By the end of 2010, Magnit, one of the largest Russian retail chains, is planning to open 30 hypermarkets and 650 convenience stores. Total investment to exceed $1 billion. So far the company has reported 4 hypermarkets and 260 convenience stores opened this year. Chain’s IR-director explains that high season for openings will be autumn-winter.
Company is also implementing a new strategy of direct import. Magnit has already started to import some volumes of bananas, as well as other fruits and vegetables. According to Magnit’s management, the logistic chains are well-established and operations have become more profitable.
Source: www.retailer.ru, Vedomosti