Russia: Food Service - Hotel Restaurant Institutional
The restaurant sector in Russia has faced a number of serious challenges in 2014. A food import ban from numerous countries announced in August 2014, implementation of a smoking ban in restaurants and bars, a weakening ruble, currency fluctuations, dropping consumer purchasing power has many hotels, restaurants, and institutions (HRI) struggling to stay open. Market analysts forecast 30 percent of all restaurants in Russia to shut down by spring 2015. Investment in hotels in Russia has been very attractive in recent years driven by limited supply of quality lodging facilities, low overall competition, gradually improving business climate, and growing domestic and foreign travel volumes.
