The Russian household appliances brand Bork plans to launch branded stores in three new countries, Vedomosti has reported.
According to cited real estate market insiders, the brand has chosen Uzbekistan, Turkey and the UAE for expansion. The stores are scheduled to open in late 2023 to early 2024.
Anna Savenko, a real estate consultant, was reported as saying that Bork's task would be to increase the recognition of its products as a premium brand. She estimated that the amount of investment in one store with an area of 1,000 square metres would be around $4mn.
“Entering the markets of friendly countries will allow Russian retailers to reconfigure supplies and mitigate sanctions pressure,” said Mikhail Burmistrov, CEO of Infoline Analytics.
The opening of stores in regional countries enables Russian retailers to create local legal entities and purchase goods that fall under Ukraine war sanctions.
Burmistrov pointed to the significant diaspora presence of Russians in the UAE, Turkey and Uzbekistan.
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