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Russia: After the successful launch of My Price, Magnit wants to launch another discount concept

Largest Russian retail chain Magnit (more than 27,000 stores), plans to launch a new discount format, while the relative new My Price discount format is already a success.

The success of discount chains has been one of the major trends in the Russian market last year, with consumers' interest in discount shopping intensifying amid the economic fallout.

"We consider discounters one of the most promising formats for further development, so we will actively increase our presence in this segment," Magnit's press service said.

The development of the new discount concept began in 2022. Stores of the new discount format are planned to open at Q1-2023. Magnit have recruited a dedicated team for this new discount project, including managers from some main competitors.

Testing of the new discount concept can begin in the region, where the company already has developed logistics and enjoys a loyal audience, says a Magnit spokesman.

Launching a new separate format of a hard discounter under a new brand with its own pricing and assortment may be advisable, says Mikhail Burmistrov, general director of Infoline-Analytics. He noted that the already existing network of discounter "My Price" is just one of the formats of Magnit. Apparently, Magnit wants to manage different discount formats.

Source: ESM magazine and Retail RU.

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