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X5 RETAIL GROUP

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X5 Retail : signs cooperation agreement with the government of the Kaliningrad Region

09/07/2020 | 03:05am EST

Kaliningrad, 7 September 2020 - X5 Retail Group, a leading Russian food retailer that operates the Pyaterochka, Perekrestok, and Karusel retail chains, has entered into a cooperation agreement with the government of the Kaliningrad region. The document was signed by Kaliningrad region Governor Anton Alikhanov and X5 Retail Group CEO Igor Shekhterman.

The parties agreed to continue the development of social and economic infrastructure related to retail. The sides will work together to boost the retail industry in the region as a way to meet the population's demand for high-quality and affordable goods, as well as to improve the quality of life and social infrastructure in the Kaliningrad region.

Under the agreement, X5 Retail Group will continue to expand in the region, opening new stores, creating jobs for residents, and expanding cooperation with local producers. The partnership agreement also provides for the active adoption and use of cutting-edge technologies and implementation of social programmes for disadvantaged groups. Within its mandate, the regional government will support the development of the retail industry, use the Company's expertise and proposals, and hold joint events with retail chains and producers to share information. It will also assist X5 in implementing the Company's sustainable development strategy.

'The Kaliningrad region is the westernmost region where our retail formats operate. For me, the partnership agreement with the Kaliningrad region is of particular significance, as I am a native of this region and it plays an important role in the Company's development. We expect to open around 20 Pyaterochka stores in the region by the year's end, creating approximately 400 new jobs for local residents. We intend to further strengthen our cooperation with local producers, who already account for more than 40% of our stores' assortment in the region. In addition, we are planning initiatives to support socially vulnerable groups,' said Igor Shekhterman, CEO of X5 Retail Group.

'Trade makes a significant contribution to the economy of our region by providing jobs for thousands of residents. The arrival of a strong and dynamic retail chain in this market enhances competition, which helps reduce prices for customers. We welcome such processes and are ready to support the development of a new major employer in the Kaliningrad region,' said Anton Alikhanov, noting that despite the pandemic-related limitations, X5 has made a good start in the Kaliningrad region.

The first Pyaterochka stores in the Kaliningrad Region opened at the end of June this year. Currently, six Pyaterochka stores operate in the region, including four in Kaliningrad and one each in Zelenograd and Chernyakhovsk. Pyaterochka has already created around 150 new jobs in the region.​

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Disclaimer

X5 Retail Group NV published this content on 07 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 September 2020 07:04:03 UTC


© Publicnow 2020
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Sales 2020 26 212 M - -
Net income 2020 582 M - -
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P/E ratio 2020 17,9x
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EV / Sales 2021 0,69x
Nbr of Employees 269 300
Free-Float 99,9%
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