Russian retailer Lenta has announced that it signed an agreement for long-term leases of hypermarkets around Moscow currently operated under the Nash banner.
The agreement is to run over a 15-year period, which will see Lenta taking over 14 hypermarkets with a total selling space of approximately 78,400 square metres. Seven of these are in Moscow city, and seven are located in the greater Moscow region - Nizhniy Novgorod, Chelyabinsk, Perm, Ryazan, Yaroslavl, and Rostov-on-Don.
"The stores all have good urban locations and complement Lenta’s existing network," said CEO Jan Dunning. "The hypermarkets have well-trained personnel, so Lenta looks forward to welcoming Nash store employees into its family."
"We have a very strong track record of successful integration and are confident this deal will significantly strengthen Lenta’s network in Moscow, where we currently operate 13 hypermarkets, and will complement our offering in each of the other regions."
The retailer says that it will invest in renovating the sites, which will re-open under the Lenta brand in approximately two months.
Lenta currently operates 195 hypermarkets in 78 cities across Russia.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.