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2008-12-09 12:30:00 CET 2008-12-09 12:30:01 CET REGULATED INFORMATION Stockmann - Company AnnouncementSTOCKMANN TO OPEN NEW MOSCOW DEPARTMENT STORE IN LATE WINTERSTOCKMANN plc Company Announcement 9.12.2008 at 13.30 STOCKMANN TO OPEN NEW MOSCOW DEPARTMENT STORE IN LATE WINTER Stockmann's new Moscow department store is now expected to open in February, having initially been scheduled for a December opening. The department store is to occupy leased premises in the new Metropolis shopping centre close to the centre of Moscow. The postponed opening is due to the delayed completion of the Metropolis shopping centre. Stockmann's new premises in the shopping centre are almost ready, but work on the shopping centre's heating, water and power systems, for example, have fallen behind schedule. The postponed opening will not result in significant excess stocks or other major problems. The total floor area of the new department store will be approximately 8,000 square metres, and Stockmann's investment in the project will be about EUR 12 million. Situated in a first-rate commercial location close to the centre of the city, the Metropolis department store will be the fourth Stockmann department store in Moscow. Based on information currently available, the opening of the new department store is anticipated to take place in February, in advance of the early-March sales period and International Women's Day, which are both important in the retail calendar. Conclusive information on the opening date will be available when the shopping centre's infrastructure has been completed. Sales have continued to be brisk at the three existing Stockmann department stores in Moscow and the speciality stores in Russia. Stocks are low because Stockmann has been very cautious about buying goods for Christmas sales and consequently the postponement of the opening will not lead to significant excess stocks. STOCKMANN plc Hannu Penttilä CEO DISTRIBUTION NASDAQ OMX Principal media |
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