CURRENT STATE OF RETAIL TRADE IN UKRAINE: DIRECTION FOR ADVANCING MANAGEMENT ACCOUNTING

Abstract

This article presents a comprehensive analysis of the current state of the retail sector in Ukraine, emphasizing the integration of advancing management accounting in response to global market trends and the unique challenges presented by ongoing war in Ukraine. The retail industry, a critical component of national economies worldwide, faces unprecedented challenges and opportunities that significantly influence management strategies and operational efficiencies. In Ukraine, these challenges are intensified by the ongoing conflict, necessitating robust management accounting practices to ensure operational resilience and strategic agility. The study delves into the effects of global trends on the Ukrainian retail market, particularly focusing on the digital transformation, investment in innovative technologies, and the imperative for environmental sustainability. It identifies the adaptation of management accounting systems as a critical factor in navigating these complexities, enabling businesses to make informed decisions that enhance competitiveness and sustainability. Through a detailed examination of current practices, the article proposes strategic directions for advancing management accounting in the retail sector, including the integration of advanced digital tools, analytical techniques, and sustainability practices into everyday business operations. Management accounting is positioned as a pivotal element that can drive the retail sector towards greater efficiency and strategic alignment with global standards. The paper highlights how management accounting facilitates a deeper understanding of market dynamics, consumer behavior, and operational risks, thereby allowing retail businesses to optimize their responses to rapid market changes and regulatory demands. Further, the analysis utilizes data from national statistics and international market studies to illustrate the growth trajectory of retail turnover in Ukraine, despite challenging economic conditions. It discusses the sector's substantial contribution to national economic stability, employment, and tax revenues, underscoring the importance of effective management accounting in enhancing these contributions. In conclusion, the paper argues that advancing management accounting practices is not merely a necessity for Ukrainian retail enterprises in coping with current market conditions but also a strategic imperative to harness opportunities for future growth and development. The proposed advancements in management accounting are vital for empowering retailers to achieve operational excellence and sustainable growth in an increasingly volatile global marketplace.