X5 Retail Group - a leading Russian food retailer - plans to concentrate on its three major formats: Pyaterochka proximity stores, Perekrestok supermarkets and Karusel hypermarkets and sell the small-format convenience stores operating under the Perekrestok Express brand in Moscow. X5 has selected Renaissance Capital to assist with preparation of the deal. X5 said Perekrestok Express accounted for less than 1% of the group's revenue. Group chief executive Igor Shekhterman said: 'Convenience stores like those that Perekrestok Express operates in Moscow, which have a selling space of up to 200 sq m, certainly have potential. 'However, they represent a fairly narrow segment of Russia's modern food retail market, in which proximity stores, supermarkets and hypermarkets occupy more than a 90% share. 'With our market share in these formats steadily growing, we have decided to focus our full attention on continuing to develop the customer value propositions of Pyaterochka, Perekrestok and Karusel, including in Moscow.'
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