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26 Января 2009, 11:29
Conveyor-showcase-basket: a common guarantee
Retail chains are traditionally very susceptible to economical fluctuations, and the financial crisis has divided the market players into winners and outsiders. However, the ones that were hit the hardest are manufacturers. In early fall, many operators began feeling a problem with their supplier, which quickly impacted on scheduled shipments and choice – not always solely because of the crisis.
Pay less, but now!
Even the most incredulous are starting to believe in the difficulties that retailers are experiencing: the closure of second grade mid-size and small stores all over the place is proof enough. Having built an inventory way before the crisis on expectations of sales growth, chains are clearing their bank obligations from their working capital, which was previously destined to suppliers. The situation is aggravated by the fact that not all manufacturers are willing to provide credit to the chains, but often cannot be paid even monthly payments and are forced to proceed through the courts.
The first worrisome signals were the requests from Mosmart and Samokhval for up to three month postponements on payments to their distributors. In mid October their shelves emptied somewhat in both Moscow and the Moscow Region. Their regular assortment started tapering off and such products as frozen foods, coffee, snacks, fresh and canned vegetables and fish products started disappearing – the same starting happening to such brands as Corrado Group, Solnetchniye Produkty, Inco, ROK, Nidan, Tsargrad, Yuzni Complex, Icebit and others. Manufacturers indicated that the major reasons were late payments protracted way before the crisis. Toward the end of October, Mosmart closed down all 54 Mosmartik stores in Moscow and the Moscow Region, without however suspending its hypermarket expansionary plans for 2009. Therefore, out of the operator’s 83 stores in Russia, only 29% remain open (90% of the floor space is leased). In November’s list of plaintiffs against Mosmart on Moscow Arbitration Court’s web site are such major suppliers as Myasnoi Dvor Ostankino, Mercury, Rusimport, Raritet, America-Food and so on. Nevertheless, because of the lack of liquidity, unproductive stores have become a luxury for all market players. In comparison, the leader in points of sale in Russia, Magnit, is closing down some 80 locations in 2008 (2007 – 108). In 2009, the retailer was planning on opening some 17 hypermarkets, but has lowered its forecasts to 10–15, and 400 self-service stores (almost twice as many as before the crisis). By the end of 2008 the overall number of Magnits in all formats should reach 2,500.
Х5 Retail Group has also confirmed its intention to develop small formats (discounters Pyatyorochka), and will slowdown the expansion of its Karusel stores. However, nine Belgorod franchises of Pyatyorochka have stopped operating in mid-November. The Stary Oskol chain Proviant in Central Russia closed nine stores leaving only 114 active points of sale. Practically all leaders have cut their long-term development budgets in order to consolidate their resources for buying out their competitors.
In the meantime, Samokhval has put up for sale 10 land plots in Moscow, the Moscow Region, Murom, Smolensk and Tula ($195.5 million) and 17 real estate properties (GLA about 35,000 sq m for $107 million) with a sale-and-leaseback at 15% per year. The retailer was planning on operating by the end of 2008 a chain of 105 stores, having added 35 to its already working 70. In mid-November, the retailer offered its suppliers to suspend overdue accounts as of Sept. 1, 2008, for six months at 16% per year, up and until it sold its minor assets and real estate. Since the beginning of the year, suppliers have submitted 49 lawsuits in the Moscow Arbitration Court against Samokhval for an overall sum of 77 million rubles. According to Open Financial Corporation, Samokhval was had large debts even before the crisis and its cashflow is so low that it can hardly cover its debt obligations. According to manufacturers Samokhval, just like Mosmart, has had large debts for a long time, operating on the longest terms and using credit from suppliers to partially fund its development. If during last summer manufacturers were accepting such terms from stores, today they want to see cash.
For most market players, the problems encountered by these two operators, were the first signals of a malaise in the industry brought about by the global financial crisis. Other chains considered more stable (Seventh Continent, X5 Retail Group, Victoria Group and others) also have increased delays, but according to suppliers are paying according to agreed upon terms. The relationship between retail chains and non-food suppliers seemed a little more stable. “We are working on former terms and are not offering any new ones,” says Nadezhda Mikheeva, manager of the PR department at Eldorado. Most distributors have raised their prices because of the increased costs of raw materials for the manufacturers themselves. But this does not imply a worsening situation for non-food suppliers since it cannot get any worst. In particular, a source previously close to Techproject (Invent), indicated when it comes to products such as insecticides, cleaners, glue, shoe polishes and so on, chains were very demanding even before the crisis: payment upon 90 day terms, many high bonuses for the operator (quarterly, yearly, etc.), and penalties for the supplier (short delivery, wrong items, etc.). Certain chains are still maintaining that it’s still early to talk about global changes in their relationship with suppliers. “Manufacturers are working normally because we are paying them on time,” explains Yaroslav Grekov, head of the PR department at DIXY. The number of DIXY stores has increased from 388 to 472 since the beginning of the year (with ownership of 37% the premises).
“Just a few manufacturers have approached us with a request to lower the payment terms. We are working on several promotions in order to keep our chain’s sales on course,” said Elena Asanova, head of the PR department at real,- Hypermarket. “Suppliers are complaining about a shortage of products and problems with customs but our relations have not been hampered in anyway, and our inventory is fully up to date.” She indicates that the food sector in Russia is not showing as much impact from the global financial crisis as other sectors.
The Kaliningrad Federal Chain Vester is not planning on decreasing its purchases. “Our major goal is to provide our retail facilities with the required inventory,” said Oleg Bolychev, chairman of the board at Vester. “Our present agreements with suppliers will be renewed and new ones will be signed. Additional requirements will be reduced. We will concentrate on streamlining the relationship between marginal profit and inventory turnover.” Since mid-October, Vester started to increase terms with suppliers on two points: the supply of additional credit on merchandise and longer payment terms. Fifty out of 4,500 suppliers of Vester have received a letter with an unprecedented request: increase the payment terms until next September (additional credit on the current debt until Sept. 1, 2009. The company does however promises not to delay payments on merchandise delivered after Oct. 10, 2008, i.e. seven-60 days depending on the category of the merchandise. Binbank last October requested the chain to pay back $6 million ahead of schedule. In other words, the operator plans on paying back money for already sold merchandise accounting for delays of two-three months a year, having actually received an interest-free credit while the bank is working at 16% to 22%. About 80% of suppliers continue working with Vester, which because of the crisis has requested additional requirements (including guaranteed deliveries, additional merchandise on credit and longer payment terms). However, many have resorted to lawsuits even though the time taken to examine accounts receivable can reach as much as 11 months. But this is actually beneficial for the retailer.
Obvious problems due to the crisis can be seen with other operators. In particular, the Smak chain, which is managed by the Finstar investment holding, has not reached its planned potential because of the financial situation and has not achieved its announced profitability, following which 30 sales points were eliminated since December. Eleven lawsuits as of November were brought by suppliers against Lenta, because of late payments (up to 90 days without notice). It is, however, true that the legal department of the chain says that the issue is not related to late payments but rather because the now former suppliers refused the conditions proposed by the chain and refused to pay penalties for short deliveries and other reasons. The second largest chain with regard to sales in Russia, the Metro Group, since early 2008, has received 26 lawsuits for over 110 million rubles for avoiding its supply obligations. According to information from the legal department at Akmalko (manufacturer of sauces and ketchups), the late payments for merchandise delivered to Metro reached 300-400 days, even though the chain had 45-60 days to pay. Ratibor, a jam producer, received no payments from Metro for two years. The retailer thinks that the problem is caused by its regular economic activities. Major suppliers have no qualms with the retailer in regard to payment terms (except for some problems with documentation, according to Cristal-Lefortovo). Notwithstanding the crisis, Metro Cash & Carry plans on opening another five regional shopping centers (it now has 43). Also by yearend, Metro will open a distribution center in Noginsk.
Banks aren’t bottomless
Direct sale points are the source of liquidity for an enormous number of suppliers (X5 has some 4,000). Many Russian retailers are faced with the following dilemma: either default on debt obligations and change ownership, or make some kind of deal with a loss to the suppliers and customer. Late payments only allow for liquidity for a limited time: in a few weeks the shelves inevitably start emptying and the customer chooses the competitor. But many owners out of desperation are doing exactly this, instead of selling part of the working company. According to Lev Khasis, chief executive officer and chairman of the management board of X5 Retail Group, when a debt EBITDA is at six-10 a chain basically stops functioning, which has happened to Nezabudka and Marta.
The federal government recommended that banks, especially VTB and Sberbank, start helping retailers in refinancing short-term debts. The banks agreed to provide dozens of retailers with credit lines of up to 50 billion rubles on condition that the chains promise to pay suppliers in time and to keep certain essential products priced at an acceptable level. Considering the risks, only a few chains have a good working relationship with banks. The first credits went to Seventh Continent, Magnit, Mosmart and X5. The situation with regard to food retailing is being monitored by the Deputy Prime Minister Igor Shuvalov. During meetings last October, retailers requested that losses from theft be written off, a faster return of VAT and even a moratorium on tax inspections. But the only possible help from the public service can only be a financing assistance for the purchase of the said retailer by a stronger competitor or the actual purchase for posterior transfer.
Inventory: underloading?
A series of major stores' management is still insisting that there is no sense in drastically changing the inventory even because of the crisis. Hypermarkets are particularly keen on this, offering merchandise from all pricing segments for the largest possible consumer base. But they are also getting ready to adjust their inventory and pricing policies, especially with regard to essential merchandise. “There will be a redistribution between the middle and affordable segments, we are already seeing it,” says Asanova. “There a self defense mechanism, people who are losing income start to spend less…” In other words, the inventory is directly related to pricing and demand.
In mid October, following yet another jump in the inflation rate, representatives from the Retail Companies Association approached the manufacturers with a request to freeze the prices on essential food products, promising on its part to freeze the prices as well in order to stabilize the market. However, most suppliers are already planning to raise their prices in the new year. X5 has already received requests for their increase by as 5-30% (in such cases the chain negotiates longer payment terms by an average of 20%). The chain also expressed is willingness to purchase left-over merchandise with discounts from suppliers with financial difficulties: it lowered prices on 30% of its inventory indefinitely at Perekryostok stores in Moscow and St. Petersburg regions.
Only time will show how smooth or painful this process will be for the consumer. An unidentified source close to the Moskovsky Group (fruits and vegetables manufacturer, house plants and premium class greens) said that salads, one of the most tradable products will cost 2 rubles more (former prime cost – 29 rubles): “Chains normally have a 40% profit margin, and the 100% return for unsold merchandise reaches as much as 60%, and sometimes even 80%! It goes without saying that this merchandise is simply lost… And from 2009 some operators have already put forward some new conditions, such as levying a percentage from clean sales and so on.”
In the meantime, according to data from the Institute for Agricultural Market Studies, retailers, including X5, are forced to lower their profit margins in order to keep existing sales, and to have sales in order to free up space for seasonal popular produce. Vester is changing its inventory by increasing its seasonal and affordable merchandise. “Decreasing inventory concerns such merchandise as clothing, footwear, perfume, cosmetics, sporting goods and cellular phones. Fresh produce on the other hand will become more widely available. A direct impact will be felt on imported goods, which with the growth of the dollar to the ruble has become more expensive,” noted Oleg Bolychev. X5 is also planning on decreasing its inventory: after the holidays the choice of produce in Perekrestok stores will decrease twofold, while the Pyatyorochka stores will decrease theirs from 5,000 to 3,500 SKU. Magnit is also lowering its inventory. “Stores geared towards prestigious products will suffer great losses since sales of brand names will substantially drop,” said Maria Mattis, head of research at Step by Step. During the first phase of the crisis there could be an increased demand for premium merchandise, jewelry, home technology, furniture. However, with a fall in sales using credit, those customers that intended on making major purchasers as investments will most probably purchase something else.”
The consumer is always right
Just since November, major operators have noticed a major drop in demand (according to surveys, certain Vester, Bahetle and other stores by as much as 40%) essentially on items that are increasing in price (up to 35%) such as groceries, delicatessen and packaged goods. Sales of baked goods, inexpensive milk products and long-life goods have increased. According to the Institute for Agricultural Market Studies, the financial crisis has led to a drop in sales of milk products, which started way back at the end of 2007, and this occurring in large cities as well. As an example, in the Moscow Region, the drop in production of whole-milk reached 15%, and in the Altai area, suppliers have accumulated large reserves. The population has switched to more affordable cheeses from the Ukraine and Belarus. However, according manufacturers (from Zott in particular), the drop in sales is compensated by sales of desserts (puddings, creams, cocktails, etc.). The frozen foods segment has shown an increased yearend sale of 2-3% against an expected 7-8%. The internal redistribution of sales with regard to snacks has not shown a drop yet. Chocolate and tobacco manufacturers consider their situation as stable (since the consumer needs stress relief). Overall, according to the chains, the average bill is showing normal season growth, regardless of the weekly fluctuations.
Even the most incredulous are starting to believe in the difficulties that retailers are experiencing: the closure of second grade mid-size and small stores all over the place is proof enough. Having built an inventory way before the crisis on expectations of sales growth, chains are clearing their bank obligations from their working capital, which was previously destined to suppliers. The situation is aggravated by the fact that not all manufacturers are willing to provide credit to the chains, but often cannot be paid even monthly payments and are forced to proceed through the courts.
The first worrisome signals were the requests from Mosmart and Samokhval for up to three month postponements on payments to their distributors. In mid October their shelves emptied somewhat in both Moscow and the Moscow Region. Their regular assortment started tapering off and such products as frozen foods, coffee, snacks, fresh and canned vegetables and fish products started disappearing – the same starting happening to such brands as Corrado Group, Solnetchniye Produkty, Inco, ROK, Nidan, Tsargrad, Yuzni Complex, Icebit and others. Manufacturers indicated that the major reasons were late payments protracted way before the crisis. Toward the end of October, Mosmart closed down all 54 Mosmartik stores in Moscow and the Moscow Region, without however suspending its hypermarket expansionary plans for 2009. Therefore, out of the operator’s 83 stores in Russia, only 29% remain open (90% of the floor space is leased). In November’s list of plaintiffs against Mosmart on Moscow Arbitration Court’s web site are such major suppliers as Myasnoi Dvor Ostankino, Mercury, Rusimport, Raritet, America-Food and so on. Nevertheless, because of the lack of liquidity, unproductive stores have become a luxury for all market players. In comparison, the leader in points of sale in Russia, Magnit, is closing down some 80 locations in 2008 (2007 – 108). In 2009, the retailer was planning on opening some 17 hypermarkets, but has lowered its forecasts to 10–15, and 400 self-service stores (almost twice as many as before the crisis). By the end of 2008 the overall number of Magnits in all formats should reach 2,500.
Х5 Retail Group has also confirmed its intention to develop small formats (discounters Pyatyorochka), and will slowdown the expansion of its Karusel stores. However, nine Belgorod franchises of Pyatyorochka have stopped operating in mid-November. The Stary Oskol chain Proviant in Central Russia closed nine stores leaving only 114 active points of sale. Practically all leaders have cut their long-term development budgets in order to consolidate their resources for buying out their competitors.
In the meantime, Samokhval has put up for sale 10 land plots in Moscow, the Moscow Region, Murom, Smolensk and Tula ($195.5 million) and 17 real estate properties (GLA about 35,000 sq m for $107 million) with a sale-and-leaseback at 15% per year. The retailer was planning on operating by the end of 2008 a chain of 105 stores, having added 35 to its already working 70. In mid-November, the retailer offered its suppliers to suspend overdue accounts as of Sept. 1, 2008, for six months at 16% per year, up and until it sold its minor assets and real estate. Since the beginning of the year, suppliers have submitted 49 lawsuits in the Moscow Arbitration Court against Samokhval for an overall sum of 77 million rubles. According to Open Financial Corporation, Samokhval was had large debts even before the crisis and its cashflow is so low that it can hardly cover its debt obligations. According to manufacturers Samokhval, just like Mosmart, has had large debts for a long time, operating on the longest terms and using credit from suppliers to partially fund its development. If during last summer manufacturers were accepting such terms from stores, today they want to see cash.
For most market players, the problems encountered by these two operators, were the first signals of a malaise in the industry brought about by the global financial crisis. Other chains considered more stable (Seventh Continent, X5 Retail Group, Victoria Group and others) also have increased delays, but according to suppliers are paying according to agreed upon terms. The relationship between retail chains and non-food suppliers seemed a little more stable. “We are working on former terms and are not offering any new ones,” says Nadezhda Mikheeva, manager of the PR department at Eldorado. Most distributors have raised their prices because of the increased costs of raw materials for the manufacturers themselves. But this does not imply a worsening situation for non-food suppliers since it cannot get any worst. In particular, a source previously close to Techproject (Invent), indicated when it comes to products such as insecticides, cleaners, glue, shoe polishes and so on, chains were very demanding even before the crisis: payment upon 90 day terms, many high bonuses for the operator (quarterly, yearly, etc.), and penalties for the supplier (short delivery, wrong items, etc.). Certain chains are still maintaining that it’s still early to talk about global changes in their relationship with suppliers. “Manufacturers are working normally because we are paying them on time,” explains Yaroslav Grekov, head of the PR department at DIXY. The number of DIXY stores has increased from 388 to 472 since the beginning of the year (with ownership of 37% the premises).
“Just a few manufacturers have approached us with a request to lower the payment terms. We are working on several promotions in order to keep our chain’s sales on course,” said Elena Asanova, head of the PR department at real,- Hypermarket. “Suppliers are complaining about a shortage of products and problems with customs but our relations have not been hampered in anyway, and our inventory is fully up to date.” She indicates that the food sector in Russia is not showing as much impact from the global financial crisis as other sectors.
The Kaliningrad Federal Chain Vester is not planning on decreasing its purchases. “Our major goal is to provide our retail facilities with the required inventory,” said Oleg Bolychev, chairman of the board at Vester. “Our present agreements with suppliers will be renewed and new ones will be signed. Additional requirements will be reduced. We will concentrate on streamlining the relationship between marginal profit and inventory turnover.” Since mid-October, Vester started to increase terms with suppliers on two points: the supply of additional credit on merchandise and longer payment terms. Fifty out of 4,500 suppliers of Vester have received a letter with an unprecedented request: increase the payment terms until next September (additional credit on the current debt until Sept. 1, 2009. The company does however promises not to delay payments on merchandise delivered after Oct. 10, 2008, i.e. seven-60 days depending on the category of the merchandise. Binbank last October requested the chain to pay back $6 million ahead of schedule. In other words, the operator plans on paying back money for already sold merchandise accounting for delays of two-three months a year, having actually received an interest-free credit while the bank is working at 16% to 22%. About 80% of suppliers continue working with Vester, which because of the crisis has requested additional requirements (including guaranteed deliveries, additional merchandise on credit and longer payment terms). However, many have resorted to lawsuits even though the time taken to examine accounts receivable can reach as much as 11 months. But this is actually beneficial for the retailer.
Obvious problems due to the crisis can be seen with other operators. In particular, the Smak chain, which is managed by the Finstar investment holding, has not reached its planned potential because of the financial situation and has not achieved its announced profitability, following which 30 sales points were eliminated since December. Eleven lawsuits as of November were brought by suppliers against Lenta, because of late payments (up to 90 days without notice). It is, however, true that the legal department of the chain says that the issue is not related to late payments but rather because the now former suppliers refused the conditions proposed by the chain and refused to pay penalties for short deliveries and other reasons. The second largest chain with regard to sales in Russia, the Metro Group, since early 2008, has received 26 lawsuits for over 110 million rubles for avoiding its supply obligations. According to information from the legal department at Akmalko (manufacturer of sauces and ketchups), the late payments for merchandise delivered to Metro reached 300-400 days, even though the chain had 45-60 days to pay. Ratibor, a jam producer, received no payments from Metro for two years. The retailer thinks that the problem is caused by its regular economic activities. Major suppliers have no qualms with the retailer in regard to payment terms (except for some problems with documentation, according to Cristal-Lefortovo). Notwithstanding the crisis, Metro Cash & Carry plans on opening another five regional shopping centers (it now has 43). Also by yearend, Metro will open a distribution center in Noginsk.
Banks aren’t bottomless
Direct sale points are the source of liquidity for an enormous number of suppliers (X5 has some 4,000). Many Russian retailers are faced with the following dilemma: either default on debt obligations and change ownership, or make some kind of deal with a loss to the suppliers and customer. Late payments only allow for liquidity for a limited time: in a few weeks the shelves inevitably start emptying and the customer chooses the competitor. But many owners out of desperation are doing exactly this, instead of selling part of the working company. According to Lev Khasis, chief executive officer and chairman of the management board of X5 Retail Group, when a debt EBITDA is at six-10 a chain basically stops functioning, which has happened to Nezabudka and Marta.
The federal government recommended that banks, especially VTB and Sberbank, start helping retailers in refinancing short-term debts. The banks agreed to provide dozens of retailers with credit lines of up to 50 billion rubles on condition that the chains promise to pay suppliers in time and to keep certain essential products priced at an acceptable level. Considering the risks, only a few chains have a good working relationship with banks. The first credits went to Seventh Continent, Magnit, Mosmart and X5. The situation with regard to food retailing is being monitored by the Deputy Prime Minister Igor Shuvalov. During meetings last October, retailers requested that losses from theft be written off, a faster return of VAT and even a moratorium on tax inspections. But the only possible help from the public service can only be a financing assistance for the purchase of the said retailer by a stronger competitor or the actual purchase for posterior transfer.
Inventory: underloading?
A series of major stores' management is still insisting that there is no sense in drastically changing the inventory even because of the crisis. Hypermarkets are particularly keen on this, offering merchandise from all pricing segments for the largest possible consumer base. But they are also getting ready to adjust their inventory and pricing policies, especially with regard to essential merchandise. “There will be a redistribution between the middle and affordable segments, we are already seeing it,” says Asanova. “There a self defense mechanism, people who are losing income start to spend less…” In other words, the inventory is directly related to pricing and demand.
In mid October, following yet another jump in the inflation rate, representatives from the Retail Companies Association approached the manufacturers with a request to freeze the prices on essential food products, promising on its part to freeze the prices as well in order to stabilize the market. However, most suppliers are already planning to raise their prices in the new year. X5 has already received requests for their increase by as 5-30% (in such cases the chain negotiates longer payment terms by an average of 20%). The chain also expressed is willingness to purchase left-over merchandise with discounts from suppliers with financial difficulties: it lowered prices on 30% of its inventory indefinitely at Perekryostok stores in Moscow and St. Petersburg regions.
Only time will show how smooth or painful this process will be for the consumer. An unidentified source close to the Moskovsky Group (fruits and vegetables manufacturer, house plants and premium class greens) said that salads, one of the most tradable products will cost 2 rubles more (former prime cost – 29 rubles): “Chains normally have a 40% profit margin, and the 100% return for unsold merchandise reaches as much as 60%, and sometimes even 80%! It goes without saying that this merchandise is simply lost… And from 2009 some operators have already put forward some new conditions, such as levying a percentage from clean sales and so on.”
In the meantime, according to data from the Institute for Agricultural Market Studies, retailers, including X5, are forced to lower their profit margins in order to keep existing sales, and to have sales in order to free up space for seasonal popular produce. Vester is changing its inventory by increasing its seasonal and affordable merchandise. “Decreasing inventory concerns such merchandise as clothing, footwear, perfume, cosmetics, sporting goods and cellular phones. Fresh produce on the other hand will become more widely available. A direct impact will be felt on imported goods, which with the growth of the dollar to the ruble has become more expensive,” noted Oleg Bolychev. X5 is also planning on decreasing its inventory: after the holidays the choice of produce in Perekrestok stores will decrease twofold, while the Pyatyorochka stores will decrease theirs from 5,000 to 3,500 SKU. Magnit is also lowering its inventory. “Stores geared towards prestigious products will suffer great losses since sales of brand names will substantially drop,” said Maria Mattis, head of research at Step by Step. During the first phase of the crisis there could be an increased demand for premium merchandise, jewelry, home technology, furniture. However, with a fall in sales using credit, those customers that intended on making major purchasers as investments will most probably purchase something else.”
The consumer is always right
Just since November, major operators have noticed a major drop in demand (according to surveys, certain Vester, Bahetle and other stores by as much as 40%) essentially on items that are increasing in price (up to 35%) such as groceries, delicatessen and packaged goods. Sales of baked goods, inexpensive milk products and long-life goods have increased. According to the Institute for Agricultural Market Studies, the financial crisis has led to a drop in sales of milk products, which started way back at the end of 2007, and this occurring in large cities as well. As an example, in the Moscow Region, the drop in production of whole-milk reached 15%, and in the Altai area, suppliers have accumulated large reserves. The population has switched to more affordable cheeses from the Ukraine and Belarus. However, according manufacturers (from Zott in particular), the drop in sales is compensated by sales of desserts (puddings, creams, cocktails, etc.). The frozen foods segment has shown an increased yearend sale of 2-3% against an expected 7-8%. The internal redistribution of sales with regard to snacks has not shown a drop yet. Chocolate and tobacco manufacturers consider their situation as stable (since the consumer needs stress relief). Overall, according to the chains, the average bill is showing normal season growth, regardless of the weekly fluctuations.
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