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X5 to sell its small-format convenience stores

X5 Retail Group NV said Oct. 13 that its small-format convenience stores operating under the Perekrestok Express brand will be put up for sale.

Perekrestok Express stores represent less than 1% of X5's revenue, according to the company.

The Russian grocery retailer said it plans to concentrate on three of its major store formats, including Pyaterochka proximity stores, Perekrestok supermarkets and Karusel hypermarkets.

"Convenience stores like those that Perekrestok Express operates in Moscow, which have a selling space of up to 200 square meters, certainly have potential. However, they represent a fairly narrow segment of Russia's modern food retail market, in which proximity stores, supermarkets and hypermarkets occupy more than a 90% share," X5 CEO Igor Shekhterman said in a statement.

X5 appointed investment banking company Renaissance Capital to help prepare the sale.