Serbia Retail Report Q1 2010
Business Monitor International, December 2009, Pages: 49
The Serbia Retail Report provides industry professionals and strategists, corporate analysts, retail associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Serbia's retail industry.
The Q110 BMI Serbia Retail report forecasts that the country’s retail sales will grow by 21.5%, from an estimated US$19.26bn in 2009 to US$23.40bn, by 2014. Underlying economic growth, rising disposable income and the development of organised retail infrastructure are key factors behind the forecast growth in Serbian retail sales.
Serbia’s nominal GDP was US$39.40bn in 2009, with 2009’s decline of 3.8% expected to turn into growth of 0.2% in 2010 as the economy slowly begins to improve. Average annual GDP growth of 2.4% is predicted by BMI between 2009 and 2014. Although the population is falling slightly, from 7.4mn to 7.3mn by 2014, GDP per capita is forecast to rise by 44% over the forecast period, reaching US$7,709. Our forecast for consumer spending per capita is for an increase from US$3,838 in 2009 to US$4,551 by 2014.
Serbia is one of the poorest markets in Central and Eastern Europe (CEE), plagued by political uncertainty and high unemployment that deters foreign investment. Low levels of disposable income, the prevalence of corruption and the poor state of infrastructure make this a challenging market. However, the medium-to-long-term potential is significant, particularly if Serbia can achieve EU accession. In 2005, almost 67% of the Serbian population was described by the UN as economically active, with just under 51% in the crucial 20-44 age range. Just over half of the population was classified by the UN as urban (52.3%). By 2015, the urban population is forecast to have risen to 53.8% but with 48.1% in the 20- 44 age band. By this time, 66.8% of the population is expected to be economically active.
The Serb retail sector is still underserved and fragmented compared with more mature markets, with only 25m2 of retail space per 1,000 inhabitants, compared to the EU average of 270m2. However, the increasing development of organised retail infrastructure will result in retail sub-sectors such as over the counter (OTC) pharmaceuticals and consumer electronics growing substantially over the forecast period. Sales of OTC pharmaceutical products are predicted by BMI to increase from US$0.12bn in 2009 to US$0.21bn before the end of the forecast period, a rise of 71%. The consumer electronics sector is forecast to grow by 37%, from US$1.07bn in 2009 to US$1.47bn by the end of the forecast period. Retail sales for the BMI universe of CEE countries in 2009 amounted to an estimated US$1, 053bn, based on the varying national definitions. Total consumer spending for the region based on
BMI’s macroeconomic database amounts to US$2,134bn. Russia, Turkey and Poland together accounted for an estimated 82% of regional retail sales in 2009, with their combined share expected to exceed 87% by 2014. For Serbia, the estimated 2009 market share of 1.8% is expected to fall to 1.2% by 2014.
Executive Summary
SWOT Analysis
Serbia Retail Business Environment SWOT
Serbia Political SWOT
Serbia Economic SWOT
Serbia Business Environment SWOT
Market Overview
Current Trends
Key Players
Business Environment
Central And Eastern Europe Region
Table: CEE Retail Business Environment Ratings
Serbia’s Retail Rating
Limits To Potential Returns
Risks To Realisation Of Returns
Industry Forecast Scenario
Retail Growth Outlook
Table: Key Retail Indicators, 2007-2014
Table: Retail Sales By Key Segment, 2009e
Organised Retail
Macroeconomic Outlook
Table: Serbia Economic Activity, 2005-2014
Regional Retail Outlook
Table: Regional Retail Trends, 2007-2014
Table: Regional Retail Sales By % Share, 2007-2014
Regional Retail Trends
Mass Grocery Retail
Serbia Mass Grocery Retail SWOT
Market Overview
Industry Forecast Scenario
Table: Serbia MGR Sales By Format – Historical Data And Forecasts, 2006-2014
Table: Serbia Grocery Retail Sales By Format – Historical Data And Forecasts 2008 And 2018
Industry Developments
Consumer Electronics
Serbia Consumer Electronics SWOT
Market Overview
Industry Forecast Scenario
Table: Consumer Electronics Overview , 2006-2013
Industry Developments
Automotives
Serbia Automotives Industry SWOT
Market Overview
Table: Newly Registered Road Vehicles And Trailers, Q407 And Q408
Industry Forecast Scenario
Table: Serbia Autos Production And Sales Historical Data And Forecasts, 2007-2013
Trade
Table: Serbia Autos Exports And Imports Historical Data And Forecasts, 2006-2013
Table: Serbia Autos Trade, 2006-2013
Country Snapshot: Serbia Demographic Data
Section 1: Population
Table: Demographic Indicators, 2005-2030
Table: Rural/Urban Breakdown, 2005-2030
Section 2: Education And Healthcare
Table: Education, 2000/01
Table: Vital Statistics, 2005-2030
Section 3: Labour Market And Spending Power
Table: Employment Indicators, 2001-2006
Table: Average Annual Manufacturing Wages, 2000-2012
Methodology
How We Generate Our Industry Forecasts
Sources
Product Samples
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