OREANDA-NEWS. On 27 March 2009 X5 Retail Group N.V., Russia's largest retailer in terms of sales (LSE ticker: “FIVE”), announced a major price initiative at all Pyaterochka stores.

“Everything on Pyaterochka’s shelves will now be offered at the lowest price in the market,” said Lev Khasis, Chief Executive Officer of X5 Retail Group.

Pyaterochka has built one of Russia’s most successful consumer brands thanks to its “lowest price” concept for basic staples, which account for approximately 40% of discounters’ sales and about 20% of the assortment.  Rolling back prices on the entire assortment will encourage customers to spend more at our stores.  In addition, X5 will rationalize Pyaterochka’s assortment to give priority to category leaders and ensure efficient utilization of shelf space.

Lev Khasis added: “Pyaterochka has been winning customers looking for value in current conditions.  We now see further opportunities for gaining market share by asserting our unbeatable price leadership even more clearly.  We expect this strategy to drive Pyaterochka’s like-for-like sales growth, while at the same time, we will leverage our low cost operations and advantages in purchasing power and logistics to manage margins.”