Magnit eyes smaller competitors
Russian grocer Magnit is interested in acquiring smaller rivals as growing competition is set to leave less room for organic expansion, Chief Executive Officer Sergei Galitskiy said. "Competition is growing every day but we still have opportunities for more or less comfortable growth. What we see is the trend of replacement of second-tier chains and probably we as well as our main competitors are showing interest," he said. Magnit has become in Russia's top grocery retailer in terms of store numbers through organic expansion. Last year, it paid RUB1 billion (USD32 million) for a chain of some 14 stores in the Tambov region in central Russia and plans to buy the remaining interest this year.
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