Words of wisdom

05 February 2009 Alexander Rusnak, Finance Director, Seventh Continent: “The hypermarket format still has potential in Russia, as the lower level of competition allows players to demonstrate superior profitability compared with international companies, and it is an efficient vehicle for penetration into the regions”
05 February 2009 Sergei Galitsky, General Director, Magnit: “Retail needs support from the government, possibly through developing effective regulation or via tax reform”
05 February 2009 Stephen Paul Ogden, Chairman of the Board of Directors, Lenta LLC: “The entrance of new international players is now less likely, and the crisis may be looked at as an opportunity for future expansion as competition falls behind”
05 February 2009 Lev Khasis, Chief Executive Officer, Chairman of the Management Board, X5 Retail Group: “Today, Russian hypermarket chains know their customers, know how to deal with local issues and have developed their own expertise, arguably becoming more competitive than the multinationals”
04 February 2009 Mark Fuller, Chairman of the Board of Directors and Chief Executive Officer, The Monitor Group: “Yes, the market has contracted. But during the crisis it will shed all the dead weight and only become stronger.”
04 February 2009 Ruben Vardanian, Chairman of the Board of Directors, Troika Dialog Group: “The Central Bank has every resource and instrument it needs to keep its promise – to maintain the ruble in its stated trading band.”
04 February 2009 Nouriel Roubini, Professor of Economics, NYU’s Stern School of Business, “This is a year of recession in all the world’s economies. If appropriate, balanced measures are taken to battle the crisis, the world might start to see positive economic trends in 2010.”
04 February 2009 Igor Shuvalov, First Vice Premier of Russia: “The top priority for us is macroeconomic stability. Next is the banking system.”
04 February 2009 German Gref, Head of Sberbank: “The main task right now is to preserve macroeconomic stability and plan the permitted government deficit at least three years ahead of time based on calculations of our own resources. The second task is to support stability in the national currency and keep currency reserves on at least a three-five year cycle.”
04 February 2009 Igor Shuvalov, First Vice Premier of Russia: “All the glitziness in economics is over. Now management is doing what it should be!”