Magnit maps out expansion despite financial crisis

Russian retailer, Magnit, says it will open about 400 new convenience stores and 6 hypermarkets in 2009.

The grocery chain, which currently has more than 2500 stores across central and southern Russia, has trimmed its investment programme from $800 million to $660 million in the wake of the financial crisis engulfing Russia. Despite the reduction it is still looking to expand its operation in regions where it currently has a strong presence, as well as expand into the Urals region this year, with later plans to move into Siberia and the Far East. Magnit opened 382 new stores in 2008.