(Reuters) According to the business, Russian consumers are increasingly looking for lower-cost goods as a result of rising inflation and declining living standards. On Tuesday, the Magnit supermarket chain in Russia opened its first “hard discount” stores under a new brand.
In comparison to the chain’s current stores, Magnit said the new “V1” brand, which means “First Choice” in English, will concentrate on basic products like fruit, vegetables, and bakery goods.
Since the Kremlin sent tens of thousands of soldiers into Ukraine a year ago, Russian consumers have experienced rising prices and declining incomes, which have reduced their purchasing power and increased demand for discounted goods.
Strong results from discounters have drawn conventional retailers to the expanding market.
The first “hard discount” stores are opened by Magnit in Russia.
(Reuters – According to the company, the first “hard discount” stores in the Magnit supermarket chain in Russia opened their doors on Tuesday. Russian consumers are looking for cheaper goods as a result of rising inflation and declining living standards.
The new “V1” brand, which stands for “First Choice” in English, will concentrate on everyday items like fruit, vegetables, and bakery goods, offering a smaller selection of products than the chain’s current stores, according to Magnit.
Since the Kremlin ordered tens of thousands of troops into Ukraine a year ago, Russian consumers have experienced rising prices and declining incomes, which has reduced their purchasing power and increased demand for discount goods.
Discounters’ positive results have drawn traditional retailers into the expanding market.
