CORRECTED: Spar planning to up revenue in Russia 23% to 70 bln rubles in 2014
(third paragraph adjusted)
MOSCOW. Feb 13 (Interfax) - Dutch retailer Spar is planning to increase revenue in Russia to 70 billion rubles in 2014, up from last year's 57 billion rubles, Spar International Executive Director Gordon Campbell said at the Food Retail & Drogerie Russia 2014 summit on Thursday.
He said the company planned to open around 100 stores in Russia, which will allow the company to increase sales area by 50%, thanks mostly to hypermarkets.
The company opened its first hypermarket in 2011, and will open stores in St. Petersburg, Nizhny Novgorod, Tomsk and other cities in 2014.
Spar is developing based on a franchising system. The retailer's chain includes 12,300 stores in 34 countries, and posted revenue of $44 billion last year.
The retailer had 363 stores in Russia as of end-2013, and works with 13 partner franchises on the Russian market. Revenue was $1.8 billion in 2013.