What: The former subsidiary of Finnish Stockmann department store in Russia, now fully independent, is planning to open 16 new stores this year.

Why it is important:  This is a perfect case of potentially dangerous PR case in terms of media exposure, as general public might not be aware that Stockmann in Finland is not related to the Russia operations anymore.

Stockmann Russia plans to open 16 new department stores across the country in 2023, capitalizing on the availability of high-quality real estate left vacant by foreign companies after Russia's invasion of Ukraine.

CEO Gennady Levkin revealed that the expansion will include cities such as Moscow, Sochi, St. Petersburg, Krasnoyarsk, and Perm, with a total investment of approximately RUB3 billion ($36.7 million).

Despite past political turmoil, Stockmann has remained a symbol of Russia's embrace of the West since opening its first store outside Finland in Moscow in 1989. Originally founded in Helsinki, the company now has 12 locations in Russia, primarily in Moscow and Saint Petersburg, and is owned by Reviva Holdings.

Stockmann Russia plans 16 new stores in 2023