In a cash deal, Podium Market has purchased the inventory of Accessorize and Monsoon while assuming the right to lease and develop the franchise at the same time. The English retailer has been unprofitable in Russia since 2014 and had been making a loss on its 70 stores. The new owner plans to reduce the network to 50 stores, and then open 7-10 outlets per year in better locations. Rent reviews are expected to be carried out in more remote areas. Podium Market department owns six department stores, of which four are in Moscow. A seventh is due to open in European, a new Moscow shopping center, in March 2016.
