Japanese retailer Uniqlo is leaving the Russian market — SMI
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The Japanese chain Uniqlo decided to close most of its large stores in the Russian Federation, and received more than 10.8 billion rubles in the country. ($140 million) in losses at the end of 2022, Kommersant writes.
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What is known
The retailer has not yet officially announced its final departure from the country, but the market believes that in fact the chain is now completely winding down business in the Russian Federation.
Most of the sites vacated by the network will be occupied by the Russian Gloria Jeans.
Nevertheless, experts admit that it is difficult for local brands to attract a large flow of customers, unlike international companies.
Thus, a Lime outlet will open on the site of the first Russian Uniqlo store in Moscow’s Atrium shopping center, and another Uniqlo site in AFI Mall will be occupied by Gloria Jeans, two consultants in the retail real estate market reported.
Gloria Jeans has confirmed that in the coming months, its stores will open in several locations previously occupied by Uniqlo, including in AFI Mall.
Read: Japanese Uniqlo continues to operate in the Russian Federation
Let’s remind
After the invasion of Ukraine, Uniqlo announced the temporary suspension of its stores in Russia.
By March 2022, there were 50 stores under the Uniqlo brand in the country, and by the end of January 2023, 27 of them remained, which were temporarily closed.
The retailer has been selling off stocks online for the past hour. In 2022, Uniqlo Rus could earn 12.07 billion rubles. (over $156 million). At the same time, the network suffered losses of 10.78 billion rubles. (over $140 million), although Uniqlo’s Russian business has been profitable since 2018.
Source: Ministry of Finance
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