Stockmann Halts Expansion Plans Owing To Crimea Crisis


News: Finland-based retailer Stockmann has placed its Russian expansion plans on hold because of the Crimean crisis, according to CEO Hannu Penttila, reports Reuters. The retailer, which already operates five department stores in Moscow and one in St Petersburg, had previously announced that it was looking to launch new outlets in other major Russian cities with a population over 1mn people. However, the weakening of the rouble amid the Crimean crisis has exacerbated Russia's economic slowdown that caused consumption to contract in 2013. According to Penttila, the retailer plans to consider potential opportunities in the country once the situation stabilises, but only in Moscow and St Petersburg.

This article is tagged to:
Sector: Retail
Geography: Russia

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