The Russian businessman who founded major supermarket chains Pyaterochka and Karusel in Russia, plans to open discount stores in the United States with annual revenues of $1 billion, business paper RBC Daily reported on Monday.
Andrei Rogachyov's investment vehicle, AgroTrade International BV, plans to launch 60 stores in Florida in 2012 aimed at low- and medium-income customers and offer 4,000 lines.
By 2016, the discount store chain plans to operate 400 stores and compete with U.S. retail giant Wal-Mart on an equal footing.
AgroTrade America Inc. reported on its web site that a grocery retailer in South Florida was hiring personnel for a $500 million retail project with revenues in excess of $1 billion in the next four years.
“The project is managed by the same group of young and savvy executives who successfully developed two national retailers in Eastern Europe for the investor,” AgroTrade America said.
The name of the new discount store chain is not yet known but AgroTrade America has already registered its trademarks Okie-Dokie, Okey-Dokey and Doke in the United States and is planning to register O’key, O’kay, Real Buy Nearby, Bonjour and Voila!.
