Krasnodar, Russia (June 22, 2023): Magnit, one of Russia’s leading retailers, increased the number of My Price soft discounters to 1,000 stores. The Company started testing this new format in the summer of 2020. As of today, My Price stores operate in 645 cities and towns across 64 Russian regions.

Prices in Magnit’s soft discounters are lower than in its convenience stores. The assortment consists of 2 thousand items, with a predominance of goods of the first price segment. In the structure of the assortment, about a third of the goods are from fresh and ultra-fresh categories (dairy products, poultry, meat and meat gastronomy, fish, bread, bakery products, etc.) and the fruits and vegetables category. The share of private label products is 24%.

Magnit’s soft discounter chain operates both in small towns and large cities, including those with over a million residents. Currently, the majority of the stores that were opened are located in Tatarstan as well as Sverdlovsk, Krasnodar, Chelyabinsk, and Rostov regions.

In the first quarter of 2023, like-for-like (LFL) sales of My Price stores increased by more than 28%. The average ticket including VAT in soft discounters increased by 8.9% compared to last year and amounted to 368 rubles.

Oleg Sidnin, Operations Director for Convenience Format at Magnit:

“We are happy with the results of My Price stores and continue to expand the network. Soft discounters organically complement our multi-format concept and allow us to adjust the customer offer in some locations thanks to lower prices compared to convenience stores and a narrower assortment range.”

Since 2023, Magnit has been strengthening its presence in the discounter segment: as of this February, the Company has been developing the V1 (“First Choice”) hard discounters. The assortment of V1 stores is narrower than that of soft discounters (up to 1,000 SKUs on average), and prices are lower due to deeper optimization of operational processes. For example, hard discounters display products on pallets and in cartons, and in the future, a separate logistics flow will be established for the new format. Other features of Magnit’s hard discounters include more substantial share of PL, an emphasis on offering fresh categories, including an extended range of fruits and vegetables, and a wide representation of goods sold by weight. V1 pilot stores are currently operating in Moscow and Moscow Region.

Magnit expands its “My Price” soft discounter chain to 1,000 stores