Оценка драйверов эффективности участников российского рынка розничной торговли

This paper analyses efficiency of selected large-sized retailers in Russia over the period 2010-2015. In the context of the current recession, Russian retailers are forced to execute turnaround strategies to maintain efficiency in an environment of increased competition and price pressure. The paper suggests 5 business strategies towards enhancing margins in retail – organic and inorganic growth, multichannel selling, private labels, franchising schemes – and reveals the highest impact one by means of multiple regression analysis and Shapley Value decomposition technique. The results indicated that M&A contribute most to the retailers’ efficiency, though actual return is to be obtained no earlier than 2 years after the merge. The strategy of organic growth is of second importance and can only compete with M&A when pursued together with geographic expansion. Next on the list are the strategies of private labels and multichannel selling, respectively. Franchising, however, turned out to insignificantly affect margins. The final recommendations provided in the paper might have important managerial implications for Russian retailers aspiring to improve their efficiency after the 2014-2015 recession. The paper is of 45 pages and includes 6 tables, 2 figures, 41 references, and 4 appendices. Keywords: efficiency, ROS, panel regression, Russian retail