Magnit launched the format of “hard” discounters
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Stores will operate under the B1 or First Choice brand. The first three pilot stores opened in Stupino, Elektrostal and Tuchkovo near Moscow. In the near future, up to 15 test stores will open in the Moscow region.
The area of shops will be 330-400 sq. m. m, and in case of further deployment of the project, the retailer will open a distribution center for new discounters in the fourth quarter of this year. Discounters will have a smaller assortment compared to the “soft” discounters “My Price” (owned by “Magnit”).
“Like My Price, hard discounters will follow the EDLP (every day low prices) pricing strategy without promotions. Due to a deeper optimization of operational processes in stores and logistics, prices in V1 will be lower than in My Price and in stores.Magnet at home,” the company explained.
“Magnet” is a large retailer, the third largest private company in Russia in terms of revenue. According to the data of the network itself for 9 months of 2022, revenue increased by 0.8% compared to 2021 and amounted to 532.1 million rubles. Net profit decreased by 99.5% to RUB 123.7 million.
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