H&M sets footprint in Russia

The first Hennes & Mauritz (H&M) store in St. Petersburg will open in November in Mega Dybenko. The Swedish retailer has rented about 2,300 square meters in the shopping mall and plans to open on Nov. 5. In 2010 a store with an area of more than 2,000 square meters is planned to open in the Stockmann Nevsky Center retail complex. The Stockmann center is currently under construction on the corner of Nevsky Prospekt and Ulitsa Vosstaniya. The arrival of such a popular brand will increase competition, as other market players will begin to promote their labels more actively. H&M’s turnover is estimated at $8,000 to $10,000 per square meter per year, and rent at $600 per square meter per year.