UPDATE: X5 Retail Group says plans to sell Perekrestok Express chain

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MOSCOW, Oct 13 (PRIME) -- Russian retailer X5 Retail Group plans to sell the Perekrestok Express retail chain, the retailer said in a statement on Friday.

The company “plans to concentrate on its three major formats: Pyaterochka proximity stores, Perekrestok supermarkets and Karusel hypermarkets. The company’s small-format convenience stores operating under the Perekrestok Express brand in Moscow will be put on sale. X5 has selected Renaissance Capital to assist with preparation of the deal,” the statement read.

“Perekrestok Express accounts for less than 1% of X5’s revenue,” the company said.

As of the end of September, X5 Retail Group owned 170 Perekrestok Express stores.

The company also quoted CEO Igor Shekhterman as saying that the market segment of Perekrestok Express stores is narrow though promising.

“Neighborhood stores, supermarkets and hypermarkets account for 90% of the organized food retail sector in Russia. We have a significant market share in all the three formats and see a further growth potential in them, this is why we have decided to focus all our attention on the development of price offers in Pyaterochka, Perekrestok, and Karusel, including stores located in Moscow,” he said as cited by the company.

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