Up to 50% of existing textile and clothing stores may never reopen in the Russian capital after the lifting of quarantine measures at the end of May, according to leading retailers and analysts.
Large clothing chains, such as Zara, Pull&Bear and Tvoe, have already started scaling down their outlets in shopping centres in Moscow, the most affected region from coronavirus (COVID-19) in Russia.
Other major chains operating in the Russian market, such as H&M and Inditex, plan to close unprofitable stores in Moscow as well as other regions of Russia.
Meanwhile, US-based Gap has warned that the current crisis could be fatal for the company and it plans to begin reducing its network of stores in Russia.
For the full story, see the June 2020 edition of Textiles Eastern Europe. Not a subscriber? Sign up HERE