Russian retailer X5 Retail Group said today (5 May) that it expects to capitalise on the “growing opportunity” offered by the country’s convenience sector as part of its multi-format strategy.
The company announced earlier this morning that it has increased its stake in Express Retail from 40% to 60% for a total consideration of US$6m.
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Express Retail is a joint venture company that operates 52 Perekrestok-Express convenience stores in and around Moscow.
“We expect our convenience operations to benefit from strong growth in demand, particularly in urban areas,” a spokesperson for the company told just-food.
“We are focused on developing various routes to market from hypermarkets, to supermarkets, to discounters, to – obviously – convenience stores. This multi-format strategy has provided us with strength during unsettled economic times and offers excellent growth prospects.”
X5 indicated last month that the group plans to spend RUB18bn (US$619.2m) on expansion this year, including stepping up the rate of new store openings and developing its infrastructure and logistical capabilities.
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