Armenia - Country Commercial Guide
Fast Moving Consumer Goods

This is a best prospect industry sector for this country.  Includes a market overview and trade data.

Last published date: 2022-07-31


Retail trade in Armenia has swelled in recent years.  Growing income levels and improving living standards in Armenia have paved the way for the accelerated growth of the retail sector.  Following a 14 percent decline in 2020 due to COVID, the retail sector recovered strongly in 2021.  According to national statistics, Armenia’s domestic trade turnover in 2021 increased by 7.5 percent to about seven billion dollars. The biggest contributors to Armenia’s domestic trade volume in 2021 were wholesale trade, at about $3.6 billion and retail trade, at about three billion dollars.

According to data from the Central Bank of Armenia (CBA), private remittances sent via bank transfers to Armenia in 2021 accounted for approximately 10 percent of GDP, with the bulk of transfers coming from Russia.  Remittances from the United States represented the next largest total.  Armenia’s reliance on Russia as a market for exports and migrant labor means that the health of Russia’s economy has a strongly determinative effect on Armenia’s economy and the volume of remittance receipts.  Those remittance receipts help fuel Armenia’s retail trade.

Armenia’s retail market is shifting rapidly to modern formats.  About 80 percent of the country’s retail sales occur in Yerevan where shoppers spend almost $100 million monthly on consumer goods, primarily food.  Home improvement, clothing, and furniture are the top non-food categories.  Armenia ranks between its neighboring countries on retail trade share of GDP, higher than Turkey but lower than Georgia. 

The growth in retail is supported by the consumption-driven nature of the Armenian economy as well as readily available consumer financing from banks.  The expansion of logistical services will support the continued growth of local retail and is expected to broaden the Armenian market of consumers.

Leading Sub-Sectors

Food retail comprises a significant share of total retail turnover.  Building materials, textiles, clothing, and furniture dominate the non-food retail segments.

Retail trade is moving from small and medium stores to large trade centers, including supermarkets.  Currently, there are several malls and large stores operating in Yerevan involved in the sale of food and consumer products.  Supermarkets are the most frequently used stores for fast moving consumer goods purchases in Yerevan, with nearly 400,000 customers daily.  Purchases at large supermarkets represent nearly half of the fast-moving consumer goods trade in Yerevan.  The first large modern shopping center, Dalma Mall, opened in 2013.  Yerevan Mall opened in February 2014; its major tenants include Inditex Group brands and a Carrefour supermarket, which made its entry into Armenia after working to do so for several years.  This development is a sign of improvement for the market, given that a legacy of corruption and lack of contestability in many local markets have hampered the entry of international players.  In 2016, the Rossiya Mall opened in the center of Yerevan, built at a cost of around $15 million.  The mall is home to the largest jewelry center in Yerevan.  In 2017 another shopping center, the RIO Mall, opened in Yerevan.  In 2018, Carrefour opened a new supermarket in the Rossiya Mall and in 2021 added several smaller sized stores in the city.  In 2019, a 98,000 square meter shopping center, Megamall Armenia, opened in Yerevan.  Construction of several other malls is underway.       

The growing number of western franchises in Armenia and the prevalence of copycat shops and restaurants—together with a general premium on name recognition—suggest that U.S. franchises could be successful, especially in Yerevan.  Despite generally low incomes in Armenia, many entrepreneurs can secure sufficient capital to facilitate franchising. 


Well-known western franchises, particularly restaurants, are in demand in Armenia and the sector is showing signs of growth.  Name-brand U.S. fast food franchises are a common and growing sight in Yerevan.  Yerevan has seen an explosion of other dining options in recent years.  Several U.S. and international brands have successfully operated franchise businesses, including KFC, Pizza Hut, Hyatt, Hilton, Marriott, and Radisson, along with a variety of local franchises in food, retail, services, and other industries.  High-priced dining establishments are also finding increased success.  The retail business is also an attractive investment and partnership opportunity for U.S. firms.  There are several retail outlets selling U.S brand clothes such as Calvin Klein, Tommy Hilfiger, Polo, GAP, and Nike.  U.S. fitness chains and brands have been operating in Yerevan for several years and continue to expand. 


  • Ministry of Economy
  • Armenian National Interests Fund (ANIF)
  • Enterprise Armenia
  • Statistical Committee of the Republic of Armenia
  • UNCTAD Investment Policy Review of Armenia
  • WTO Trade Policy Review: Armenia 2018
  • American Chamber of Commerce in Armenia
  • Spyur Information System