Detsky Mir acquires commercial premises for new flagship store in Moscow
Moscow, Russia, 27 March 2019 – Detsky Mir Group (“Detsky Mir”, “the Group” or “the Company”, MOEX: DSKY), Russia’s largest specialized children’s goods retailer and a Sistema Group company (LSE: SSA, MOEX: AFKS) announces that it has signed an agreement with Euromagazin 21 Century LLC (Sberbank Group) to acquire commercial premises for a flagship store in Moscow.
Detsky Mir PJSC will acquire the former Valdai shopping mall at 11/1 Novy Arbat Street. The total investment in the commercial premises purchase and the opening of the flagship store is estimated at about RUB 1.0 bn. The property has a total area of 3,642.5 sq m.
The transaction forms part of the Company’s program to improve its operational efficiency and will allow Detsky Mir to realise its ambitious plans for a flagship store on one of the central streets in Moscow. The opening of the new Detsky Mir flagship store on Novy Arbat is scheduled for the second half of 2019.
Detsky Mir will continue to pursue an asset-light business model, opening new stores primarily in leased space at modern shopping malls.
“Detsky’s Mir’s extensive track record in the children’s goods market and deep experience of the latest retail solutions will help us create a unique store for children that will become a prime shopping and entertainment attraction in the heart of Moscow,” said Vladimir Chirakhov, CEO of Detsky Mir Group.
For additional information:
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Nadezhda Kiseleva Head of Public Relations Office: +7-495-781-08-08, ext. 2041 Cell: +7-985-992-78-57 nkiseleva@detmir.ru |
Sergey Levitskiy Head of Investor Relations Office: +7-495-781-08-08 ext. 2315 slevitskiy@detmir.ru |