Rebuilding A Retail Giant – ESM Meets Magnit Chief Executive Jan Dunning
With more than 20,000 stores, Russia's Magnit is an undisputed retail behemoth. But the bigger you are, the more potential there is for cracks to start to appear, and the business was recently forced to implement a turnaround plan. ESM spoke to CEO Jan Dunning. This article is available to Premium and Premium Plus subscribers only.
There was a time when Russian grocery retail was all about the ‘race for space’ – opening as many stores as you could, in as many regions – was considered a benchmark for future prosperity. But times have changed.
Approximately two years ago, Magnit, which, for more than a decade, had pursued a blistering opening strategy – in the process making it Russia’s largest grocer – saw the wheels begin to fall off its expansion juggernaut.
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