Why is this important
Korzinka is filling the gaps after the unsuccessful launch of Magnum, which left Uzbekistan after 3.5 years and lost $20 million. The Kazakhstani retailer couldn’t adapt: the hypermarket format didn’t appeal to Uzbek buyers who preferred small stores with low prices. Korzinka dominates the local market, understanding consumer behavior. Expansion into premium shopping centers strengthens positions against Havas and Makro.
What happened
- Korzinka opens supermarkets in Compass (already operational), Samarqand Darvoza (November 7), Atlas (November 11);
- In September, it took Makro’s place in Mega Planet (worked for 15 years);
- This is the fourth retailer in these locations: Makro — Carrefour — Magnum — Korzinka;
- Magnum left Uzbekistan in June 2025 after 3.5 years of work.
Magnum Failure Story
Market entry (December 2021): Magnum opened its first hypermarket in Tashkent with an investment of $20 million. Plans — 17 stores by 2024.
Carrefour purchase (August 2023): Buy Carrefour network from Majid Al Futtaim Uzbekistan, increasing the number of stores to 7 (5 supermarkets, 1 hypermarket).
Closures (2024-2025):
- February 2024: Magnum Qoratosh closed;
- May 2025: Yunusobod and Atlas Chilonzor closed;
- June 2025: Samarqand Darvoza closed;
- The rest of the shops sold the leftovers.
Reasons for failure: hypermarket format hasn’t taken root: Uzbek buyers prefer small stores with low prices. Unsuccessful location selection — 95% of store success depends on location. Weak logistics infrastructure in Uzbekistan is a critical factor in a competitive market.
Why Korzinka wins
- Understanding the market: Korzinka is a local network that knows the buying habits of Uzbeks: small checks, frequent purchases, focus on price, not quality.
- The correct format: compact supermarkets in residential areas and shopping centers, not giant hypermarkets.
- Local logistics: well-established supplies from local manufacturers, short chains, fresh products.
- Dominance: Korzinka is the largest local network with dozens of stores in Tashkent and the regions.
Context
Location symbolism:
- Compass, Samarqand Darvoza, Atlas — premium shopping centers, where four retailers have already changed;
- Mega Planet — Makro worked for 15 years, now Korzinka.
Foreigners’ Failure Story:
- Makro (local brand) reduces the number of stores after many years of operation;
- Carrefour (a French giant) sold Magnum’s business in 2023;
- Magnum (Kazakh leader) left after 3.5 years.
