The retailer is looking for an exit strategy for the AV market. Azbuka Vkusa can suspend the development of AV Market stores that are operating in the format of a fresh market with cash services. The company has opened 2.5 times less stores than planned during last 4 years since the launch this concept of stores. SEC Riga Mall is looking for a new company instead of the anchor tenant AV Market, and it takes about 2,000 sq m.
Four years ago, the company announced the launch of the AV Market and was going to open 25 stores in five years. In a press release on this occasion it was reported that the new network is aimed at middle-class buyers, who demand high requirements for purchased products and the correlation of price and quality. The average check in such stores is lower than in the Azbuka Vkusa. This format is a fresh market, but with a cashier to pay for purchases. In addition to the market, food courts with cafes, pizzerias, sushi bars and steak houses work in the AV Market. The stores were planned to be located on an area of at least 2,000 sq m, investments in the opening of each were announced in the amount of $5 million.