Supermarket companies Sedmoi Kontinent and Hypercenter are to invest around US$200m in opening a chain of ten hypermarkets in Moscow and St Petersburg over the next three years.

Around $150m will be invested in the setting up of eight outlets in Moscow under the name Mosmart, while $50m will be spent on two outlets in St Petersburg to be launched under the name Rosmart.

The first Mosmart outlet is due to open in the spring, reported the Moscow Times.