Russian retailer Lenta has announced that it has doubled its selling space ahead of its target of the end of 2016.
The retailer now boasts 1,019,968 square metres of selling space, part of its goal outlined in its IPO of March 2014.
During the first nine months of this year, Lenta opened more than 60% of the net selling space added in the hypermarket segment in Russia, up from 35% in 2015. The retailer currently accounts for around 20% of the total hypermarket selling space in Russia.
“At the beginning of 2014, we set ourselves the goal of doubling retail space within three years,” said Lenta’s Chief Executive Officer, Jan Dunning.
“Many felt that this target was too ambitious, but we were completely confident because we had a clear understanding of how to achieve it. For us, it is important to deliver not just rapid growth, but successful growth – successful for our customers, business partners and shareholders. In the context of such rapid expansion, we continue to be one of the most efficient food retailers in Russia and aim to retain this position.”
Lenta is now Russia’s fourth largest retailer in terms of total sales, up from seventh in 2012.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.
