Consumers are rethinking how much they buy, while brands are realising that simply stocking more products does not drive better financial results. Winning companies must reduce complexity and inventory levels by taking a more focused and responsive approach to their assortment.
As DLT, St. Petersburg’s most famous department store, celebrates its 110th anniversary, BoF meets Alexander Pavlov, chief executive of the Mercury-owned TSUM and DLT department stores, to hear how he continues to find growth in the challenging Russian market.
The country’s luxury market has recovered after two difficult years, helped mainly by domestic demand and rising sales to tourists, which will get a boost from a ‘tax-free’ scheme scheduled to come into force around February next year.
Tsum’s chief executive Alexander Pavlov explains how ‘red tourism’ from China and quick-response pricing strategies helped boost sales at the Russian department store by 40 percent.
As international executives and diplomats flock to the Saint Petersburg Economic Forum, is there cause for tentative optimism in Russia’s downtrodden luxury market?
In the latest instalment of Market GPS, Robb Young examines Ukraine, a market going through a period of major transition.