German retailer Tengelmann Group has confirmed plans to enter the Russian market with a ‘Plus’ discount banner.
A spokesperson for the retail group said Tengelmann’s focus will initially be on opening stores in the Moscow region.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
It is understood the company is looking to open around 150 stores, that it hopes will generate sales of around EUR1bn by 2020. The spokesperson declined to comment further on the plans.
In July, Tengelmann booked an increase in full-year sales. In the 12-month period, net sales climbed 2.4% to EUR10.28bn (US$12.6bn).
