RUSSIA: X5 Retail to sell c-stores | Progresiv
The X5 Retail Group has announced plans to sell its convenience stores in Russia, even as it reported strong sales growth for its fiscal third quarter. 
The Russian retail major operates 170 c-stores under the Perekrestok Express banner, all of which are located in Moscow. The group said the stores account for less than 1% of its total revenue, and the sale will allow it to focus on its three main formats – Pyaterochka neighbourhood stores, Perekrestok supermarkets, and Karusel hypermarkets.
CEO Igor Shekhterman said: “Convenience stores like those that Perekrestok Express operates in Moscow, which have a selling space of up to 200 sq m, certainly have potential. However, they represent a fairly narrow segment of Russia’s modern food retail market, in which proximity stores, supermarkets and hypermarkets occupy more than a 90% share. With our market share in these formats steadily growing, we have decided to focus our full attention on continuing to develop the customer value propositions of Pyaterochka, Perekrestok and Karusel, including in Moscow.”
The group did not say how much it expects for the stores. (www.kamcity.com)
