PARIS - Economic volatility in Russia is not discouraging the world’s second largest retailer.
Carrefour, the French hypermarket operator, said it had signed a deal to invest up to $100 million in the Krasnodar region in southern Russia.
Carrefour said the agreement foresees the opening of several hypermarkets and other retail outlets in the region over the next five years.
The first Carrefour hypermarket is scheduled to open in Krasnodar city early next year.
“Krasnodar is a region with considerable economic potential and a favorable business climate,” said Carrefour chief executive officer Jose Luis Duran. “It will be one of the first regions in Russia where Carrefour business will operate.”