Korzinka: Building Uzbekistan's Retail Future
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Korzinka: Building Uzbekistan's Retail Future
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About this listen
This episode examines Korzinka, Uzbekistan's largest modern retailer, through their 2024 annual report. We explore how this company has grown from 50 to 152 stores since 2019, achieving UZS 9.4 trillion in revenue while transforming Central Asian consumer habits.
Key topics include their omni-channel strategy spanning supermarkets, Mahalla proximity stores, and Korzinka Go online delivery; their ambitious plan to reach 1,000 stores by 2030; international investment from sovereign wealth funds; and their role in Uzbekistan's economic modernization. We analyze their "First Price" everyday low pricing strategy, sustainability initiatives including Central Asia's first Green Building certified distribution center, and governance structures meeting international standards.
The discussion covers competitive dynamics with traditional bazaars, emerging regional players, and the broader implications for retail development in post-Soviet Central Asia. We examine whether rapid expansion can be sustained while maintaining operational quality, and what Korzinka's success reveals about changing consumer behavior and economic liberalization in the region.