Owner of 585 begins development project

2011-12-19



Aleksey Feliksov, a co-owner of the 585 jewellery retail company, has acquired a 2-ha site in the Leningrad Province for the construction of a mixed-use complex. He had, initially, been considering building just an office but decided to implement a larger, more lucrative, project. The proposed complex will take up 25,000 m². It will include three buildings which will contain offices and shops, along with a hotel and a warehouse. The cost of the acquired site is thought to be approximately RUB 30m ($943,420). The amount invested in the project is expected to reach RUB 1.4bn ($44m).
Anton Petrov, another co-owner of 585, will take part in the project. He may also use his construction company, Baltiysky Monolit. As Retail Update Russia reported on a previous occasion, the company’s management announced earlier this year that 585’s business has been divided into two parts since the beginning of 2011. At present, the 585 brand, which today includes a store count of 340 retail units in Russia, is now operated by two companies, one owned by Alexander Smirnov (Yuvelirnaya set 585) and the other by Anton Petrov and Aleksey Feliksov (585) – all three businessmen were senior managers of the former company.
Yuvelirnaya set 585 develops the brand in the North-Western, Central, Volga and Ural federal districts, and 585 in the Southern, Volga, Central and Far Eastern and Siberian federal districts.