Russian grocery chain Lenta plans to double the number of stores it runs by 2014.

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According to chairman Dmitry Kostygin, Lenta plans to open 34 hypermarkets over the next four years.

Most of the hypermarkets will be opened in the south-western region of Russia, Siberia and in the south of the country. 

According to a source at Lenta, the company will open up to 10 hypermarkets in 2011. The average investment in one store will be up to US$20-25m with each store 12,500 thousand sq m in size. The total level of investments in 2011 is estimated at $250m.

According to Russian analysts, Lenta might be able to implement such ambitious plans, taking into account its good financial results in recent months, which allowed it to almost reach pre-crisis figures.

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Most of the funds are expected to come from Lenta’s existing resources but there is also the possibility of taking out loans from the banks.