Dixy Group reveals ambitious expansion plans

Russian retailer Dixy Group plans to open at least 100 new stores in 2010, its Vice President Fyodor Rybasov told a conference. He pointed out that the company would finance its investment program with its operating proceeds. "This year we will open 65-70 stores and one Megamart hypermarket in Yekaterinburg. Dixy Group leases the properties for most of its new stores," Rybasov said. He also indicated that the company's investments were estimated at RUB2 billion (USD65 million) in 2009. The company's representative reiterated that Dixy Group did not plan to take out any loans in 2009, adding that the company's liabilities were comprised of a USD135 million syndicated loan and bonds worth RUB3 billion (USD97 million).