Premium-class food retailer Globus Gourmet has changed its expansion course in the most dramatic way. Instead of opening 15 new supermarkets in Russian cities with population exceeding 1 mln, the company decided to open 7 supermarkets in European capitals. The start of the new expansion programme, is supposed to be in London, where the company is planning to open a supermarket with total area 1.500 sq m and investment volume up to £ 4 mln. European expansion will cost at least USD 40 mln. European base rents are reported to be lower than in Moscow, whereas the consumer traffic is a little bit higher.
Source: www.retail.ru