X5 Discount Banner To Benefit From 2010 Capex Push

Russia's largest mass grocery retailer, X5 (annual turnover of more than US$8bn), has announced plans to firm up capital expenditure (capex) spending in 2010 as it looks to strengthen its foothold on the market when some of its rivals are still feeling the brunt of the downturn. At the consumer level in particular, confidence remains strained, particularly regionally, and has so far failed to illustrate any of the positive momentum being playing out in some emerging markets (mostly outside emerging Europe). Bearing in mind that spending patterns are unlikely to recalibrate back up significantly through 2010 - X5 believes that

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