Tengelmann is looking to open around 150 Plus stores

Tengelmann is looking to open around 150 Plus stores

German retailer Tengelmann Group has confirmed plans to enter the Russian market with a 'Plus' discount banner.

A spokesperson for the retail group said Tengelmann's focus will initially be on opening stores in the Moscow region.

It is understood the company is looking to open around 150 stores, that it hopes will generate sales of around EUR1bn by 2020. The spokesperson declined to comment further on the plans.

In July, Tengelmann booked an increase in full-year sales. In the 12-month period, net sales climbed 2.4% to EUR10.28bn (US$12.6bn).