Finnish retailer Kesko is to sell its Russian grocery stores to Lenta | Progresiv

Kesko's net grocery sales in Russia were 106 million euros in 2015: that's less than 2% of its total. Mikko Helander, president and CEO of Kesko, said it would have needed significant investment to grow its grocery business in Russia. The sale will help it concentrate on its strategic objective: growth in Finland.

The sale comprises 11 stores in the St Petersburg and Leningradsky regions, plus three land plots in these areas. Russian retailer Lenta operates 156 hypermarkets in 72 Russian cities, and 42 supermarkets in Moscow and St Petersburg. It retains a strong base in the latter - its home market - but has been expanding into regional cities. (www.retailanalysis.igd.com)