Magnit

Magnit, which has the largest number of retail outlets in Russia, intends to invest USD1.5 billion in opening 800 convenience stores, about 200 drugstores under the Magnit Cosmetic brand and up to 55 hypermarkets in 2011, the retailer said. In contrast to this, Auchan has announced it will be opening fewer stores than planned in 2011, as it is hard to find suitable land.

Last year the retailer opened 800 supermarkets and neighbourhood stores and 27 hypermarkets, whereas its rival X5 has expanded its store network by around 480 stores.

Source: www.retail.ru

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