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City news, 29.04.2003 14:18

First "Metro Cash & Carry" opens in St. Petersburg

The first center for light wholesale trading "Metro Cash & Carry" opened on Komendantsky prospect in St. Petersburg on Monday. The member of the Board of "Metro Cash & Carry" and Project Director for Eastern Europe and Russia Franz Muller told at the press conference that the total area of the trade complex was 9.1 thousand square meters. Investment in the project reached Eur 25 million. The period of recoupment is about 8-10 years, and a trade turnover of the complex is expected to reach at least Eur 70 million annually.

Muller said that the center has 11 thousand name brand grocery items, including 1200 suppliers predominated by Russian companies (80%) and of them St. Petersburg companies make up 30%. There are also 9 thousand name brand non-grocery trade items.

The second "Metro Cash & Carry" will open on Prospect Kosygina in St. Petersburg in June. Investment in the second store is valued at Eur 20 million. Moreover, the third store is planned to be opened in the city on the Neva by the end of the year.

There are a total of 437 "Metro Cash & Carry" trade centers currently operating in 24 countries of the world. Total sales of the company was more than Eur 25 billion in 2002. More than 76% of all the sales are international. The first "Metro Cash & Carry" opened in Russia in the beginning of November 2000 in Moscow. Currently there are three "Metro Cash & Carry" stores operating in Moscow.

News source: www.rosbaltnews.com

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