// Russia is looking to China, India, Iran and Turkey to fill empty shopping centres
// Dozens of big brands have temporarily shuttered operations or exited Russia since its invasion
Russia is looking to China, India, Iran and Turkey to plug the gap created by an exodus of western retailers following its invasion of Ukraine, an industry body said.
Moscow has been grappling to find ways to combat its growing isolation in the face of sanctions.
The Russian Council of Shopping Centres (RCSC), an organisation representing developers, shopping centre owners and retail chain operators, said it was negotiating with representatives in the four countries about finding alternatives to western brands.
“A list of foreign companies that have temporarily ceased operations in Russia was sent to them so that appropriate equivalents can be found,” RCSC said.
“Over time this will help supplement or completely replace goods of the defunct brands with ones of a similar quality and design.”
READ MORE:
- Live updates: The retailers pulling out of Russia – from Uniqlo to John Lewis…
- Russian sanctions: UK bans luxury exports and hikes import tariffs
- Can global brands justify still trading in Russia?
Dozens of big name retailers, including Inditex, Uniqlo and John Lewis have temporarily shuttered operations or exited the country since Russia invaded Ukraine last month.
Growing sanctions have already hampered supply chains and fuelled panic buying among some Russians, and accelerating inflation is set to send prices higher.
During an RCSC meeting of more than 100 market participants, the challenges facing Russian retailers were discussed.
Click here to sign up to Retail Gazette‘s free daily email newsletter
