Russian online retailer rides out storm

Moscow

RUSSIAN retailers are being hit by consumers' loss of purchasing power, but Ulmart, the country's version of Amazon, expects to strengthen its position as people begin to count every kopeck.

"We are optimistic about this year," said Ulmart board chairman Dmitry Kostygin.

"But for certain competitors, it will be difficult," the 42-year-old entrepreneur told AFP.

Founded in 2008 in Saint Petersburg, Ulmart adapted Amazon's model to Russia's logistics landscape - bypassing the lumbering postal service to deliver to a network of pickup points located near its customers.

It put an emphasis on low prices for consume…