X5 Retail Group, the owner of grocery chains Perekrestok and Pyaterochka, has asked suppliers to reduce purchasing prices by 10% due to strengthening of the ruble, according to the company’s letter.
“The dollar rate has recently decreased to 59.5 rubles from 60 rubles (by 10%) and the euro rate fell to 63.5 rubles from 72 rubles (by 12%). Due to this we ask to reduce purchasing prices by 10% from the current level from March 15, and provide an answer in a written form. In case the answer is not provided, we keep a right to revise terms of our cooperation,” the letter said.
The company said that talks on a price reduction were a standard practice in the market pricing mechanism. (Prime/Business World Magazine)
