STOCKMANN TO OPEN NEW MOSCOW DEPARTMENT STORE IN LATE WINTER

STOCKMANN plc
Company Announcement
9.12.2008 at 13.30

STOCKMANN TO OPEN NEW MOSCOW DEPARTMENT STORE IN LATE WINTER

Stockmann’s new Moscow department store is now expected to open in
February, having initially been scheduled for a December opening. The
department store is to occupy leased premises in the new Metropolis
shopping centre close to the centre of Moscow. The postponed opening is
due to the delayed completion of the Metropolis shopping centre.
Stockmann’s new premises in the shopping centre are almost ready, but work
on the shopping centre’s heating, water and power systems, for example,
have fallen behind schedule. The postponed opening will not result in
significant excess stocks or other major problems.

The total floor area of the new department store will be approximately
8,000 square metres, and Stockmann’s investment in the project will be
about EUR 12 million. Situated in a first-rate commercial location close
to the centre of the city, the Metropolis department store will be the
fourth Stockmann department store in Moscow.

Based on information currently available, the opening of the new
department store is anticipated to take place in February, in advance of
the early-March sales period and International Women’s Day, which are both
important in the retail calendar. Conclusive information on the opening
date will be available when the shopping centre’s infrastructure has been
completed.

Sales have continued to be brisk at the three existing Stockmann
department stores in Moscow and the speciality stores in Russia. Stocks
are low because Stockmann has been very cautious about buying goods for
Christmas sales and consequently the postponement of the opening will not
lead to significant excess stocks.

STOCKMANN plc

Hannu Penttilä
CEO

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