The main trends, challenges and success factors in the Russian hospitality and tourism market

Abstract

Purpose This paper aims to discuss the main trends, opportunities, challenges and success factors in the Russian hospitality and tourism market. Design/methodology/approach The study sets the tone for the theme by evaluating the overall economic situation in Russia and the prospects of the tourism and hospitality market by taking into account the existing institutional environment, as well as the natural resources and cultural heritage of Russia. The articles in this theme issue are drawn both from academia and industry. Findings This paper sheds light on the key trends and challenges with respect to leveraging the cultural and economic potential of the Russian hospitality and tourism market. The opportunities for Russia’s hospitality and tourism market are reviewed, and the success factors relating to the Russian hospitality and tourism market are explained. Practical implications This study identifies a number of implications for practitioners and policymakers that will allow Russia to leverage its huge but greatly under-rated and untapped potential as an attractive tourist destination. This requires a clear understanding that networking is crucial in the experience economy era to ensure that the aspirations and concerns of all key stakeholders are taken into account given that a lot of different resources and competencies are needed to provide tourists with a combination of experiences, and thus to make a destination attractive for target audiences. It will help Russian practitioners to understand better which factors are crucial for gaining competitiveness in the experience economy era and to find new ways of business improvement. It will also assist practitioners from other countries to understand local environment and find new perspectives of doing business in Russia. Whilst not all key stakeholder voices are represented in this theme issue, the discussions and implications that are drawn out are of importance to all stakeholder groups. Originality/value This is the first time a journal issue has focused on the challenges and prospects of the Russian tourism and hospitality market. The research through this theme issue contributes to the literature on BRICS markets by highlighting the specifics of the Russian market. It also provides an understanding of the ways in which Russian cultural heritage and natural resources can be deployed effectively for a positive impact on inbound and domestic tourism and hospitality and on the prosperity of Russian regions and local communities.