Passage To Expand Upwards And Sideways

<BR>ZAO TPF Passage is planning $20m investment to rebuild and restore the department store, which will increase its area by 4000m2.<BR>Passage intends to complete the project in five years. At least $14.5m of the $20m investment will come from its own profit.<BR>Passage's main building is listed as having local historical significance, and has been transferred to the company on a long-term lease. According to General Director Valeriy Zelensky, rent has been paid for the next 25 years. The second building, at 17 Italianskaya Street, is a new acquisition by Passage, next door to the department store's main building, and has yet to be rebuilt.<BR>Retail premises will also be located inside the newly-purchased building at 17 Italianskaya. The new section will be linked to the main building by an existing gallery. Escalators are to be installed to carry customers from the basement to the third floor. Passage's main gallery also requires significant repairs.<BR>When the crisis struck, Passage's daily turnover grew by 30%. Its daily turnover is presently one million roubles. According to Valeriy Zelensky, Passage is a Russian leader, in turnover per square metre. The department store has a trading area of 5000m2.