The retail sector in Russia had three great quarters in 2008 and then started to feel the effects of the global credit crunch and ensuing financial crisis, which resulted in a slowdown in consumer spending. "The Russian market has not been impacted as much as the foreign markets, but the impact is certainly being felt in terms of the consumer spending reducing, consumers moving towards lower-end brands, buying down as well as consumers moving towards cheaper stores where they can get discounts," said Dale Clark, a partner at PriceWaterhouseCoopers.

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