Metro intends to invest EUR 100 million (£71.7 million) a year in Russia for the foreseeable future, as the German giant accelerates expansion in the country.
The retailer has invested approximately EUR 150 million, (£107.6 million) including head office costs and the opening of four stores, since it first said it would enter the market in 2000. Two more outlets will open in the next few weeks.
Last week, Metro directors met Russian officials in Moscow to discuss plans including the opening of approximately five stores a year and the first Real hypermarket in Russia, probably in 2004.
A spokesman said Metro is looking for an appropriate site for Real and intends to open the store as soon as possible. However, he said it would soon be too late to complete work on the shop this year before the Russian winter takes hold.
There have been discussions about taking electricals chain MediaMarkt to Russia. The spokesman said: 'We have been talking, but there is still no decision taken. We will wait to until we have (established Real).'
The spokesman denied local reports of a EUR 1 billion (£710 million) investment over the next five years. Metro is expanding carefully in Russia because of continuing economic uncertainty. He said: 'We are going step by step and constantly reviewing the situation.'
Expansion in Russia will focus on Moscow, St Petersburg and cities in the Don region.
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