Magnit has updated the concept of Magnit City outlets, with plans to open 30 more Magnit City stores in large Russian cities by the end of 2020, the retailer informed.
The new stores with updated customer value proposition have already appeared in Saint Petersburg, Nizhny Novgorod, and Chelyabinsk. The remaining outlets will be opened in Moscow, Saint Petersburg, Novosibirsk, Yekaterinburg, Kazan, Nizhny Novgorod, Chelyabinsk, Omsk, Samara, Krasnodar, Rostov-on-Don, Ufa, Krasnoyarsk, Voronezh, Perm, Volgograd, and Tyumen. The format is aimed at large cities with a population of 500,000 people.
The first three pilot stores opened in Moscow and Krasnodar in 2019 received positive feedback from customers and proved their commercial viability.
Magnit City stores are compact Grab-and-Go outlets located in places with high traffic with a total floorspace of 150-230 sqm and a product range of up to 2,000 SKUs.
PJSC Magnit (tax number: 2309085638) is the Krasnodar-based holding company for a group of entities engaged in the retail trade through the same-name retail chain.
Magnit's 12-month net profit for 2019 dropped by 49% year-on-year to RUB 17.1 billion. Total revenue increased by 10.6% to RUB 1,368.7 billion; EBITDA amounted to RUB 83.1 billion. The company opened 2,377 stores net (1,195 stores corner stores, 6 supermarkets and 1,176 drogerie stores). The total number of stores in the chain was 20,725 as of December 31, 2019.
