Retail sales in Russia will rise by 3% next year, with many multinational firms hoping to expand their presence in the country in order to tap into this growing market, according to PricewaterhouseCoopers.

Total retail revenues stood at $480 billion (€319bn; £288bn) in the European nation last year – up by 27.5% on an annual basis – with food taking a 45.3% share of this figure.

PricewaterhouseCoopers has predicted that 2009 will be a year of "consolidation" given the challenges of the e...
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