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X5 Group

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X5 Group
LSE:FIVE
MCX:FIVE
Industryretail
Founded2006
Headquarters
Moscow
,
Russia
Key people
Igor Shekhterman
Revenue$37.2 billion[1][2](2023)
$2.1 billion[1][2](2023)
$928 million[1][2](2023)
Total assets$18.7 billion[3](2023)
Total equity$2.47 billion[1][2](2023)
Websitex5.ru/en/

X5 Group(previously known asX5 Retail Groupand commonly known asX5) is Russia's largestfood retailer.[4][5]In 2012, the organization of X5-Retail Group LLC was liquidated, and in 2018 X5 Group LLC was opened.[6][7]

The company operates several retail formats:convenience storesunder thePyaterochkabrand,supermarketsunder thePerekrestokbrand, andhypermarketsunder theKarusel supermarket[ru]brand, as well as the Perekrestok.ru online market, the 5Post parcel and Dostavka.Pyaterochka and Perekrestok.Bystro food delivery services.

The company's globaldepositary receiptsare listed on theLondon Stock Exchange(LSE) and theMoscow Stock Exchange(MSE).[8]

Its share of the food retail market rose up from 47th to 42nd place among the world’s Top-250 retailers in the Global Powers of Retailing 2020 and took 11th place in the Top-50 fast-growing global retailers (according toDeloitte);[9]it was ranked 41st among the Top 50 Global Retailers (according toKantar Consulting).[10]

In March 2021, after trials at 52 supermarkets, the group (in partnership withVisaandSber) launched ‘pay with a glance’biometricsat self-service checkout terminals in its supermarkets and convenience stores. The facial recognition payment system is expected to be expanded to 3,000 X5-owned stores by the end of 2021.[11]

History

[edit]

In 1995, the first Perekrestok store was opened inMoscow.In 1999, Pyaterochka retail chain was founded and the first store was opened inSaint Petersburg.In 2005, Pyaterochka completed anIPOon the London Stock Exchange.

X5 was founded in May 2006 after the merger of the Pyaterochka and Perekrestok retail formats.[12]In 2008, X5 acquired the Karusel hypermarket chain.[13]

Other major acquisitions included: 82 Paterson supermarkets (2009),[14][15]more than 660Kopeykastores (2010),[16]103 Pokupochka stores in theSamara region(2014),[17][18]104 stores owned by the Rosinka Group in Southwest Russia[19]and 100 stores owned by the Soseddushka retail chain in theOrenburg region[20][21](2015) and 99 Polushka stores inBashkortostan(2018),[22][23][24]as well as 85 stores Telezhka, Tverskoy kupets and Volny kupets in four regions (2019).[25]In 2018, X5 GDRs started trading on the Moscow Exchange.[8]

Shareholder structure

[edit]

X5’s shareholder structure is as follows: CTF Holdings S.A.,47.86%; Intertrust Trustees Ltd (Axon Trust), 11.43%; X5 directors, 0.10%; treasury shares, 0.01%; shareholders with less than 3%, 40.60%.[26]

Dividend policy

[edit]

In 2017, the Company approved itsdividend policy.

The key principles of the dividend policy are as follows:[27][28]

1) The dividend policy sets a target payout ratio of at least 25% of X5 Retail Group’s consolidatedIFRSnet profit, provided that the Company’s financial position allows for it.

2) When considering a dividend proposal to the General Meeting of Shareholders, theSupervisory Boardwill be guided by a target consolidated netdebt/EBITDAratio of below 2.0x, in line with the Company’s financing strategy. The ultimate decision on payment of dividends will always be subject to approval of the General Meeting of Shareholders.

2017 dividends amounted to RUB 21.6 bn and 2018 dividends amounted to RUB 25 bn, whereas the planned figure for 2019 is RUB 30 bn.[29]

Management

[edit]

In 2012,Stephan DuCharmewas appointed the Company’s CEO and the Chairman of the Management Board.[30][31]

In 2015,Igor Shekhterman[ru]was appointed as the Company’s CEO and Stephan DuCharme appointed as the Chairman of Supervisory Board.[32][33][34]

Offline-retail formats

[edit]

Each of the Company’s brands offers a uniquecustomer value propositionand targets key parts of the Russianconsumerpopulation. This multifaceted strategy enables X5 Retail Group to capture a significant portion of the growth that is forecast for each of the three largest segments of Russia’s food retail market.

Moscow proximity stores Pyaterochka in the new concept of 2019

Pyaterochka

[edit]
Main article:Pyaterochka

Pyaterochka is a retail chain of proximity food stores.

Pyaterochka launched a new store refurbishment program in 2019. The new Pyaterochka will offer almost twice as many fresh products in a selling area of around 150 sq m, which is about half of the sales floor.Vegetables,fruitsand some of the perishable items are laid out in the dedicated fresh zone. On top of that, the rebranded Pyaterochka sells a wide assortment of foods to go andready-to-eatmeals and has a special area where customers can have coffee or fresh orange juice and charge their gadgets. An in-housebakerymade it possible to expand the offering of bread and pastry.[35][36]

In 2019, the Pyaterochka retail chain consisted of 15,354 stores with a turnover of RUB 1.37 trn.[37]

Moscow supermarket Perekrestok in the new concept of 2020

Perekrestok

[edit]
Main article:Perekrestok (supermarket chain)

Perekrestok is a retail chain of food supermarkets.

In May 2019, Russia’s biggest and most up-to-date smart kitchen was launched for producing semi-prepared foods for stores, allowing a 2.5-fold increase in the ready-to-eat and ready-to-cook range under the Perekrestok Chef brand in the company’s supermarkets and also boosted quality.[38]

In February 2020 Perekrestok has begun the roll-out of new store concept. Among the highlights of the new concept are updated interior and exterior designs, and a selection of new services offered in-store. The new Perekrestok concept is designed to meet the needs of today's customers, including frequent purchases ofready-to-eatand ready-to-go products. About 50% of the selling space will be dedicated to fresh categories (fruits,vegetables,dairy products,cheese,deli meats,as well as freshfishandmeat) orsalad bars,bakeriesandcafés.A special area will be focused on thehealth foodscategory.[39]

St. Petersburg hypermarket Karusel in the new concept of 2018

Perekrestok is Russia’s largest supermarket chain, consisting, at 2019 closing, of 852 supermarkets with a turnover of RUB 273 bn.[37]

Karusel

[edit]

Karusel is a retail chain of food hypermarkets.

In 2019, Х5 Retail Group announced its decision to transform the Karusel hypermarket chain within two years: - 34 stores to become large format supermarkets managed by the Perekrestok retail chain by the beginning of 2021; - 20 stores to close by 2022; - 37 hypermarkets to continue operating under the Karusel brand.[40]

At the close of 2019, the Karusel retail chain had 91 hypermarkets with a turnover of RUB 87 bn.[37]

Chizhik

[edit]

In October 2020, X5 Group launched a new hard discounter “Chizhik” in Moscow and inBalashikhawith expectations of its federal expansion.[41]A year after, 27 Chizhik hard discounters were opened in Moscow and inMoscow Oblastwith 70 expected, in regions as well, by the end of the year 2021. In 2022, X5 Group announced 3000 Chizhik stores to be opened in 3 years, despite so called “cannibalization” which means audience loss in other stores of X5 group, attracted by Chizhik.[42]

Online retail and services

[edit]

In addition to the retail chains, X5 Retail Group manages the Perekrestok.ru online supermarket and the Dostavka.Pyaterochka and Perekrestok.Bystro food and 5Post parcel delivery services.

Moscow's dark-store of Perekrestok.ru online supermarket

Perekrestok.ru

[edit]

In 2017, the Perekrestok.ru online store was introduced in Moscow[43]and, in October 2018, in St Petersburg.[44]

Adark storecombines features of a traditional store and a warehouse: it is not intended for making purchases but the merchandising display is similar to that of a store. In contrast to a traditional warehouse, a dark store services online orders and goods are displayed individually.

Perekrestok.ru online supermarket results
Parameter / Year 2018[45] 2019[46]
Netrevenues,Russian Rouble, million Increase1 290 Increase4 310
Number of orders, thousand Increase408 Increase1 367
Average bill, Russian Rouble Increase3 526 Increase3 584

As of 31 December 2019, the online supermarket had two dark stores in Moscow and one dark store in St Petersburg.[37]

Food delivery services

[edit]

TheDostavka.Pyaterochkaexpress delivery service was launched in 2019; orders are collected at Pyaterochka stores. For the project, the company developed its own software covering all the project’s operational and auxiliary processes. The IT system is integrated into the Х5 Retail Group infrastructure, allowing new stores to be hooked up to the service in just a few hours and goods balances to be monitored virtually in real time. There is a patented system operating for collecting orders at a store; this cuts assembly time considerably and optimises staff work. As of April 2020, the service was live inMoscow,Skhodnya,LyubertsyandKazan.[47]

ThePerekrestok.Bystroexpress delivery service was started up in 2020, with orders being collected at Perekrestok supermarkets. The software is similar to the IT system used by the Dostavka.Pyaterochka service. As of April 2020, the service was operating in Moscow.[48]

5Post

[edit]

5Post is a subdivision of X5 Retail Group, a developing service for delivering orders from online stores andmarketplacesto the company’s stores. In the summer of 2018, the subdivision started opening the firstlockersand order collection points.

In June 2019, X5 Retail Group and the Unitradecustoms brokerdeveloped an end-to-end service for foreign online stores. Partners pick up orders from the online store warehouses inChina,bring them to Russia, clear them through customs and deliver them to the X5 distribution centre inNovosibirsk.Then 5Post delivers the parcels to stores.[49]

At the end of 2019, 5Post was managing 12 sorting facilities at Х5 Retail Group distribution centres and 8,000 postamats and order collection points. During 2019, over five million parcels were delivered to clients.[37]

Activities

[edit]

The company’s market position

[edit]

The company’s market share by revenues at the close of 2019 was 11.5%.[46]The closest competitor wasMagnit,with a food retail market share of 7.6% (together with non-food and non-retail business – 9.6%).[50]

Share of the food retail market
The company / Year 2013[51][52] 2014[52][53] 2015[53][54] 2016[54] 2017[55] 2018[45] 2019[46]
X5 Retail Group 5,5 % Increase5,9 % Increase6,3 % Increase8,0 % Increase9,5 % Increase10,7 % Increase11,5 %
Magnit 5,8 % Increase6,9 % Decrease6,8 % Increase7,4 % Increase7,5 % Increase7,7 % Decrease7,6 %
DKBR 1,8 % Increase2,1 % Increase2,9 % Increase3,6 % Increase3,9 % Increase5,1 % Increase5,7 %
Lenta 1,5 % Increase1,8 % 1,8 % Increase2,1 % Increase2,5 % Increase2,8 % Decrease2,5 %
Auchan 3,9 % Decrease3,1 % Decrease2,8 % Increase2,9 % Decrease2,2 % Decrease1,9 % Decrease1,5 %
1. Magnit’s revenues include those from food formats only
2. In 2013-2014, only the share of Dixy Group was calculated; in 2015-2017 – the aggregate of Dixy Group andKrasnoe & Beloe,not including the Bristol alcoholic beverages markets; in 2018-2019 - DKBR (in January 2019, Dixy Group merged with the Bristol alcoholic beverages markets and Krasnoe & Beloe chains)

Operational and financial results

[edit]

As of 31 December 2019, the Company operated 16,297 stores, including 15,354 Pyaterochka proximity stores, 852 Perekrestok supermarkets and 91 Karusel hypermarkets, the Perekrestok.ru online supermarket (two dark stores in Moscow and one dark store in St Petersburg) and the 5Post delivery service for online store and marketplace orders (8,000 postamats and order collection points).

Key financial indicators
Parameter / Year 2013[56][57] 2014[57][58] 2015[58][59] 2016[60][59] 2017[60] 2018[61] 2019[37]
Revenue,Russian Rouble, million Increase534 560 Increase633 873 Increase808 818 Increase1 033 667 Increase1 295 008 Increase1 532 537 Increase1 734 347
Gross profit,Russian Rouble, million Increase130 348 Increase154 982 Increase198 390 Increase249 985 Increase308 938 Increase369 720 Increase425 798
Gross profit margin,% Increase24,4 Increase24,5 24,5 Decrease24,2 Decrease23,9 Increase24,1 Increase24,6
EBITDA,Russian Rouble, million Increase38 350 Increase45 860 Increase55 233 Increase76 267 Increase96 193 Increase107 628 Increase122 585
EBITDA margin,% Increase7,2 7,2 Decrease6,8 Increase7,4 7,4 Decrease7,0 Increase7,1
Operating profit,Russian Rouble, million Increase25 296 Increase28 288 Increase34 449 Increase45 631 Increase57 758 Increase58 154 Increase60 251
Operating profit margin,% Increase4,7 Decrease4,5 Decrease4,3 Increase4,4 Increase4,5 Decrease3,8 Decrease3,5
Net profit,Russian Rouble, million Increase10 984 Increase12 691 Increase14 174 Increase22 291 Increase31 394 Decrease28 642 Decrease25 908
Net profit margin,% Increase2,1 Decrease2,0 Decrease1,8 Increase2,2 Increase2,4 Decrease1,9 Decrease1,5
Liquidity update
Parameter / Year 2013[56][57] 2014[57][58] 2015[58][59] 2016[60][59] 2017[60] 2018[61] 2019[37]
Totaldebt,Russian Rouble, million, incl.: Decrease110 523 Increase130 986 Increase144 215 Increase156 033 Increase194 296 Increase207 764 Increase227 933
Short-term debt, Russian Rouble, million Decrease30 680 Decrease15 834 Increase42 670 Increase45 168 Increase58 674 Increase60 435 Increase74 755
Long-term debt, Russian Rouble, million Increase79 843 Increase115 152 Decrease101 545 Increase110 865 Increase135 622 Increase147 329 Increase153 178
Net debt, Russian Rouble, million 102 912 Increase105 363 Increase135 257 Increase137 843 Increase166 691 Increase183 396 Increase209 331
Net debt/EBITDA 2,68х Decrease2,30х Increase2,45х Decrease1,81х Decrease1,73х Decrease1,70х Increase1,71х
Number of stores (As of 31 December)
Brand / Year 2008[62] 2009[63] 2010[64] 2011[65] 2012[66] 2013[51] 2014[52] 2015[53] 2016[54] 2017[55] 2018[45] 2019[46]
Pyaterochka 848 Increase1 039 Increase1 392 Increase2 525 Increase3 220 Increase3 882 Increase4 789 Increase6 265 Increase8 363 Increase11 225 Increase13 522 Increase15 354
Kopeyka - - 660 - - - - - - - - -
Perekrestok 207 Increase275 Increase301 Increase330 Increase370 Increase390 Increase403 Increase478 Increase539 Increase638 Increase760 Increase852
Karusel 46 Increase58 Increase71 Increase77 Increase78 Increase83 Decrease82 Increase90 Increase91 Increase93 Increase94 Decrease91
Convenience storeExpress[67][68] - - 45 Increase70 Increase134 Increase189 Increase209 Decrease187 Increase194 Decrease165 Decrease55 -

Partnership projects

[edit]

In 2013, X5 Retail Group kicked off a programme to attractsublessees,and by the end of 2017, over 29,000 retail outlets were opened in X5 stores by 5,500 private enterprises.[69][70]With 5,000 sublessees, Pyaterochka leads the way in the number of partners accounting for over 8% of its total selling space. More than 3,000 of them are farmers and small and medium-sized enterprises selling food and children’s goods and providing everyday services near the cash desks outside Pyaterochka’s shopping area or inside as a shop-in-shop.

In April 2017, X5 Retail Group launched a cooperation project with the Central Union of Consumer Societies of the Russian Federation (Centrosoyuz).[71][72][73]The COOP-Pyaterochka format has the potential to add up to 1,000 stores over a three-year period. The parties have also agreed to open up to 5,000 Pyaterocka-based shop-in-shop corners by 2021 to sell farmers’ and consumercooperatives’ products.

In November 2021, X5 Group andAlfa-Banklaunched joint financial service “X5 Bank”, 49,99% each held by the retailer and by the bank with 0,02% owned by “Alfa Investments”. X5 Bank is a part of X5 Group strategy to be represented at every step of customer journey from product to purchase.[74]

IT and innovations

[edit]

Х5 entered the innovations market in 2017: by July 2019, Х5 innovations had drawn in over 800 start-ups. Four hundred solutions underwent thorough assessment by business experts and some of them progressed to the business modelling phase. More than 100 start-ups advanced to the prototype/pilot phase and 14 projects were implemented. Х5 considers technological solutions for four key retail spheres:customer experience,operations in stores,supply chainand back office. Х5 is focusing particularly on smart shelving projects, flexible pricing systems,robotisation,automation of quality and freshness control for foodstuffs, and goods tracking.[75][76][77]

Developing innovation

In June 2017, X5 Retail Group and theInternet Initiatives Development Fund(IIDF) launched a specialised retailaccelerator,with the Petrovich and Sportmaster chains among its partners.[78][79][80]Start-up companies joining the IIDF accelerator programme are able not only to attract from RUB 2 mn to RUB 25 mn of investments from the fund, but also to get advice from X5 experts and test their business ideas on X5’s anonymised database of over 3 bn purchases.

In May 2018, X5 and Innopolis University launched joint work on scientific research projects, in particular on a pilot store for the future project.[81]In March 2019, X5 became a resident of the InnopolisSpecial Economic Zoneand opened an X5 Development Centre.[82]

In October 2018, Х5 Retail Group opened a laboratory store at a Pyaterochka proximity store for testing the possibility of introducing new technologies. At the store, technologies for ESL,video analysis,smart shelves, digital information panels, self-scanning and payment scenarios, and other smart store technologies are all being tested under "field conditions".[83]In November 2019, a second laboratory store was opened at a Perekrestok supermarket.[84]

In June 2019, X5 Retail Group, together with the Israel-Russia Chamber of Commerce (IRCC), launched the X5 Retail-Tech Challenge start-up competition.[85]In July 2019, X5 started selecting start-ups fromEstonia,LatviaandLithuania.[76]In October 2019, X5 Retail Group summed up the results of a competition of start-ups held jointly with theSpanish Institute for Foreign Trade(ICEX).[86]

In July 2019, theSberbankventure fund, Fort Ross Ventures and X5 Retail Group signed an agreement on strategic partnership in innovation, exchange of technologies and looking for start-ups.[87]In December that year, X5 Retail Group and start-up accelerator Orange Fab started a joint programme for seeking and introducing innovations in Russia.[88][89]

IT infrastructure

In April 2019, X5 launched a digital parcel delivery platform. The solution used information systems to bring together postamats, sorting facility and warehouse equipment. For deliveries within Russia, online stores and marketplaces deliver to the X5 distribution centres, while the retailer picks up cross-border deliveries at the Customs. The platform has a capacity of up to one million dispatches a day.[90]

Sales

In November 2017, X5 introducedmachine learningto bolstertargeted marketingat the Perekrestok supermarket chain, and developed personalised offers for all members of the Perekrestok Clubloyalty program.[91][92]

In December 2017,Mail.Ru Groupand X5 launched apartnershipin onlineadvertising targetingand assessing its impact on offline sales in certain stores. MyTarget platform clients gain access to X5’s anonymised data onconsumer behaviourwith a view to enhancing the accuracy of ad targeting and linking ad impression data with sales performance at the Pyaterochka, Perekrestok and Karusel chains.[93][94]

In June 2018, X5 started implementingvideo analyticsand computer vision technology based onneural networksandartificial intelligence.It speeds up control of store layouts and the number of products on shelves by a factor of ten, and reduces the number of people leaving the store without a purchase and shrinkage levels by 10% and 20%, respectively.[95][96]

In May 2018, X5 successfully completed a large-scale project to automate the processes ofdemandand replenishment planning at both stores and at Perekrestok and Karusel distribution centres. To this end, the Company redesigned its corelogistics,marketingandsalesprocesses, and introduced an end-to-end system ofsupply chain management,boosting forecast accuracy by 17% and increasing on-shelf availability of products by 5%. The Company also reduced inventory levels by 13%.[97][98]

In May 2018, X5 introduced automated detailedplanogrammingforhypermarkets.It factors in store equipment characteristics, customer preferences, historical data on inventory turnover by type of product, assortment by category, packaging size and type, etc. After three months of its use, the system boosted sales by up to 10.5% in some categories.[99][98]

In the summer of 2019, X5 Retail Group started producing self-service cash registers. The company developed the device and the software itself: the machines are equipped with amulti touch screen,2D barcode scanner,stereo speakers,amicrophonefor audio apps and voice services, and a3D camera.At the second stage, X5 added a goods weighing platform and there are plans for a rapid payment system usingQR codesandFace IDtechnology.[100]

Real estate transactions

In February 2018, X5 launched an online service that helps real estate owners to calculate the average rent at any location where Pyaterochka has a presence. The service also enableslandlordsto offer premises or a property for lease or sale instantly, if the property meets all the criteria for store opening, or offer a land plot for building a store.[101]

Logistics

[edit]

X5 started implementing its logistics separation strategy in 2013, with a view to splitting product flows for convenience stores, on the one hand, and supermarkets and hypermarkets, on the other hand.

As of 31 December 2019, X5 Retail Group operated 42 distribution centres spanning 1.2 million sq m, including 31 centres catering to Pyaterochka and 11 centres serving the super- and hypermarket formats (Perekrestok and Karusel).[46]

As of 31 December 2019, X5’s fleet comprises 4,124 owned trucks.[46]

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[edit]
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  69. ^"5,5 тысяч партнеров X5 разместили в магазинах компании 29 тысяч торговых точек (Over 29,000 retail outlets were opened in X5 stores by 5,500 private enterprises)"(in Russian). Rambler News Service.RetrievedJune 17,2018.
  70. ^"Субарендаторы открыли в магазинах X5 более 29 тысяч точек (Over 29,000 retail outlets were opened in X5 stores )"(in Russian). Retail.ru.RetrievedJune 17,2018.
  71. ^"X5 Retail EDR: Centrosoyuz project may open up to 1,000 new stores over next three years".Surperformance.RetrievedJune 17,2018.
  72. ^"X5 Retail In Cooperation Deal With Centrosoyuz To Open Up To 1,000 New Stores".RTTNews.RetrievedJune 17,2018.
  73. ^"Russian X5 Plans 1,000 Franchised Stores by 2020".Deutscher Fachverlag GmbH.RetrievedJune 17,2018.
  74. ^"Х5 и Альфа-Банк создали дочку для реализации финсервиса Х5 Банк"(in Russian).Интерфакс.2021-11-15.
  75. ^"X5 Focuses on Innovation as Technology Becomes Important in Retail".Russia Business Today.RetrievedApril 26,2020.
  76. ^ab"X5 Retail Group: startups from Europe have a positive attitude to the Russian market".Fund IT Innovations.RetrievedApril 26,2020.
  77. ^"Russia's Top Retail and Tech Companies Join Forces to Hunt for Innovations".The Moscow Times.RetrievedApril 26,2020.
  78. ^"X5 Retail Group announces strategic partnership with IIDF".X5 Retail Group.RetrievedJune 17,2018.
  79. ^"X5 Retail invests in" smart shop ", and Innovation".Baker-Group.Net.RetrievedJune 17,2018.
  80. ^"In the 12th Accelerator FRII included 32 company".BiToBi.RetrievedJune 17,2018.
  81. ^"X5 launches cooperation with Republic of Tatarstan".AK&M Information Agency.RetrievedApril 26,2020.
  82. ^"Rustam Minnikhanov holds a meeting of the Supervisory Board of the Innopolis Special Economic Zone".Official Tatarstan.RetrievedApril 26,2020.
  83. ^"Russia's X5 Launches 'Lab Store' To Test New Technologies".European Supermarket Magazine.RetrievedApril 26,2020.
  84. ^"X5 Sets Up Lab In Perekrestok Store To Test New Technologies".European Supermarket Magazine.RetrievedApril 26,2020.
  85. ^"Anagog Wins X5 Retail-Tech Challenge for Retail Innovation".GlobeNewswire, Inc.RetrievedApril 26,2020.
  86. ^"X5 Retail Group seeks innovation with Spanish startups"(in Russian). Retail.ru.RetrievedApril 26,2020.
  87. ^"Fort Ross and X5 conclude strategic partnership agreement".Sberbank.RetrievedApril 26,2020.
  88. ^"A new accelerator: Orange Fab".Medium.RetrievedApril 26,2020.
  89. ^"Call for Projects – Program with X5 Retail Group".Orange Fab.RetrievedApril 26,2020.
  90. ^"X5 and Ozon to open 4,000 Pyaterochka parcel pick-up points and lockers".Verdict Media Limited.RetrievedApril 26,2020.
  91. ^"X5 Retail Develops Targeted Marketing Technology".European Supermarket Magazine.RetrievedJuly 24,2018.
  92. ^"Russia: X5, Magnit and Lenta round up".The Institute of Grocery Distribution and IGD Services Limited.RetrievedJuly 24,2018.
  93. ^"X5 Retail Group and Mail.ru Team up".Deutscher Fachverlag GmbH.RetrievedJuly 24,2018.
  94. ^"X5 and Mail.Ru patner to measure targeted online advertising impact".Verdict Media Limited.RetrievedJuly 24,2018.
  95. ^"X5 To Roll Out Computer Vision Technology To Support Planogram Control Process".European Supermarket Magazine.RetrievedJuly 24,2018.
  96. ^"X5 Retail Group and Magnit announce strategic moves".The Institute of Grocery Distribution and IGD Services Limited.RetrievedJuly 24,2018.
  97. ^"X5 Retail Group Introduces Automated Planograms To Boost Sales".European Supermarket Magazine.RetrievedJuly 24,2018.
  98. ^ab"X5 invests to optimise stores".The Institute of Grocery Distribution and IGD Services Limited.RetrievedJuly 24,2018.
  99. ^"Russia's X5 Retail Group Introduces Automated Supply Chain Solution".European Supermarket Magazine.RetrievedJuly 24,2018.
  100. ^"X5 rolls out self-service tech made in-house across all geographies".RetailTimes.RetrievedApril 26,2020.
  101. ^"Russian Federation: Pyaterochka to provide rent-calculation tool for 63 regions".SyndiGate Media Inc.RetrievedJuly 24,2018.
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