Retail group Kingfisher, owner of DIY chain B&Q, is poised to announce plans to expand into the Russian market by opening a string of new outlets.
According to the Daily Telegraph, the firm intends to open nine Castorama shops across the country, having identified home improvement as becoming increasingly popular among the Russian middle class. Chief executive Ian Cheshire is currently accompanying prime minister David Cameron on his trip to Moscow.
“Russia represents a major opportunity for Kingfisher. Our trading performance there has been encouraging and we look forward to opening these nine new Castorama stores,” Mr Cheshire said.
At present, there are 17 Castorama stores throughout Russia - the first of which opened five years ago - and Kingfisher’s Russian sales surged by 39 per cent to reach £240 million in 2010. The company also has a number of shops in Poland, which generate in excess of £1 billion each year.
Last month, supermarket giant Tesco confirmed it was seeking a buyer for its Japanese arm, having failed to make satisfactory inroads into the market since its initial entry eight years ago.
