UPDATE: X5 eyes share of Russia food retail market rising to 20% in 2029

(Adds last two paragraphs)

LONDON, Oct 23 (PRIME) -- Russian grocery retailer X5 Retail Group expects its share of the domestic food market to grow to around 20% in 2029, as seen by PRIME in the company’s investor day presentation on Wednesday.

The current share is estimated at 11.6%.

CFO Svetlana Demyashkevich said that the company expects dividends to grow in absolute figures in 2020.

X5 also said in the presentation that it plans to open up to 2,000 new stores in 2020. Demyashkevich added that the pace of opening new stores will be stable in the next three years, and then will begin to slow down.

As of September 30, the group had 15,752 stores.

End