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  "documentTitle": "Global Retail Expansion at Crossroads",
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  "notes": "The slide contains two distinct sections: a narrative overview of the Russian retail market and a structured summary of the Romanian retail market.",
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      "text": "Population: 20 million\nTotal retail sales: $45 billion\nRetail sales CAGR (2013-2015): -5.4%",
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      "text": "The local Russian apparel and fashion scene saw upheaval. Some Russian retailers had to close stores in 2015, including Oodji, Incity, Vis-a-Vis, and Savage, due to competition from international players. Others have persevered, including Befree, O’Stin, Baon, Love Republic, Modis, Sportmaster, and Sela. Economic turmoil and currency devaluation helped propel some small- and medium-sized local businesses to succeed in fashion in key large cities and all segments.",
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      "text": "Shopping center expansion continues, encouraged by economic recovery and rising consumer spending. In 2015, more than 150,000 square meters of shopping center space opened in Romania, and five more shopping centers will open in 2016. Market entrants that have opened in these new malls or are expected to include Forever 21, Lanidor, Tezenis, Michael Kors, Kiehl's, and Chanel.",
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      "text": "According to Colliers, available retail space at the end of 2015 doubled year-over-year to 14 percent as both small and large players sought to downsize. Many Russian consumers are being priced out of mass-market retail as currency depreciation reduces consumer spending power and puts pressure on retailers’ margins. Nevertheless, roughly 40 international retailers and brands entered Russia in the past year, including ASUS Republic of Gamers, Mafrat, Malo, Orient, Seiko, Tchibo, Wrangler, and Barbour; at least 10 new retailers have plans to enter in the upcoming year, including John Varvatos, KidZania, Superdry, Tallinder, and Victoria’s Secret Pink.",
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      "text": "For the luxury sector, two developments have offset the impact. Luxury sales to tourists, particularly from China, have risen due to ruble devaluation. And more Russian customers are buying luxury goods domestically as a reaction to the debilitated currency. International players are responding to these trends by opening up new stores. Hermès opened its second largest store in Europe in Moscow, Valentino opened a new flagship store in the Metropol in Moscow, Fendi plans to open two stores, and Bulgari, Omega, Chopard, and Audemars Piguet have expanded in Moscow as well. Prada announced significant sales growth in Russia, and the country is Rolls Royce’s strongest market in mainland Europe.",
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      "text": "Romania enters the GRDI at 24th, driven by steady GDP growth and decreased corruption. Although the country’s population is 45 percent rural, modern trade is developing fast. Major retailers are expanding aggressively with smaller formats. One of the market leaders, Carrefour, acquired the Billa chain of supermarkets, and Mega Image, the leading supermarket in Bucharest, has focused on opening flagship stores to strengthen its brand equity among middle- to upper-class shoppers.",
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      "text": "Local grocers are still expanding, and scale, pricing, and assortment are key to success. Sharp pricing has allowed larger retail chains to build market share. The largest food retailer, Magnit, plans to continue on its growth pace of more than 1,000 openings per year, with new stores aimed at shoppers at various income levels. X5 Retail is focused on acquiring small- and medium-sized chains and opening new formats like liquor stores. Lenta plans further expansion, including 40 new hypermarkets in Russia. United Confectioners, the largest Russian confectionary producer, opened its first store in 2015 and plans to open another five in 2016.",
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