STOCKMANN plc STOCK EXCHANGE RELEASE August 15, 2006, at 14.00
STOCKMANN PARTNERS WITH NIKE RUSSIA
Stockmann has entered into a partnership with Nike Russia to open Nike
Stores in Russia. This partnership combines Stockmann's extensive
experience in retail with Nike's innovative approach to sports product.
Having opened its first store in the country back in 1989, Stockmann has
gained exceptionally long-standing experience of retail sales and the
market in Russia.
It is Nike's goal to be inspiring to consumers through innovative retail,
whether in a NikeTown, in a shop-in-shop, in the wholesale business or in
a Nike Store. Cooperation with Stockmann will further enhance this. The
first Stockmann-operated Nike store will open at the beginning of next
year. Stockmann envisages opening several Nike stores in Russia over the
years to come.
Stockmann currently has three department stores in Russia, eight Seppälä
stores and eight Bestseller stores that operate on the franchising
principle. This year's objective is to open a total of 21 Seppälä and
Bestseller stores in six new shopping centres in major Russian cities. The
opening schedule of Moscow's fourth Stockmann department store has been
specified; the store will be opened in February next year. A preliminary
agreement has been signed on opening Moscow's fifth Stockmann department
store in 2008. Stockmann's largest single ongoing capital expenditure
abroad is the approximately 50,000 square metre shopping centre under
construction in St Petersburg's Nevsky Prospekt, which is planned to open
for business at the end of 2008. The centre will be home to a Stockmann
department store and Seppälä, Bestseller and Nike Stores, and more.
Retail development in Russia in association with selected partners is part
of Stockmann's expansion strategy. Department store operations and several
speciality chains put Stockmann in a position to tap into significant
advantages of scale in, say, administration, logistics and the lease terms
of business locations.
Further information: Jussi Kuutsa, development director for Stockmann
Group's international operations, tel. +7 905 200 66 41
Helsinki Stock Exchange