Second tier retail chains are leaving the Russian market, Sergey Galitsky, Magnit CEO, said during the telephone conference. Meanwhile the competition among top three retail chains – X5 Retail Group, Magnit and Dixi – will keep escalating. Sergey Galitski confirmed their plans to raise gross revenues in 2012 at 25-30%, and EBITDA – at 7.5-8%. Magnit is one of Russia’s largest retail chains in terms of sales volume. As of 31 December 2011, the company operates 5,309 stores, including 93 hypermarkets and 210 drogery shops.
Source: www.retail.ru