Russia 11/07/2024

Magnit with nearly 30,000 stores and more sustainable

 

The #1 Russian retail group has been diversifying its expansion strategy since 2023, with the testing of new formats like ultra-convenience stores (picture), the opening of hard-discount stores V1 (53 “First Choice” shops opened in Moscow region), investments on E-commerce (acquisition of KazanExpress platform), also the expansion to Far-East regaions with the acquisition of Sambery Group (291 stores).  The chain included by end of 2023 a total of 29,163 stores in 67 regions: 18,701 Magnit convenience stores, 7,740 Drogerie stores, 2,235 Dixy convenience stores, 489 supermarkets, 1,176 MyPrice stores 53 FirstChoice discounters.

Sustainable strategy

The group counts with millions of daily touchpoints with its stakeholders: customers, employees, suppliers, authorities and of course investors. It makes an enormous difference how to operate and conduct its retail business. Magnit always tried to operate as a responsible corporate citizen and conduct its operations in a sustainable way. In 2019 the chain launched a project to systemize this approach and started developing a comprehensive sustainability strategy, which allowed to improve on these issues and measure itself in a more efficient way against best industry standards.

“Retail with purpose”

Magnit "Retail with purpose" sustainable concept is firmly based on the 10 principles of the UN Global Compact and their 17 Sustainable Development Goals as well as stakeholder expectations which the chain always take into consideration in sustainability management. Magnit set itself an ambitious goal of embedding sustainability into every aspect of the business and its processes, having it motivate the employees and inspire the customers, help develop the communities where Magnit operates and set an example for the industry. Magnit looks forward to build a vast network of partners from all areas of its stakeholders, as much more can be achieved with effective partnering than with any entity working in isolation in achieving the ambitious goals of sustainability.

5 key objectives adopted by Magnit

Magnit aims to become the leader in environmental impact reduction in the industry; achieve positive impact on the quality of life of all Russians; become the number 1 employer in the industry; ensure 100% responsible supply chain, implement the best in class of corporate governance. To achieve these objectives Magnit is working on a 5 years plan until 2025 to implement a whole new set of policies and statements that govern the sustainability approach in 5 key areas, each of which regulates the procedures for Magnit’s interaction with stakeholders within a specific subject area.