Russian Enters Florida Market
You may not be familiar with the name Andrei Rogachyov today, but the Russian businessman is hoping to leave his mark on the retail scene in the years to come.
Rogachyov, a billionaire who co-founded the Russian food discount chain Pyatyorochka (now X5 Retail Group) and the grocery hypermarket chain Karusel (acquired by X5 in 2008), is planning to open dozens of discount stores in the United States this year, according to Russia’s RBC Daily.
Rogachyov’s investment vehicle, AgroTrade International, has announced its intention to launch 60 stores in Florida this year. The stores, targeting toward low- and medium-income customers, will reportedly offer 4,000 lines. By 2016, the discount store chain plans to operate 400 stores and compete with Walmart.
On its website, AgroTrade America conveys that a grocery retailer in South Florida is hiring personnel for a $500 million retail project with revenues in excess of $1 billion in the next four years.
The name of the new discount store chain is not yet known but AgroTrade has already registered trademarks for Okie-Dokie, Okey-Dokey and Doke in the United States, and is planning to register O’key, O’kay, Real Buy Nearby, Bonjour and Voila!
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