Lower inflation contributed to slowdown in Russian grocery market growth

However, despite X5’s leadership in terms of sales, Magnit remained the largest grocery company in terms of store count with close to 11,000 stores in 2016. And it will maintain this position also in 2017, even despite the very rapid expansion of X5, whose brands are expected to grow their estates the most this year. In late November 2017, X5 already opened its 11,500th grocery store in Russia. It is also worth noting that Magnit and X5 account for almost three-quarters of all stores owned by Russia’s top 20 grocers by sales. Their dominance is particularly evident in the discount segment, where they account for about 90% of all stores and over 70% of sales turnover via their Pyaterochka and Magnit chains.
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