Finnish grocery retailer Kesko has revealed plans to launch a hypermarket format in Russia.
Speaking at the retailer’s AGM yesterday (4 April) CEO Matti Halmesmaki said Kesko will open four hypermarkets stores in Russia during 2012-13, with two to be located in the St. Petersburg area and two in and around Moscow.
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“Kesko will expand the operations of its selected divisions in the Nordic and Baltic countries, and especially in the large and fast-growing Russian market,” said Halmesmaki.
The company is aiming for EUR500m (US$711.1m) in net sales and a positive operating result in Russia by 2015. The retailer said it plans to invest some EUR300m in captal expenditure between 2011-15.
Kesco added that it will “continue to explore business acquisition opportunities in both St Petersburg and Moscow”.
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The retailer currently operates some 12 K-rauta DIY stores in Russia, with nine of those in St Petersburg and three in Moscow.
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By GlobalDataThe division recorded EUR204m net sales in 2010, a 20.5% increase on the previous year.
