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Competitiveness of Ukrainian retail chains in wartime: Challenges and adaptation strategies

Author

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  • Marina Korzh
  • Valerii Krasnoshchok
  • Oleksandr Marchenko
  • Olena Voloshyna

Abstract

Ukraine’s retail sector recovered to pre-war operational levels within 22 months of the February 2022 invasion, with the top ten operators recording combined revenue of UAH 529.2 billion in 2024. The purpose of this study was to identify the mechanisms through which Ukrainian retail chains sustained and enhanced competitive advantage under wartime conditions, using the dynamic capabilities framework. Financial performance indicators for 2022-2024 and a comparative assessment of five leading chains – ATB-Market, Fozzy/Silpo, Novus, Metro Cash & Carry, and Aurora – were analysed using secondary data triangulation. All five chains recorded positive revenue growth in 2024, ranging from 12.5% for Metro Cash & Carry to 40.6% for Aurora, yet profitability diverged sharply: Aurora and ATB-Market reported net profits of UAH 4.08 billion and UAH 3.1 billion respectively, while Fozzy/Silpo returned UAH 0.2 billion, its first profit after three consecutive loss-making years. ATB-Market alone generated 39.5% of the combined revenue of the ten largest retailers, which grew 17% year on year and accounted for 12.4% of all revenue reported by Ukrainian companies in 2024. Discount and value formats grew consistently faster than premium and wholesale ones. Three structural shifts were identified: accelerating market concentration among operators with strong dynamic capabilities; a reordering of competitive advantage drivers toward operational resilience and social positioning; and the emergence of the discount segment as a structural growth vector. Seven adaptation strategies were systematised within a dynamic capabilities matrix, with omnichannel and e-commerce integration analysed as a cross-cutting continuity mechanism. The findings extend dynamic capabilities analysis to protracted armed conflict and carry implications for retail management and reconstruction-phase industrial policy

Suggested Citation

  • Marina Korzh & Valerii Krasnoshchok & Oleksandr Marchenko & Olena Voloshyna, 2026. "Competitiveness of Ukrainian retail chains in wartime: Challenges and adaptation strategies," E-Forum Working Papers, Economic Forum, vol. 16(3), pages 45-55, September.
    • Handle: RePEc:cuc:eforum:v:16:y:2026:i:3:p:45-55
    DOI: https://doi.org/10.62763/ef/3.2026.46
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    References listed on IDEAS

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    1. Obłój, Krzysztof & Voronovska, Roksolyana, 2024. "How business pivots during war: Lessons from Ukrainian companies’ responses to crisis," Business Horizons, Elsevier, vol. 67(1), pages 93-105.
    2. Stephanie Duchek, 2020. "Organizational resilience: a capability-based conceptualization," Business Research, Springer;German Academic Association for Business Research, vol. 13(1), pages 215-246, April.
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