Russian retailer O’Key Group SA has announced a partnership agreement with Familia, leading ‘off-price’ retailer.
According to O’Key Group, as part of the strategic agreement, Familia will open two stores in Okey’s hypermarkets in Ekaterinburg and Tyumen by the end of 2017.
The agreement is part of O’key’s strategic initiative to create a ‘compact hypermarket’, enhancing efficiency by forming partnerships to lease space to partners without lowering the number of in-store SKU’s.
Miodrag Borojević, chief executive officer of O’key Group, said: “We are pleased to announce our partnership with Familia, a leading off-price retailer in Russia. This contract marks the start of a long-term strategic relationship which will boost the efficiency of our hypermarkets by attracting additional traffic and selling space optimization”.
Konstantin Nadezhdin, chief executive officer of Familia, said: ”This partnership with O’KEY is a key milestone for our company. The agreement should generate additional traffic both for our stores and the hypermarkets in which they are based. We are confident that this cooperation will further strengthen our position as a leading off-price retailer in the Russian market”.
The partnership might extend to more O’key outlets in different locations from the next year.