02.08.2000
METRO AG goes to Russia with Cash & Carry
The Executive Board and the Supervisory Board of METRO AG, Düsseldorf, have approved the expansion of Metro Cash & Carry to Russia.
Together with the previously announced market entries in Slovakia (autumn 2000) and Vietnam (2001), METRO AG will then be represented in 24 countries.
The first Cash & Carry wholesale store is scheduled to open in Moscow in 2002. Metro Cash & Carry plans to open five to six stores in the greater metropolitan area of Moscow by 2005.
Based on the successful operations in eastern Europe, Russia, as the largest eastern European market, offers further long-term growth potential for Cash & Carry. Thirteen Russian cities alone have more than one million inhabitants each.
"The size of the Russian market and Russia’s market potential offer an outstanding opportunity for the continuing internationalization of our Cash & Carry business", according to Dr. Hans-Joachim Körber, CEO of METRO AG.
In 1999, METRO AG achieved sales of DM 85.7 billion with more than 200,000 employees in over 2,000 stores worldwide. The international share of sales amounts to 40 percent.
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