Sedmoi Kontinent cuts 2009 capital expenditures by half

Sedmoi Kontinent, a Russian retailer has cut its 2009 capital expenditures by more than 50%. The retailer is going to allocate about USD130 million into the opening of six hypermarkets and USD10 million in the opening up to 15 supermarkets. Initially, Sedmoi Kontinent planned to invest USD340 to USD400 million.