The Magnitgrocery retailer is to increase investments to $1.1-1.3bn in 2010, reported Vedomosti. The increase is necessary if the company is to follow through on its plans to open 30 new hypermarkets and increase its number of new convenience stores to 650 by the end of the year.
Magnit had previously announced its intention to invest $1bn this year, which itself was a record sum for the company. For the purpose of comparison, X5 Retail Groupplans to invest RUB 18bn ($583.1m) during the same period.
In H1 2010, Magnit launched 260 convenience stores and four hypermarkets, thus increasing the combined trading area of its chain by 27.7% to 1.16 million m2.
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