The return of COVID-related lockdown measures in Russia will likely lead to a return to panic buying, Magnit CEO Jan Dunning told ESM, most likely marking the beginning of a “shift in customer habits. “
Last week, Russia announced a series of lockdown measures after COVID instances and deaths reached record levels. In Moscou, all non-essential items were closed, and only department stores promoting food, medicine and other basic items must remain open until November 7.
Commenting on the effect of the measures on the Magnit, Dunning said the government’s prior caution regarding the reintroduction of the blockades has allowed the company to prepare.
“We’ve made sure our availability is at the highest level, so we’ve placed more orders and we’re ready,” he told ESM in an interview. “Sales are at a pretty smart level; October was ahead of this quarter’s average.
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