Supermarket chain Sedmoi Kontinent has purchased grocery chain Altyn in the Kaliningrad Region for just under US $36m, Sedmoi Kontinent said in a statement reported by the Prime-TASS news agency.
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Sedmoi Kontinent acquired 12 stores with an overall floor space of 29,500 square meters, the company said. The stores were expected to start operating under the Sedmoi Kontinent brand name in September, the company said.
The sales revenue of Altyn stores were expected to amount to about US$65m this year; Sedmoi Kontinent’s total sales revenue in the Russian western-most exclave region was expected to amount to between $80m to $100m this year, the company said.
In 2006 Sedmoi Kontinent plans to open two stores in the region, the company said. Sedmoi Kontinent also planned to build two shopping malls called Nash Gipermarket (Our Hypermarket) with a floor space of 40,000 square meters each and to open them in 2007, the company said, adding that it expected its share in the region’s retail sales to increase to between 35% and 40%. No current estimates were provided.
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