Obi continues on expansionist course in Russia

Obi, a German DIY retail chain, plans to open four stores in the Russian Federation each year until 2016. This was revealed in a statement by Ian Strickland, managing director of Obi Russia, on the occasion of the annual forum of the Moscow Adam Smith Institute on the subject of “Russian Retailing”. He explained that his company is particularly interested in the eastern and southern regions of the country, in addition to the Moscow area. Moreover, several projects were already under construction in 2012.Strickland also pointed to the fact that there has been double-digit growth for transactions in comparable Russian Obi stores over the last three years and that customer footfall has increased by eight per cent. The company currently has 19 stores in Russia, each featuring an average sales area of 11 000 m², and with Obi as owner of the real estate. Last year saw the opening of a store in Moscow that is owned by Obi. The total investment came to € 30 mio, whereas the cost comes to some € seven mio in the case of leasehold properties.