RUSSIA: X5 Retail to invest in Tula region expansion
Around 1,000 jobs are expected to be created through the investment, says X5
Russian retailer X5 Retail Group is to invest RUR1bn (US$32m) in the Tula region, south of Moscow.
X5 said it has signed a cooperation agreement with local government officials for the project, which it says will develop the region's retail infrastructure.
The investment will be made over the next two years and will lead to the opening of around 45 stores in Tula, a city situated 200 km to the south of Moscow. X5 already operates 57 Pyaterochka soft discounter stores in the Tula region.
Around 1,000 jobs are expected to be created through the investment, it said.
"The Tula region is a fast-developing Russian region that is open for investments," said Mikhail Susov, X5's corporate relations director. "That is why X5 intends to expand the company's presence in the region by opening new Pyaterochka, Perekrestok and Karusel stores, in order to provide consumers with high quality products at affordable prices."
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