MOSCOW, Feb 9 (PRIME) -- M.Video-Eldorado, Russia’s largest household appliances and electronic goods retailer, plans to open more than 500 new stores in the next three years with the stores of new format Eldorado 250 to account for more than 50%, Eldorado’s Managing Directors Sergei Li said on Tuesday during the company’s strategy day.
“In the next three years, we will open more than 500 stores as a group, and new format Eldorado 250 will account for more than half of them. We have been working on this product for the past two years. Using it, we will reach small promising cities. There are more than 500 cities where there are no stores of the group,” he said.
The Eldorado 250 format is about small stores in small localities or in convenient locations in large cities. The company has already opened 26 stores, and they outperforming company expectations. They even triple online sales of the retailer in any new city where they open, Li said.
M.Video-Eldorado plans to open stores in 100 cities in the next three years, he added.
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