UK-based Kingfisher plans to open 50 stores in Russia over the next few years in a move aimed at boosting its position in the country, where a construction boom is fuelling demand for DIY goods. The British DIY group, which already opened four stores in Russia in 2006 under the Castorama banner, said another 50 will follow in the coming 10 years at an estimated cost of about £ 250 mln (EUR 369 mln), according to several media reports.
UK-based Kingfisher plans to open 50 stores in Russia over the next few years in a move aimed at boosting its position in the country, where a construction boom is fuelling demand for DIY goods. The British DIY group, which already opened four stores in Russia in 2006 under the Castorama banner, said another 50 will follow in the coming 10 years at an estimated cost of about £ 250 mln (EUR 369 mln), according to several media reports.
The company will open its fifth store next September and another five stores in 2008, according to a statement by Oleg Pisklov, managing director of Castorama Russia. Pisklov, who was speaking at an investor meeting in Moscow, said the company wants to have 'up to 15 stores in Moscow, five in St Petersburg and a couple of big box stores in each regional city.' Russia is home to 13 cities with over one million inhabitants and its home improvement market is currently estimated at £10 bn.