For the first time in five years, more foreign retailers are closing theirs shops than opening new ones in Russia. 

According to a recent study from Russian retail consultants, Magazin Magazinov, in the year to July 2015, 991 new foreign clothing outlets opened in Russia. Over the same period, 1,024 foreign clothing outlets closed their doors, yielding a net decline in the numbers.

To compare the previous year, 1,234 foreign clothing stores opened, with only 314 closing, in the year to July 2014.

Hardest hit, according to the report, are those in the medium pricing bracket, such as US retailers; Esprit and American Eagle

Russia’s vastly weakened ruble has made foreign imports more expensive, and has affected all areas of the import market. The country’s economic recession in combination, has also led to a drop in retail spending of 8.5% according to the country’s federal statistics agency, Rosstat.

The value of the ruble has fallen heavily over the past number of years due to Western led sanctions, but primarily due to the decline in the global price of oil. Today the ruble stands at 66 to the dollar. Two years ago, it was 32.