of institutions.
The Russian economy continues to lose its attractiveness in the eyes of large transnational businesses as consumers become poorer and the government continues the sanctions war with the West.

The Washington Institute of International Finance (IIF) sharply improved its forecast for the Russian economy. Its experts revised estimates of the fall in GDP in 2020 from minus 4.8% to 3.6%.

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