Real to launch 1.6 bln ruble hypermarket in Rostov on the Don in Oct
ROSTOV ON THE DON. June 22 (Interfax) - OOO Real-Hypermarket, the Russian subsidiary of Real (a part of the Metro Group), will invest 1.6 billion rubles into the construction of a hypermarket in Rostov on the Don, the region's administration said.
The hypermarket's floorspace will come to 42,000 square meters.
The statement said that the company's director for development, Jens Potten, during a meeting with Rostov Governor Vladimir Chub, announced that company intends to launch the outlet in October 2009. He made a request with the governor for possibly developing an additional store in Rostov on the Don.
In addition, the signing of an agreement to provided Real-Hypermarket tax benefits was discussed.
OOO Real-Hypermarket and the administration of the Rostov region signed a memorandum for the construction of three hypermarkets during the Sochi-2008 investment forum.
Metro Group AG is one of the world's major retail companies with around 2,500 outlets in various formats.