Kazakhstan's major retail brand — Magnum Cash & Carry — is officially leaving the Uzbek market. Once entered with big hopes and investments, the brand is now focused on selling its remaining goods and its stores are gradually closing. This was reported by Forbes Kazakhstan, citing reliable sources.
Big plans once — now an exit...
Magnum opened its first store in Uzbekistan in December 2021. At the time, company leaders noted that nearly two years were spent preparing for entry into the market. An initial investment of $20 million was announced, along with ambitious goals.
In Tashkent, Magnum operated 6 outlets — 5 supermarkets and 1 hypermarket. As of now, some have already closed, and the remaining ones are clearing out the last goods.
Bought Carrefour but gained nothing
In August 2023, Magnum officially acquired all Carrefour stores in Uzbekistan from Majid Al Futtaim Uzbekistan. This was considered a strategic move to strengthen their market presence.
Soon after, a plan was announced to open 10 more locations in 2024, reaching a total of 17 stores. But those plans were postponed and never realized.
Closures accelerate: Qoratosh, Yunusobod, Atlas...
In February 2024, the Qoratosh branch closed. By May 2025, branches in Yunusobod and Atlas Chilonzor were declared as "relocated", but in reality, they ceased operations.
Many customers reacted on social media, asking questions like:
— Why is Magnum leaving suddenly?
— Is it due to increased market competition?
— Did the Carrefour merger not work?
No official reason announced
The company has not issued an official statement. Analysts believe that the decision could be due to changes in Uzbekistan's market conditions, economic issues, or strong retail competition.
Magnum is one of the leading retail chains in Kazakhstan, known for good service and pricing. But in Uzbekistan, this model may have failed to take root.
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