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Retail turnover declines for the first time in 20 years due to coronavirus
Retail turnover in Russia declined for the first time in 20 years due to the coronavirus crisis. The reduction by the end of the year may reach 2%. The most affected were sellers of clothing and footwear, cars and jewelry.
As the Kommersant with reference to the Infoline estimate, in absolute terms, the retail turnover will fall 670 billion rubles. However, food retail has not suffered as much and may show growth.
Experts predict an increase in turnover in the food market by at least 1,2%. The turnover of non-food products will decrease by almost 4% - to about 17 trillion rubles.
The fall in sales of clothing, footwear and accessories by the end of the year may fall by 25–40%, including due to long downtime of shopping centers. Jewelry store owners can lose more than half of their profits. The decline in sales in the car market could reach almost 20%.
Sellers have to work in the face of falling incomes for residents of the country. Analysts note that the crisis was caused by artificial restrictions in the context of a pandemic, so the market recovery can be expected next year.
In March retailers sent a letter Russian Prime Minister Mikhail Mishustin with a request to provide support measures. According to them, because of the coronavirus, the turnover of organizations fell by 50-80%.