THEORETICAL BASIS OF CITY BRANDING STRATEGY AS AN ELEMENT OF RUSSIAN TOURISM DEVELOPMENT: THE INSTITUTIONAL APPROACH

Abstract

Despite unprecedented and constantly tightening economic sanctions, the Russian tourism market demonstrates significant positive dynamics. Urban branding strategies, the widely studied concept from foreign scientific literature, is one of the potential mechanisms that may further stimulate the development of the Russian tourism industry. The purpose of this article is to analyze urban (territorial) branding strategies within the framework of institutional economics in order to generalize useful practices that can serve as a driver for the long-term development of Russian tourism and, as a consequence, the socio-economic development of certain administrative-territorial units.