French retail giant Carrefour has revealed that it will open its first hypermarket outlet in the Russian market this summer.
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“Carrefour will open a new store in Russia in the middle of 2009,” a spokesperson for the company told just-food today (25 February). “It will be the first one [to be opened in Russia] – a hypermarket under Carrefour’s banner.”
Carrefour announced last September that it planned to invest up to US$100m over the next five years to develop a hypermarket business in the Krasnodar region in southern Russia.
The company confirmed its continued commitment to expand in Russia following reports yesterday that it has made an offer to acquire a 75% stake in Russian retailer Seventh Continent.
However, Carrefour declined to comment on the report or whether it would consider speeding its growth in the market through acquisitive activity.
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By GlobalData
