300 new hyper markets to be built in Moscow - 26 September, 2002

300 giant outlets of retail sale (hyper markets) will be built in Moscow in the near future. Proper orders have been already signed, Moscow Mayor Yury Luzhkov disclosed at the 5th International conference "Trade in Russia" on Thursday.

According to Luzhkov, the present system of hyper markets is not ample enough.

Moreover, it was planned in the near future to build 21 wholesale outlets in Moscow, the Mayor stressed.

According to Luzhkov, Moscow accounts for 30% of the total Russian retail goods turnover, and over 40% of the total wholesale goods turnover. In 2001, in Moscow, the goods turnover exceeded $30bln. 16,000 trade companies function in Moscow. The capital of Russia provides 15% of GDP, 17% of Russian Foreign Trade volume and over 30% of the country's consolidated budget revenues, Luzhkov said.

Moscow is ready to help constructing major retail and wholesale outlets in other regions as well, primarily in the regions of the Central Federal District, the Moscow Mayor said. "This is not just an allegation, because we are highly experienced in this sphere," Luzhkov stressed.

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Author`s name Petr Ermilin