X5 Retail Group N.V. (FIVE.L), a Russian food retailer, announced Wednesday the signing of a cooperation agreement with the Central Union of Consumer Societies of the Russian Federation or Centrosoyuz.
The company noted that the five-year agreement has the potential to lead to the opening of up to 1,000 new stores under the joint brand of COOP-Pyaterochka during the first three years of the project.
COOP-Pyaterochka stores would be opened at Centrosouyz's existing consumer cooperatives. The project will be implemented mostly through franchising.
The parties have also agreed to open up to 5,000 Pyaterocka-based shop-in-shops by 2021 that will sell goods from local farmers and consumer cooperatives. The primary focus of this subleasing partnership is to create a comprehensive product and service offering tailored to the needs of the local customer.
Separately, X5 Retail Group and its unit X5 Finance B.V. announced the pricing of a debut international note issue in the size of RUB 20 billion with maturity in April 2020 at an annual coupon rate of 9.25% paid semi-annually.
The closing and settlement are expected to be completed on 18 April 2017.
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December 19, 2025 15:10 ET U.S. inflation data and interest rate decisions by major central banks were the highlights of this busy week for economics news flow. Employment data and survey results on the housing markets also gained attention in the U.S. In Europe, the European Central Bank and Bank of England announced their policy decisions and macroeconomic projections.