Magnit opens a chain of discounters

Russian retail giant Magnit plans to launch a new chain of discounter stores called My Price. The company’s President and CEO, Jan Dunning, announced the move in his latest interview with RBC news portal. The chain will carry over 2,000 items of inexpensive products, including vegetables and fruit, dairy products, pet food, groceries, baby food, etc. Stores are planned to be located in suburban and uptown residential areas. To reduce maintenance costs, most products will be displayed on the shelves in boxes and large packages.

Three My Price pilot-shops with shopping areas up to 300 m2 have already been opened in Samara, Kamyshin (of Volgograd Region), and the village of Staraya Kulatka in the Ulyanovsk Region. At the moment Magnit is testing the new format of the chain. After opening several more stores, it may decide to scale the chain.

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