The former owners of the Lenta grocery network, Avgust Meyer and Dmitry Kostygin, are to develop a new grocery retail chain in St. Petersburg. Their company Big Box is ready to invest RUB 12bn ($386.2m) in the project under the operating name of NL (Novaya Lenta – New Lenta). The new network of shops will operate in the format of “hard” discounter, and possibly will operate also in the wholesale field. The first three outlets are to open at the beginning of 2014, and they will be followed by seven other openings by the end of 2015.

Source: www.russiaretail.com