Russia’s largest food retailer X5 has unveiled its first Mercado Supercenter store.

The store has been rebranded from the My Hypermarket fascia after X5 bought parent company Korzinka at the end of last year for a reported US$115 million (£58.4 million), including debts.

The 64,585 sq ft store in Lipetsk will offer low prices and more than 20 per cent of products will come from local producers. More than 30 per cent of its SKUs are non-food items.

Future store openings between 64,585 and 129,170 sq ft will use the Mercado Supercenter format.

Group chief operating officer Antonio Melo said: “X5’s team has invested in developing and implementing this new hypermarket concept. This is just the first step in rolling out Mercado Supercenters across European Russia and Urals.”

In its first quarter to March 31, sales at X5, which listed on the London Stock Exchange in April to raise US$1 billion (£508.1 million), rocketed 61 per cent year on year to US$1.8 billion (£914.7 million). Gross profits rose 60 per cent to US$458 million (£232.7 million). Sales at its hypermarkets soared 68 per cent year on year.