Kazakh retail giant Magnum is pulling out of the Uzbek market after three and a half years of operations, Forbes Kazakhstan reported.
The company has already shut down several of its stores in Tashkent, with the remaining outlets reportedly selling off their final inventories. As of June 17, only three Magnum stores remain operational in the capital, according to EastFruit.
Magnum Cash&Carry, which operates more than 200 stores across Kazakhstan and serves hundreds of thousands of customers daily, first entered Uzbekistan in December 2021 by opening two hypermarkets in Tashkent.
In a bid to expand its presence, Magnum acquired the business of Majid Al Futtaim Uzbekistan in August 2023. The deal included several outlets previously operated by the French retailer Carrefour, boosting Magnum's total number of stores in Uzbekistan to seven.
The company had plans to open 10 additional outlets in 2024, aiming to grow its network to 17. However, these expansion plans stalled at the beginning of 2024.
The closure of Magnum Karatash in February 2024 was followed by the shutdown of Magnum Yunusobod and Magnum Atlas Chilonzor in May 2025. On June 16, 2025, the Magnum Samarkand Darvoza store also ceased operations.
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