Russian food retailer Holiday has confirmed that it is considering various ways to attract funding in a bid to expand its Siberian operations.

"We want to grow our business by attracting customers with new and modern services and facilities. To do this takes investment," a spokesperson for the Novosibirsk-based company told just-food today (29 May).

The company currently operates 131 supermarkets and neighbourhood stores in Siberia.

While the food retail market in Siberia is not yet as competitive as other regions - particularly Moscow and St Petersburg - Holiday has said that it needs funding in order to prepare for the arrival of other food retailers to the area.

According to a Bloomberg report, Holiday may sell a stake of between 20% and 35% in an initial public offering after 2009 to help fund expansion.

The group reportedly hopes to increase sales by 35% and double its profits this year.