El Dorado plans to open 50 new stores as crisis forces competition to contract

El DoradoEl Dorado plans to open 50 new stores: El Dorado, Russia’s largest retailer of consumer electronics and household goods has been entrusted with RUB 7bn by its Czech owners to expand, just as Russia’s economic crisis is pushing some of its competitors to the point of closure. “Shareholders are confident in the positive dynamics of the network, and the current macroeconomic situation in Russia are regarded as an opportunity to increase market share at the expense of closing competitors” – said a representative of El Dorado’s owners the PPF Group that is in turn owned by the Czech businessman Petr Kellner who is currently estimated to have a net worth of US$9.7bn. El Dorado is now planning to open 50 new stores to add to its existing network of 374 hypermarkets. 

Source: Kommersant