H&M to open its own store in Russia
23.12.2015 385 views
After proper reconstruction the company plans to open there its own store, to sell a number of brands, including those not presented in the country yet.
State Oil Fund of Azerbaijan Republic (SOFAZ), the shopping centre owner, rented out to H&M about 5.8 thousand sq. m in the gallery (i.e. almost the whole shopping capacity) for a period of 32 years.
According to Y Consulting representative, the Actor Gallery will place a flagship store of the brand, including the H & M store and the group’s brands that are not presented in Russia yet.
Ekaterina Prosvirkina, Director of Communications at H & M Russia gave no comments on the news.
Actor Gallery was opened in 1996 after the reconstruction of the historic building of House of Actor, almost completely burned in a fire in 1990. In 1996, Actor Gallery became one of the first modern business and shopping centres in Moscow.
SOFAZ bought the complex of a total area of 18 thousand sq. m from the Capital Insurance Group for $ 133 million at the end of 2012. The shopping area of the complex accounts for 5.8 thousand sq. m. On Wednesday, 16 December, it was reported that Actor Gallery would stop working on 10 January 2016 to be closed for renovation. After the renovation the department store will start working in the shopping centre.
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