"Commersant" has learnt  that  H & M's first store will be opened in Georgia in  2017. The company’s communications manager Elnaz Barar confirmed in  a letter sent to "Commersant" that the first store will open in the Georgian capital  next year. According to him, the information in this regard   was posted on  the company’s official site.

 

The company says that the international brand H & M which is known for high quality and best prices has signed an agreement to open its first store in Georgia. Detailed information will be known  in the near future. Apart from Georgia, the stores will be opened in  Colombia, Iceland and Kazakhstan. The company does not specify where the first store will be opened, but according to the available information,  H & M will enter the trade center "Gallery Tbilisi" opening of which is scheduled for  2017.

 

In April last year the Georgian Co-Investment Fund purchased the building of the trade center from a Dutch Investment Group  Doryphore Investment BV  to open  modern  A-class shopping center .

 

 

The total investment cost of  the project is $ 70 million. Construction works will be completed in summer 2017. The project was announced in 2007 but has been suspended for several years.

Source:commersant.ge