10 Nov 2010 14:56

Metro to open four or five shopping centers in Russia by year's end

TOMSK. Nov 10 (Interfax) - OOO Metro Cash & Carry, the Russian division of Germany's Metro Group, plans to open four or five new shopping centers in Russia by year's end, the company's general director, Jeroen de Groot, said at press conference in Tomsk at a press conference.

"We plan to open four or five shopping center in Russia by year's end. Two stores will be opened in Yekaterinburg and Kaliningrad," he said.

Oksana Tokareva, the company's head for corporate and public relations, told Interfax that the construction of each center costs around 18 million-22 million euro.

In turn, De Groot told Interfax that the company expects the economic situation to improve next year.

"We have high expectations for 2011. We think that the shakeup of the Russia and CIS market will settle down. We are looking at our operations with confidence and expect profitability in 2011. The rate of expansion will be faster than this year at four or five centers a year," he said.

Metro Cash & Carry opened a shopping center in Tomsk worth 8000 million on November 3.

Metro Cash & Carry unites over 50 outlets in Russia. The group opened 13 stores in 2009, including four Metro Cash & Carry, three Real hypermarkets and six Media Markts. The German retailers chain at the end of 2009 came to 87 outlets, including 52 Metro Cash & Carry