Stockmann to Open 4th Store in Moscow
OREANDA-NEWS On 01 November was announced, that Finnish Stockmann issued the regular report concerning its activities in Russia. The retailer intends to open all of scheduled objects with a delay.
The Stockmann fourth department store in Moscow with the area of 8,000 sq m is to be unveiled at the retail and entertainment centre Metropolis under construction in December 2008. The value of the store is approximately EUR 12 million.
The electronic edition reminded that Stockmann lost its flagship store at Smolensky Passage in summer 2008, following which the retailer had the department stores at the shopping centres MEGA in the south, southwest and north of Moscow. The store at Metropolis is expected to partially indemnify for the loss at Smolensky Passage.
The launch of the new retail and office centre Nevsky Centre on Nevsky Avenue in St Petersburg is also carried over. The complex with the area of roughly 100,000 sq m is to open in spring 2010. The project investment cost works out at around EUR 170 million.
The time of the opening of the other projects by Stockmann in Russia are also revised. The first department store in Yekaterinburg with the area of 8,000 sq m (the value is EUR 12 million) is scheduled to open in early 2010. The store at the retail and entertainment centre Zolotoy Vavilon [Golden Babylon] – Rostokino that is being developed in Moscow (the value is EUR 16 million) is to be unveiled in late 2009.