X5 to invest in organic growth; Ostrov acquisition approved

Russia-based X5 Retail group plans to invest a considerably higher amount of funds into store development next year, most of which will be dedicated to organic growth. X5 plans to close the year with up to 250 new Pyaterochka stores, 10-15 Perekrestok supermarkets and 7-10 Karusel hypermarkets.

In addition to that, X5 Retail has been granted anti-monopoly approval to buy the Ostrov retail chain, should its pursuit of the business prove successful. Recently, X5 received permission to proceed with its plans to acquire local grocery chain Kopeika - although authorities said the retailer would have to dispose of 24-27 Kopeika outlets.