KINGFISHER HYPERMARKETS TO BE BUILT IN MOSCOW

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MOSCOW, August 24 (RIA Novosti) - The first hypermarket of the Kingfisher network (UK) will be built in Moscow in two years, Moscow Vice Mayor Valery Shantsev told journalists after his meeting with the Kingfisher delegation. The company has 570 shops in 9 European and Asian countries.

According to him, the British company means to invest over $600 million in the development of its network of 60 hypermarkets in Moscow over ten years.

Kingfisher experts will carry out market research in Moscow, prepare salesrooms and train staffers, Mr. Shantsev reported. He assured the British businessmen that heads of the City Hall's departments would help them implement various projects.

The British company is interested in sales of Russian goods, the vice mayor said. "No matter where it works, it always cooperates with local producers taking into account demands of each country," Valery Shantsev stressed. According to his data, the Moscow-British trade turnover accounts for 40% of the Russian turnover with the United Kingdom. "We should double turnover," the Moscow vice mayor believes.

According to experts, there are over 500 supermarkets and hypermarkets in Moscow today.

Moscow supermarkets account for 10%-12% of the total wholesale trade volume.

Over 30% of the all-Russia wholesale trade turnover falls on Moscow.

Overall turnover of modern supermarkets, hypermarkets and discounters exceeded $10 billion in 2003.

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