Kazakh retailer Magnum is set to significantly expand its presence in Uzbekistan, with plans to more than double its network in the neighboring country. This expansion comes following the acquisition of one of its competitors, signaling significant growth in the Uzbek market.
Mikhail Filippov, the director of logistics for Magnum, made this announcement at the Tradex trade forum in Almaty on November 1. He highlighted the company's intention to continue expanding its footprint in Uzbekistan and shared specific numbers regarding the upcoming store openings.
"In 2023, five stores were added to two, and next year in 2024, another 10 will open," Filippov revealed.
Magnum entered the Uzbek market in December 2021 with the opening of its first hypermarket. Shortly after, a second hypermarket followed, and plans were announced to open two more in the fall of 2022. If these plans come to fruition, Magnum's network will grow to 15 locations, a 7.5-fold increase from the end of the previous year.
Earlier Daryo reported that Magnum is in the process of acquiring Majid Al Futtaim Uzbekistan, the company that presently owns three Carrefour hypermarkets in Uzbekistan. The acquisition will be finalized once all regulatory conditions are met, granting Magnum full operational control of Majid Al Futtaim's Uzbekistan operations.
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