Kesko Oyj

04/25/2024 | Press release | Distributed by Public on 04/25/2024 02:21

Kesko to begin construction on a new K-Citymarket hypermarket in Porvoo

Kesko will begin construction on a new K-Citymarket store in Porvoo within the next couple of months. The new 8,000 square-meter hypermarket is expected to open in spring 2027, and will comprise food and home and speciality goods departments. The store will be situated in a new complex that will also house a hotel and some 50 apartments. Kesko will be leasing the hotel premises to a hotel operator, while its partner in the project, Jatke Toimitilat, will own and sell the apartments. The Taidetehdas event centre will be located next to the store.

"This is a significant step in the development of the area, as a new K-Citymarket store in Porvoo has been in the plans for some twenty years. Together with other operators in the Taidetehdas event centre, we can make this an attractive destination in Porvoo", says Mika Sivula, Regional Director for Kesko in Southern Finland.

"We are thrilled to be able to launch this project after a lengthy development phase, and to be able to share good news and employ talented people in the construction sector under the current circumstances. The building will meet high-level environmental requirements, and we will be seeking a BREEAM Very Good certification for it, says Antti Raunemaa, Managing Director for Jatke Toimitilat.

Kesko has spent some 1 billion euros on updating its grocery stores in recent years, and invests 200-250 million euros in developing its store site network annually. Sales of K-Citymarket hypermarket stores in particular have been growing considerably in Finland, and the hypermarkets have a crucial impact on market shares in the grocery store business. The new hypermarkets to be opened in upcoming years will play a significant role in strengthening Kesko's market share and further increasing sales.