Update from our CEO: JYSK Nordic will expand to Russia
After a long and thorough process, it has been decided that JYSK Nordic will expand to Russia. The plan is to open the first stores in Russia in April 2020.
With more than 100 million people in the middle class, Russia has a huge potential, and JYSK will be able to benefit from our experiences with JYSK Nordic's operation in Ukraine as well as from franchise operations in Belarus and other states, which formerly belonged to the Soviet Union.
Furthermore, Russia presents the opportunity to open stores with a reasonable rental cost, and a lot of cities are located within driving range from our distribution centre in Radomsko, Poland.
Despite challenges with duty rates and certificates, we can also see that other Western retailers like IKEA, Auchan and Decathlon are successful in Russia, which indicates opportunities for JYSK as well.
I look forward to the progress in Russia, and I will of course share important milestones as we go along.
We will also continue to follow other interesting markets to ensure that the expansion pipeline is in place.
CEO & President of JYSK Nordic