Revenue growth is uneven among Russia’s grocery franchise chains

Combined revenue at Russia’s ten leading grocery franchise chains rose by 35.3% to RUB 158.1 billion in the first half of 2026. However, the overall result masks diverging trends across individual chains: only two of the top ten increased both turnover and the number of operating stores. Forbes published the figures from research company INFOLine on 20 October.

Overall growth was not shared by every chain

The growth rate in combined revenue for the ten leaders was 12 percentage points higher than in the first half of 2025. In aggregate, this represents an acceleration in growth. But the spread of results across the top ten shows why prospective franchisees should look beyond the headline figure.

According to INFOLine, only Okolo and Pervym Delom increased both revenue and the number of operating stores year on year. Avokado’s turnover rose despite a reduction in its store network. The remaining chains in the top ten recorded declines in both revenue and store numbers.

The 35.3% increase therefore cannot be treated as representative of a typical grocery franchise. It is an aggregate figure for the ten leaders, encompassing expansion, contraction and turnover growth across a smaller store network. This distinction matters in franchising: the performance of the group does not automatically reflect the position of each brand or its franchisees.

Revenue alone also says nothing about the profitability of an individual store. The figures provided do not include store operating costs, franchisee profits or investment payback periods. Turnover growth should therefore be considered separately from the investment merits of a particular franchise opportunity.

Okolo and Pervym Delom increased both measures

Okolo recorded the strongest revenue growth among the chains named. Its turnover rose by 181.8% to RUB 62 billion in the first half of the year. Pervym Delom’s revenue increased by 36.2% to RUB 8.5 billion.

Together, these two chains accounted for RUB 70.5 billion, or around 44.6% of the top ten’s combined revenue. This share is calculated from the published INFOLine figures. It shows the weight of the two growing chains in the overall result, but does not in itself indicate the financial performance of their individual stores.

Later figures are also available for Okolo’s network expansion: from the start of the year to September, it opened 4,529 outlets, bringing its network to 8,781 stores. These figures cover nine months, whereas the turnover data relates to the first half of the year.

The difference in reporting periods is crucial when making comparisons. Dividing first-half revenue by the September store count and presenting the result as average turnover per store would be misleading: the network changed over that period, and the figures do not disclose how long the new stores had been trading. Rapid expansion makes it particularly important to check exactly which measures are being compared.

Avokado: higher turnover across a smaller network

Avokado, a chain developed by the Sladkaya Zhizn group, reported a different pattern. According to Forbes, citing INFOLine, its revenue rose by 8.7% to RUB 34.8 billion. Meanwhile, its store count fell by 70 to 5,800.

This combination differs both from simultaneous growth in the two measures and from a decline in both. It confirms that store numbers and combined turnover do not necessarily move in the same direction. However, the published figures do not explain what drove the chain’s revenue growth.

Without further information, the result cannot be attributed to higher footfall, a larger average basket value or improved performance at existing stores. Equally, the reduction in store numbers alone does not establish how the remaining franchisees fared.

Revenue fell at the other named members of the top ten. Turnover at Domashkino, owned by the Dalimo group, declined by 10.5% to RUB 10.1 billion. Fasol, developed by Metro, recorded a 3.2% fall to RUB 30 billion, while Kalina Malina’s revenue fell by 3% to RUB 4.1 billion. According to INFOLine, these chains also reduced their store numbers.

What to consider when assessing a franchise

The published statistics give prospective franchisees several useful indicators: network size, changes in store numbers and trends in combined revenue. These are best used together, but they are no substitute for assessing the finances of a specific project. A brand’s large turnover is not the same as a franchisee’s income, and network expansion does not reveal the performance of each new store.

When discussing a franchise purchase, ask for figures covering consistent reporting periods and clarify which stores are included in the calculations. Pay particular attention to like-for-like data for existing stores, the costs borne by the franchisee and the assumptions underpinning financial forecasts. These are matters to investigate when assessing an offer, not conclusions that can be drawn from the top ten’s combined revenue.

Practical takeaway: growth across the grocery franchise sector is no substitute for due diligence on a particular chain. Compare turnover and store numbers over the same period, and base your investment decision on the financial viability of your chosen store.