On October 23, CGV and ADG group have announced the establishment of a new joint venture company. The new company will become an anchor tenant in ADG group's Neighbourhood Centres project: The 33 cinemas will offer a choice of Russian and International movies in 160 screens.
In 2014, ADG group acquired 39 outdated cinemas located in Moscow's densely populated urban areas in order to redevelop them into Neighbourhood Centres — a new commercial real estate asset class. Award-wining architect, Amanda Levete became an author of architectural concept. The project's mission is to revitalize the historical centres of gravity of these locations and to bring new quality of urban life and retail convenience to over 2,5 million Muscovites living in 15-minutes walking distance from these sites. Neighbourhood centres offer their visitors everything for a quality time spending and proximity shopping, providing all the essentials in convenient and comfortable environment with a superior customer experience and respect to the interests of local communities. The potential of these physical locations is enlarged by the project's online infrastructure in order to deliver both omnichannel sales and communications.
The new cinema operator will become the only international player in the Russian market delivering state-of-art cinema ambiance as well as the high quality service and new movie screening technologies to Muscovites. The new company plans to operate 33 cinemas and 160 screens in the ADG group's Network of Neighbourhood Centres after complete commissioning. If other players remain the current status, that means becoming Moscow's number one in terms of cinemas and number two in terms of screens.
CJ CGV is the 5th in the world and the largest multiplex cinema chain in South Korea. The company has operated in China, Indonesia, Myanmar, Turkey, Vietnam, and the United States with more than 400 sites and 3,000 screens. Russia has become the 7th country to which CJ CGV has entered.