Russia is a sleeping giant in retail terms. Increasing economic and political stability has led to spectacular growth in the retail market, yet the modern retail sector still accounts for only a very small percentage of the total, meaning that there is huge potential for further development in both the short and medium term.

These figures must mean that profit expectations are going to go up for this year. It has really gained a huge amount of market share. This is real sales growth.

It's a clever move because it will allow it to test the water. There's scope to succeed because it won't be going head to head with Wal-Mart, but operating a complementary business where you can do a top-up shop and buy everyday essentials there and then do your full monthly shop at Wal-Mart.

The doom-mongers of a couple of months ago have been proved wrong. Despite all the bad news, consumer confidence doesn't seem to be hit. People are still out there spending.