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Magnum pulls out of Uzbekistan market, abandons growth plans
Kazakhstan’s retail giant Magnum is pulling out of Uzbekistan. Several of the company’s stores have already shut down, while the remaining locations are clearing out their final inventory.
Magnum entered the Uzbek market in December 2021. In August 2023, it also acquired the Carrefour retail chain in Uzbekistan.
According to Forbes Kazakhstan, the company operated six stores in Tashkent: five supermarkets and one hypermarket. Some of these stores have already been closed, while the rest are currently selling off their remaining stock.
Magnum’s entry into Uzbekistan followed nearly two years of preparation. At the time, the company’s CEO Azamat Osmonov announced that around $20 million would be invested during the first year of operations.
In August 2023, Magnum Cash & Carry reached an agreement to purchase all Carrefour stores in Uzbekistan from Majid Al Futtaim Uzbekistan. Company representatives announced plans to open 10 additional outlets in 2024, aiming to expand the chain to 17 locations.
However, these expansion plans were halted at the start of 2024. In February, the Magnum Qoratosh location in Tashkent was closed. In May 2025, two more outlets – Magnum Yunusabad and Magnum Atlas Chilonzor – were officially reported to have relocated, but in reality, they ceased operations.
