GUM tree grows
Rising profits at Moscow’s best known department store, GUM (the State Universal Store), have prompted its owners to plan major changes to its profile. Some $27 mn in 1995 net profits will be used towards renovation and expansion of the existing store to include two extra stories, a basement food hall and 40 new escalators. Meanwhile, new malls are planned in five provincial cities. GUM has also introduced American Depositary Receipts, equivalent to two company shares, to be traded on the over-the-counter market in the US.
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