French retailer Adeo’s DIY banner Leroy Merlin is to invest RUB15 billion (USD489 million) in Russia to open 15 stores in 15 cities in the central part of Russia, General Manager Vincent Gentil has told Izvestia. The pilot store is to open in Tver by the end of January and, depending on the outcome, the retailer will be able to plan the pace of openings to other cities.
"Smaller Russian cities are calling for smaller investment," Gentil said, adding that the total cost of the Tver outlet was a mere RUB1 billion (USD32.6million) and that he expected the other stores to fall in the same investment range.
