RUSSIA: Spar to invest US$100m in Russia
Spar International has signed licence agreements with two partners in Russia
International retailer Spar is to invest US$100m in the development of its store network in Russia.
The retailer has said it will invest $30m in the reconstruction of its Moscow stores and another $70, on the opening of new stores.
Owned by businessman Alexander Mamut, the Spar Russia banner current operates 24 stores in the Moscow and Vladimir regions. The reconstruction will comprise 15 of those stores.
"The first store will be closed for renovation in March, and the last one in August," said Victor Balashov, general director of Spar Retail in Russia. "This plan will allow us not to disrupt New Year sales. To keep the total turnover all supermarkets will be closed subsequently and no more than two to three at the same time."
The store revamp will include a style and interior that is consistent across the chain, the retailer said. In addition, the floor layout will change
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