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X5, Sovcombank explore JV to develop parcel locker network


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Banking Essentials Newsletter: September Edition

X5, Sovcombank explore JV to develop parcel locker network

X5 Retail Group NV said Sept. 4 that it is exploring a possible joint venture with privately held PJSC Sovcombank to build a network of parcel lockers that will handle packages purchased from online stores.

The proposed venture would see parcel lockers installed in X5 stores over the next five years. It would also allow the company to start testing a collaborative logistics model, the release said.

In addition, X5 expects to benefit from an increased flow of parcels and packages following the launch of an in-house fulfillment center.

The Russian supermarket chain said it is seeking approval from the country's Federal Antimonopoly Service to take a 50% stake in TsTB, a company owned by Sovcombank, in relation to the joint venture.

TsTB owns and operates 450 parcel lockers under the Halva brand is looking to expand its network to more than 1,500 lockers.