Tengelmann moves into Russian retail

Tengelmann Group, which has been developing one of the largest DIY chains in Russia – OBI – has announced plans to access the country’s retail market in a partnership with RosEvroGroup. A JV named Plus Development and run by Mikhail Dokukin will implement this plan, with the goal of opening 150 Plus-branded discount stores and ambitious turnover target of EUR 1 billion by 2020. An estimated EUR 500 million in investments have been allocated for the project. This was announced in Russian business daily¬†Kommersant on 9 October 2012.

Tengelmann group plans to ask the Federal Fund for Assistance with the Development of Housing Construction to allocate the land plots required for the construction of the stores.

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