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Business news, 13.07.2005 14:21

Retailer Expansion

Trading House Perekrestok Retail chain Perekryostok will invest $231 million into an aggressive regional expansion in 2005, the company said Monday in a statement.

The chain currently consists of 102 shops. It will expand to 122 shops by the end of the year. According to the expansion plan, the company will operate 399 shops by 2010, Interfax news agency reported.

The company Trading House Perekrestok was registered in 1995. Until now the chain was located mostly in Moscow (65 shops) and St. Petersburg (5 shops). In April 2005 the company entered the Ukrainian market and is eager to expand in the Russian regions and the CIS.

The retailer's sales volume rose from $453 million in 2003 to $766 million in 2004. Forecasts for 2005 are set at $1 billion, the news agency said.

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