Subscribe Login
DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5
Retail

Magnit Obtains Leasehold Rights For 56 Edelweiss Outlets

Russian retailer Magnit has announced it has reached agreement for the long-term leasehold rights for 56 stores currently operating under the Edelweiss brand in Kazan.

The group said that the stores 'align with the company’s format strategy in terms of size and layout and are located in high-quality densely populated areas'.

The leasehold rights are planned to be obtained for up to 10 years, and will 'strengthen Magnit's position in the local market', the retailer added.

Store Expansion In Kazan

As of 30 September, Magnit operated 265 store in Kazan, including 183 convenience outlets, three supermarkets and 79 drugstores.

According to the agreement, Magnit, which recently announced the acquisition of the Dixy chain, plans to obtain leasehold rights in a number of stages, subject to successful legal and technical due diligence.

The retailer plans to open 67 stores in the premises occupied by the former Edelweiss outlets, including 50 convenience stores, 14 drugstores and three hard discounters.

These stores are expected to be opened between the fourth quarter of this year and the first quarter of next year.

'Strengthens Our Competitive Position'

“This agreement further strengthens our competitive position in the fifth largest city in Russia, expanding our presence in high quality and densely populated areas," commented Andrey Bodrov, chief strategy and investment officer.

"These additional stores are highly complementary to our existing portfolio and align with our successful growth strategy, which combines new store openings with value accretive market share consolidation opportunities."

Read More: Russia Lockdowns 'Unlikely To See Return To Panic Buying', Says Magnit CEO

© 2021 European Supermarket Magazine. Article by Stephen Wynne-Jones. For more Retail news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our Terms & Conditions and Privacy Policy
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days