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exceed RUB300mn (by 2023), with the share of the top-10 operators reaching 75% (up 5pp vs. YE19), it forecasts. The Russian food retail sector still presents wide opportunities for consolidation, as the top-10 players’ 35% share is behind that of developed market peers (45-75%). However, retailers are gradually shifting their focus from offline to online, due to the latter’s better growth opportunities. Infoline also points out that Utkonos preserved its leadership position in 1H20, increasing its sales 85% y/y.
83 RUSSIA Country Report August 2020 www.intellinews.com
