Russia POS – mPOS Hardware Software Market Share
Russia POS Software Market Share
Total Retail Sales: €277 Billion ($292B), up 13.9% from 2021
Country Overview
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6th Largest EMEA economy €1.7 Trillion ($1.8 Trillion)
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4th Largest retail market in the region
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7th Largest EMEA POS Installed Base
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3.7% unemployment
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€1,931 ($2,035 USD) per capita retail sales.
Key Trends
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Russia’s retail sales place them in the top 5 in the region. While this might appear to make Russia a leader in retail development, their population of over 143 million results in the lowest per capita retail sales figures among the key EMEA countries. Further, the country is spread over 6.6 million square miles (and 11 time zones), which places a serious burden on expansion and supply chain issues.
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Data on Russia’s economy is suspect for the past couple of years, due in no small part to the ongoing war. Consequences are wide ranging, and not positive; H&M (170 stores), TJX (400), McDonald’s (850), and Starbucks (130) are among those who were winding down their operations as a result.
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Foreign investment is hindered by widespread corruption, a sophisticated black market, extensive traditional open-air markets, and a supply chain that is suspect. Russia’s economy is heavily dependent upon oil, and when oil declines in price, the entire economy stagnates.