6 Sep '07
Detsky Mir Center Board of Directors has approved the plan of opening branch stores in Novosibirsk, Saint Petersburg, Nizhny Tagil, Samara and the Kostroma Region, the company press office reports.
“The cities falling under our expansion program show a high rate of income growth,” Andrey Ryabov, Deputy General Director of Detsky Mir Group, said. “We have every reason to believe that the local consumer markets have undergone a qualitative transformation and at present tend towards large retail companies.”
Mr. Ryabov said that Detsky Mir Group intends to expand its presence in Russian cities with population exceeding 300,000 in accordance with the company’s corporate development strategy.
Detsky Mir store chain is the leading retailer of children's goods in Russia. Currently it operates 78 stores working under this trademark in 38 Russian cities.
In 2006 the total revenue of Detsky Mir group of companies under US GAAP amounted to $335,300,000. In the first quarter of 2007, however, it climbed by 55% to $86,900,000.