DEPARTMENT store chain Debenhams is to open its first outlet in Russia under an expansion plan that will tap into the country’s fast-growing retail sector.
The UK firm plans to open a 35,000sq ft store at the Mega Belaya Dacha shopping centre, owned by furniture giant Ikea’s Russian shopping centres arm, with franchise partner Debruss.
Debenhams International’s senior business manager, Lucy Haine, said: “Russia is a key market. The sales densities per square foot are significantly higher than Europe.”
The firm plans to open at least seven more stores in Russia over the next five years.
Global retailers have long been trying to establish themselves in the country to take advantage of rising consumer spending, though many have struggled.
Russia is Europe’s second biggest retail market with sales in 2011 of £400 billion.