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16 Mar, 2007 06:15

Russian retailer announces a $US 700 MLN worth investment plan

Russian retailer announces a $US 700 MLN worth investment plan

On Thursday, Russia’s largest food retailer, X5, unveiled a new five-year strategy with plans to invest $US 700 MLN this year, to move into the hypermarket sector as well as focusing on its core areas of supermarkets, and discounters.

The company's long-term objective is to remain a leader in all areas.

The company currently operates more than 450 Pyaterochka discount stores across Russia, as well as Perekrestok supermarkets in Russia and Ukraine.

X5's Chief Financial Officer, Vitaly Podolsky, praised the growth of Russia's retail sector.

“It’s a unique market in the global retail landscape. The top Russian retailer grew around 50% last year – it’s more then twice faster then the Chinese market, not to mention European and North American markets which grow at a single-digit pace,” he said.