Magnit’s aggressive expansion strategy in Russia – focused on c-stores and hypermarkets, but with a recent foray into cosmetics stores – saw more than 2,800 stores open between 2010 and 2012. This helped revenue grow 10% faster than X5 and Auchan, but thanks to “flexible pricing, which shields it from disposable income volatility”, likefor- likes have been just as impressive, peaking at 11.1% in 2011, and it’s also Russia’s most profitable retailer. 

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