X5 Retail Group to open 275 outlets in 2010

Russia-based X5 Retail Group plans to spend RUB18 billion (USD583.55 million) on opening 275 stores in 2010, Just-Food reported. The company said it plans to speed up the expansion of its discount business after announcing the acquisition of Paterson last week. Up to 10 hypermarkets, 15 supermarkets and as many as 250 discounters could be opened next year under X5’s plans. "While consumer confidence remains weak, we are actively positioning X5 to benefit from future economic recovery through a balanced execution of like-for-like growth strategy and stepped up expansion ," said CEO Lev Khasis.