Retail

X5 Retail To Sell Perekrestok Express Stores In Moscow

By Publications Checkout
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Russian retail group X5 Retail has announced plans to sell its convenience-format stores under the Perekrestok Express banner in Moscow.

The retailer says that Perekrestok Express currently accounts for less than 1% of the group's revenue, and it now plans to concentrate on its three major formats: Pyaterochka proximity stores, Perekrestok supermarkets, and Karusel hypermarkets.

Retail Market

"Convenience stores like those that Perekrestok Express operates in Moscow, which have a selling space of up to 200 square metres, certainly have potential," said Igor Shekhterman, CEO of X5 Retail Group.

"However, they represent a fairly narrow segment of Russia's modern food-retail market, in which proximity stores, supermarkets and hypermarkets occupy more than a 90% share."

X5 says that it has successfully bolstered its major retail formats this year, while improving the quality of its store portfolio in Moscow.

Last week, the group posted a 24.9% increase in turnover for the third quarter of the year, with sales totalling RUB 317,131 million.

This growth was driven by the Pyaterochka chain (+28.8%), as well as Perekrestok (+18.1%) and Karusel (+3.8%). However, the retailer's Express convenience stores saw sales decline by 13.7%.

© 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.

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