Metro Group to increase investments in Russia
Metro Group plans to increase investments in Russia. CEO Olaf Koch made the comments at at a business breakfast at the St Petersburg International Economic Forum. "We have been present in this market for more than 10 years. During that time we have invested more than USD3 billion in Russia, and intend to increase investment," Koch stated.
Over the course of the next five years, the company will invest USD750 million in its Russian operations, which includes the Metro Cash & Carry chain and Media Markt electronics superstores. Metro Group is especially interested in exploring possibilities offered by regions in the east of Russia.
In an interview with Bloomberg, the Metro Group CEO and Head of Metro Cash & Carry said the company would expand both networks to more than 100 stores in the long term. Metro Cash & Carry currently operates 69 stores in Russia, while the Media Markt chain consists of 48 stores.
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