Belarusian retail trade turnover in 2016 may reduce by one third

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April 22, 2016 19:43

According to the National Statistics Committee, in 2015, Belarus’ retail trade turnover totalled USD 21.9 billion, i.e. decreased by one-third compared with 2014. The fall in turnover was due to lower wages. An average Belarusian spent 5.5 monthly salaries per year on average to purchase consumer goods in retail outlets. Due to negative economic trends and the national currency devaluation, in 2016, wages may reduce by one-third, compared with 2015. Consequently, in 2016, retail trade turnover will continue to fall, while the share of food in household spending will increase. Due to the fall in people’s purchasing power, a number of retailers may suspend their activities, rental rates in shopping centres are likely to decrease, so as the number of tenants. Construction of new large shopping centres is likely to be postponed or frozen, and retailers may review their regional expansion plans.


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