Korean CJ CGV To Open The First Cinemas In Russia In Spring
New Landings Reported
In spring, the South Korean cinema chain CJ CGV opens several sites in Russia at once. The first news on the debut of the foreign player in Russia’s market appeared a year and a half ago together with the information on the first Koreans partner, the ADG Group, involved in the project on the old Soviet cinemas renovation in the capital. CJ CGV lands at 33 ADG sites where the first one, the four-hall Angara cinema, to be set up in Moscow’s Chongarsky Boulevard, the Nagatino district. Gradually, the remaining objects will open their doors by 2019-2021.
By now, in all news announced the CJ CGV was positioned as the ADG Group regional centers, however, according to the Vedomosti the first Russian Koreans cinema in Russia may not open there. The network became the anchor tenant of the Salaris MFC as part of the Salarievo TPU located in the south-west of the capital, as the manager of the Mall Management Group reported to the edition. Earlier some sources mentioned that the area meant for the cinema, will be housed by the United Network "Cinema Park" and "Formula Kino".
The brand the CJ CGV will work under in Russia is still unknown. For now, the chain has only its operating name, the brand will be revealed later, as the company representative explained to the Vedomosti.
CJ CGV was ranked fifth in the world by the number of screens. But today the chain operates mainly in Asia: in Korea, China, Vietnam, Indonesia, Myanmar and Turkey. A year ago, the CJ CGV's Vice President for Global Business Development, Bret Kim, said in an interview to the BC, that the company aims to take 30–40 percent of the Russian cinema market.