Retail - The Times Of Central Asia

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Uzbek Electronics Retailer Secures EBRD $10 Million Loan

On July 1, the European Bank for Reconstruction and Development (EBRD) announced its support to further develop retail standards and e-commerce in Uzbekistan by financing the expansion of one of the country’s leading consumer electronics and household appliances chains, CA-store (formerly Credit Asia). The loan of up to $10 million will finance the working capital required by CA-store for its expansion beyond the capital city of Tashkent. It is expected that in the coming years, the Uzbek retailer will extend its business to all the country’s major cities. The funds will also be used to develop CA-store’s online sales by introducing new e-commerce standards in Uzbekistan’s fast growing e-commerce market and offer online shopping to customers across the country. CA-store’s increased regional coverage will contribute to the reduction of the shadow economy by offering authentic goods and fully complying with national tax requirements. Integral to the project, is a commitment by CA-store to create equal and fair employment opportunities for staff.

Retail

Cenomi Retail Expands its Presence in Tashkent

The largest shopping and entertainment complex in Uzbekistan, Tashkent City Mall, has partially opened. While the official opening is scheduled for later in the first quarter of 2024, part of the retail premises is already open to shoppers. Saudi-based Fawaz Alhokair Group, a retail-development company that operates under the Cenomi Retail brand in Uzbekistan and elsewhere, is already 11th in the world by revenue. Their entry onto the Uzbek market signifies that Uzbekistan has become an attractive enough retail center to bring in the world's fashion giants, including Inditex-owned brands Zara, Massimo Dutti, Oysho, Bershka, Stradivarius, and Pull&Bear. Tashkent City Mall will house an entertainment complex called Sky Park, which will include extreme sports, a virtual-reality zone, a children's science complex and playground. Given the increasing demand for global brands in Uzbekistan, the entry of Inditex brands to the market may create a platform for future foreign investments in the country's retail trade. According to the INFOLine consulting agency, Uzbekistan, Kyrgyzstan and Tajikistan are becoming increasingly attractive for global retailers. The main reason for this is the robust population growth rates found in the region. In addition, the population's income on a nationwide scale continues to increase, which, in turn, encourages consumers to spend more money. Urbanization holds another reason for the popularity of retail in Central Asia, as the population is increasingly more willing to shop online and in shopping malls.

Retail

Russian E-Commerce Giant Wildberries Heads for Tajikistan, Turkmenistan

The founder of the Russian e-commerce platform Wildberries Tatyana Bakalchuk has mentioned in an interview with RIA Novosti that the company is planning on entering the Tajikistan and Turkmenistan markets. "We recognize that we must increase the geographic area in which we operate in order to sustain [our] growth rate. First, we are examining the bordering nations. We are already present throughout the nations that make up the EAEU (Eurasian Economic Union). We are now heading to the CIS (Commonwealth of Independent States) nations; for instance, we will be entering the market of Tajikistan and Turkmenistan," Bakalchuk said. Furthermore, RIA cited Bakalchuk as saying that the organization is presently attempting to establish a logistics network in Azerbaijan. “The Persian Gulf nations and the UAE market both pique our interest. Representatives from the Middle East, for instance, attended the forum 'Russia - Islamic World' in May, and many of them showed interest in our work. Thus, we will carefully consider the UAE and the Persian Gulf countries in this regard. We have already begun negotiations with a few nations." Wildberries currently operates in Uzbekistan, Kyrgyzstan, Belarus, Kazakhstan, and Russia. The company is an international online store that sells clothing, footwear, electronics, home furnishings and other items across thousands of categories. As of April 2023 it was the ninth-most visited e-commerce portal in the world, according to Statista data. The company was established in Russia in 2004 by husband-and-wife team Vladislav and Tatyana Bakalchuk.