Kingfisher expands in Russia

Kingfisher, Europe’s biggest DIY retailer and the third largest in the world, intends to open 50 Castorama stores in Russia within the next ten years. According to the BBC’s online news service, the group is prepared to invest £ 250 mio (€ 372 mio) in the project. At present the group has four outlets in Russia after the latest opening in Moscow this month. The company believes that the Russian DIY and home improvement market could be worth £ 10 bn (€ 15 bn) and is growing by 12 per cent a year.