With approval from the Russian competition authority, the Rewe Group is acquiring 12 “Citystores” of ENKA Group based in Istanbul. In so doing, the Rewe Group is driving forward its expansion strategy in foreign markets. “The acquisition in Russia underscores the strategic significance of foreign business for Rewe. In the meantime we are generating around one third of our turnover outside Germany’s borders. Eastern Europe is developing into a big attraction when it comes to foreign growth”, Alain Caparros, CEO of the Rewe Group, said.
The acquired locations in the greater metropolitan area of Moscow will be converted to the BILLA supermarket format in the coming months and be integrated into the existing distribution network. The company also plans to open around ten new BILLA stores by the end of the year, while continued investment will be made in the quality and modernization offensive.
“The Russian market is one of the growth markets for us, where we see great potential. Particularly as the greater metropolitan area of Moscow has high purchasing power”, explained Frank Hensel, CEO of Rewe International AG.
Source: www.freshplaza.com