Russia’s Dixy to Spend $1.6 Billion Doubling Store Numbers
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OAO Dixy Group, Russia’s third-largest food retailer, plans to spend as much as 50 billion rubles ($1.6 billion) over three years doubling its store numbers to capitalize on anticipated growth in demand.
Dixy has “vast room to grow,” Chief Executive Officer Ilya Yakubson said in an interview at the company’s Moscow headquarters. The retailer, controlled by Russian billionaire Igor Kesaev, is targeting 3,000 stores by the end of 2015, compared with almost 1,500 now, as it seeks to double annual revenue to about $10 billion, he said.