German retail group Metro plans to open its first Real hypermarket in Russia as early as the end of next year.
The retailer has struck an agreement with the Moscow Development Company to facilitate expansion and, according to reports in the Russian press, has invested£600 million in the deal.
Real already has a presence in Poland and Turkey, and Metro Group's Cash & Carry chain operates in Russia.
A third Cash & Carry store has opened in Moscow and the first in St Petersburg will open next year.
Metro chief executive Dr Hans-Joachim Korber said in a recent statement: 'The sales division will consistently continue its internationalisation. In Russia, expansion is moving ahead vigorously. Our first two Moscow Cash & Carry stores are developing well and perform clearly above budget.'
Metro-owned electricals chain Praktiker confirmed to Retail Week last month that it also plans a Russian store next year, should a suitable site become available.
Metro recently announced third-quarter sales up by 7.2 per cent, boosted by international sales up 10.6 per cent.
Sales outside Metro's German home market, which continues to suffer from a downturn, increased from 45.3 per cent of group sales in the quarter to 46.8 per cent.
In the first nine months of the year, Metro Group in-creased sales by 4.7 per cent.
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