MOSCOW Dec 18 Russian home electronics retailer
M.Video said on Tuesday it aimed to keep up the pace
of store openings next year after exceeding its targets for
The company, which is benefiting from rising disposable
incomes and booming consumer credit, plans to open 35
hypermarkets next year, renovate 16 existing stores and expand
its online business, it said in a statement.
This year, it has already exceeded its target of 35 new
stores, having opened 39 outlets and invested 2.1 billion
roubles ($68 million) in the chain's expansion.
M.Video earlier reported a 19 percent year-on-year increase
in third-quarter sales to 38.5 billion roubles.
According to the central bank, the highest lending growth in
Russia - of around 60 percent - comes from consumer loans, such
as loans to purchase TVs.
($1 = 31.0005 Russian roubles)
(Reporting by Maria Kiselyova; Editing by Helen