August 16, 2006
Stockmann partners with Nike in Russia
Stockmann has entered into a partnership with Nike Russia to open Nike Stores in Russia. This partnership combines Stockmann's extensive experience in retail with Nike's innovative approach to sports product. Having opened its first store in the country back in 1989, Stockmann has gained exceptionally long-standing experience of retail sales and the market in Russia.
It is Nike's goal to be inspiring to consumers through innovative retail, whether in a NikeTown, in a shop-in-shop, in the wholesale business or in a Nike Store. Cooperation with Stockmann will further enhance this. The first Stockmann-operated Nike store will open at the beginning of next year. Stockmann envisages opening several Nike stores in Russia over the years to come.
Stockmann currently has three department stores in Russia, eight Seppälä stores and eight Bestseller stores that operate on the franchising principle. This year's objective is to open a total of 21 Seppälä and Bestseller stores in six new shopping centres in major Russian cities. The opening schedule of Moscow's fourth Stockmann department store has been specified; the store will be opened in February next year. A preliminary agreement has been signed on opening Moscow's fifth Stockmann department store in 2008. Stockmann's largest single ongoing capital expenditure abroad is the approximately 50,000 square metre shopping centre under construction in St Petersburg's Nevsky Prospekt, which is planned to open for business at the end of 2008. The centre will be home to a Stockmann department store and Seppälä, Bestseller and Nike Stores, and more.
Retail development in Russia in association with selected partners is part of Stockmann's expansion strategy. Department store operations and several speciality chains put Stockmann in a position to tap into significant advantages of scale in, say, administration, logistics and the lease terms of business locations.
For further information
Jussi Kuutsa, development director for Stockmann Group's international operations
tel. +7 905 200 66 41
Helsinki Stock Exchange
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