Magnit, Russia's second largest retailor, has presented an ambitious five-year development plan.

      According to it, by 2017 Magnit will control a network of 12,000 convenience stores, 4,500 beauty boutiques and 650 hypermarkets.

      As Vedomosti reports, Magnit wants to run as many stores in five years as there are currently available in the whole of Russian retail industry.

      As of late December 2012, the company's chain boasted 6,884 stores, including 126 hypermarkets.