DIY giant to open 50 stores over next 10 years
Kingfisher has unveiled plans to open 50 DIY stores in Russia over the next 10 years in an attempt to become the market leader in the market, which is worth£10 billion a year.
The retailer estimates that the move will cost£250 million and, initially, Kingfisher will double its four-store Castorama chain over the next year.
The decision to focus on growth in Russia is driven by a property boom in the country, with about 700,000 homes being built every year. There is also a strong drive to improve Soviet-era apartments as incomes continue to rise in most regions.
Kingfisher opened its first store in Russia in 2005, at Samara in the south of the country.
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