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The markets covered in this report (Bulgaria, Croatia, the Baltics, Romania, Russia, Slovakia, Slovenia and Turkey form a large heterogeneous market with a combined population of 261 million. There are as many cultural, economic and political differences as there are similarities although they are united by the fact that they are some of the least well-developed nations in Europe. Total retail sales for the markets covered in this report stood at €256 billion in 2004. Russia accounted for more than half of this and Russia and Turkey combined make up 82% of the total market.

Estonia, Latvia, Lithuania, Poland, Czech Republic, Hungary, Slovenia, Malta and Cyprus acceded to the EU in 2004. Two of the remaining three original candidate countries, Bulgaria and Romania are set to join in 2007, and the final potential member Turkey has finally begun accession talks along with other candidates Croatia and Macedonia. In the longer term, Albania, Bosnia & Herzegovina and Serbia & Montenegro have been earmarked as potential candidate countries, which should bring a further boost to the region, as it is a suggestion of a more stable future both in political and economic terms, which should provide the perfect economic background for retail development.

Russia is a sleeping giant in retail terms. Increasing economic and political stability has led to spectacular growth in the retail market, yet the modern retail sector still accounts for only a very small percentage of the total, meaning that there is huge potential for further development in both the short and medium term. Turkey is another large, untapped, high growth market. Its plans for EU accession should help bring about the economic and political stability that is needed to provide the background for sustained growth in the retail market. However, it remains a high-risk market, as EU talks have only just started, and there are some sizeable obstacles to overcome – not least Turkey’s record on human rights and border disputes.

The pace of retail consolidation across Central and Eastern Europe is accelerating. In more mature markets, retailers that have failed to achieve the necessary critical mass are pulling out, while in others domestic and foreign retail chains continue to make life extremely difficult for the smaller players. Mintel forecasts strong growth for the European emerging markets over the next five years, with the market set to grow by 33.5% to €309 billion.

The markets covered in this report (Bulgaria, Croatia, the Baltics, Romania, Russia, Slovakia, Slovenia and Turkey form a large heterogeneous market with a combined population of 261 million. There are as many cultural, economic and political differences as there are similarities although they are united by the fact that they are some of the least well-developed nations in Europe. Total retail sales for the markets covered in this report stood at €256 billion in 2004. Russia accounted for more than half of this and Russia and Turkey combined make up 82% of the total market.

Estonia, Latvia, Lithuania, Poland, Czech Republic, Hungary, Slovenia, Malta and Cyprus acceded to the EU in 2004. Two of the remaining three original candidate countries, Bulgaria and Romania are set to join in 2007, and the final potential member Turkey has finally begun accession talks along with other candidates Croatia and Macedonia. In the longer term, Albania, Bosnia & Herzegovina and Serbia & Montenegro have been earmarked as potential candidate countries, which should bring a further boost to the region, as it is a suggestion of a more stable future both in political and economic terms, which should provide the perfect economic background for retail development.

Russia is a sleeping giant in retail terms. Increasing economic and political stability has led to spectacular growth in the retail market, yet the modern retail sector still accounts for only a very small percentage of the total, meaning that there is huge potential for further development in both the short and medium term. Turkey is another large, untapped, high growth market. Its plans for EU accession should help bring about the economic and political stability that is needed to provide the background for sustained growth in the retail market. However, it remains a high-risk market, as EU talks have only just started, and there are some sizeable obstacles to overcome – not least Turkey’s record on human rights and border disputes.

The pace of retail consolidation across Central and Eastern Europe is accelerating. In more mature markets, retailers that have failed to achieve the necessary critical mass are pulling out, while in others domestic and foreign retail chains continue to make life extremely difficult for the smaller players. Mintel forecasts strong growth for the European emerging markets over the next five years, with the market set to grow by 33.5% to €309 billion.