Sergey Galitsky, the chief executive of Russian grocer Magnit, has revealed that the company is planning to invest up to $1bn (£619.8m) in development this year.

Magnit has doubled the number of new store openings it expects, compared with the target it gave last October. It plans to open 25 to 30 hypermarkets and 450 to 550 neighbourhood stores.

The investment will be financed from a secondary public offering in October last year, as well as its own funds.

The retailer opened more than 600 stores in 2009.