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."
Russian retailer Magnit has seen profits benefit from improved purchasing terms and cost controls as it expanded its store footprint over the past 12 months....
This week saw the debate around the food industry's role in the obesity epidemic come to the fore once again, as the UK Government warned that the industry must do more or face the possibility of legi...
The release of X5 Retail Group's sales figures has prompted pundits to suggest that Magnit could overtake X5 as Russia's largest retailer this year....
- Interview: Mondelez eyes sweet success in China
- The benefits of engaging staff in sustainability
- How food companies involve staff in sustainability
- Why Danone is withdrawing Dumex from Vietnam
- Why May's Brexit comments give reason for optimism
- Fonterra says value-added strategy paying off
- B&G Foods acquires ABF's US spice business
- General Mills profit falls as sales disappoint
- 2 Sisters chief Boparan buys Bernard Matthews
- Ireland unveils national plan to tackle obesity
- Global Chocolate Confectionery Overview: Challenges, Opportunities and Risks
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Global Foodservice Market 2016-2020
- Global Food and Drinks Closures: Performance and Opportunities
- Fast Food Restaurants in the US - Industry Market Research Report