Slava Concept department store chain announces closure
The Slava Concept department store chain is shutting down. As told RBC in the company, all remaining sites will be closed until the end of this month.
The Slava Concept department store chain is shutting down. As told RBC in the company, all remaining sites will be closed until the end of this month.
The reason for this decision was a set of negative factors. Slava Concept explained that the business was affected by the general economic background and low purchasing activity, the long-standing crisis of shopping centers, as well as online pressure.
Slava Concept (SLÁVA) is the first Russian federal department store chain promoting domestic designers of clothing, accessories, cosmetics and household goods. The project was created as an “ecosystem” that allows local brands to rent ready-made shopping areas (corners) in large shopping centers
In addition, among the key problems, the retailer called new tax regulations and debts from counterparties.
“All venues will be closed by the end of the month,” the Slava Concept said.
In March, Pavel Lyulin, an expert of the Association of Retail Real Estate and Retail Experts, linked the departure of Russian brands with a difficult 2025 for Russian business. Last year, many firms scaled back expansion plans, he said. In addition, by 2026, not a single new brand entered the Russian market.
