January 27 2009, 11:02

Metro Cash&Carry reduced investment program in Russia

German retail corporation Metro Cash&Carry refused to construct retail hypermarket in Orel (Russia). It should be noted that, according to previous plan, the area of hypermarket would total 10.000 square metres and the cost of this project - 20 mln euro. Representatives of the company explained these actions with financial crisis that forced to reduce rates of expansion to Russia. Many specialists reported that deficiency of credit assets may be one of the main reasons of the current situation. At the moment, the financial situation of Metro Cash&Carry remains stable. Thus the leading Russian experts forecast that the company will return to expansion plans directed to Russia as soon as the current world economic situation becomes stable.