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Magnit to open stores in Russian post offices

Russian food retailer PJSC Magnit is looking to open stores in thousands of Russian Post offices as part of a pilot program to expand its reach and share a transport infrastructure with the Russian Post, Reuters reported May 28, citing Magnit CEO Khachatur Pombukhchan.

Magnit will open its first stores with the Post, state-run operator of 42,000 branches in Russia, at the end of June, the report said. Pombukhchan said that the retailer could open several thousand stores per year if the project, which will run until November, succeeds.

Fundamental investments in the project will not commence until 2019, Pombukhchan added.

Magnit will also adjust its dividend policy to reflect its strategy for the summer. The policy envisions a payout of at least 40% of net profits. However, dividends will still be subject to investment and development plans, the CEO told the agency.