Nov. 2, 2026 A Fix Price store. fixpricemongolia / Instagram The discount retail chain Fix Price has completely pulled out of Mongolia, with all three of its stores in the East Asian country having shut down by the end of September, the newspaper Vedomosti reported Monday, citing the company’s third-quarter 2026 financial results. Fix Price did not publicly comment on the reasons behind the market exit. Industry analysts told Vedomosti that Mongolia’s small market size and logistical challenges in the country likely made it difficult for Fix Price to run a sustainable business there. Fix Price first entered Mongolia in January 2023, when it opened two franchise locations in the capital, Ulaanbaatar. Inventory for those stores was delivered by truck from a distribution center in Novosibirsk across the border. The chain briefly expanded to four locations by late 2025 before scaling back. Besides its exit from Mongolia, Fix Price reduced its franchises in Kyrgyzstan from six to four stores and in the United Arab Emirates from four to three. In contrast, Fix Price locations in Uzbekistan grew from 25 to 30, and it opened 10 new stores in Serbia over the three-month reporting period. Founded in 2007, Fix Price is Russia’s largest value retailer with 8,219 stores across 10 countries. Belarus and Kazakhstan are its primary foreign markets with 411 and 408 stores, respectively. In 2023, Fix Price moved its corporate jurisdiction from Cyprus to Kazakhstan after its 2021 initial public offering on the London Stock Exchange. Read more about: Retail , Business , Mongolia Sign up for our free weekly newsletter Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview Subscribers agree to the Privacy Policy We sent a confirmation to your email. Please confirm your subscription. A Message from The Moscow Times: Dear readers, We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent." These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia. We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help. Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact. By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us. Once Monthly Annual Continue Not ready to support today? Remind me later. × Remind me next month Remind me Thank you! Your reminder is set. We will send you one reminder email a month from now. For details on the personal data we collect and how it is used, please see our Privacy Policy. Read more Russian Fashion Retailer Gloria Jeans Moves Headquarters to Dubai After Shutting Factories The relocation comes as Gloria Jeans restructures its business amid declining sales, shrinking profitability and the closure of both factories and stores... 2 Min read VkusVill Closed Hundreds of Stores in 2025 A company spokesperson said the closures were part of an optimization strategy as VkusVill shifts its focus toward online delivery. 1 Min read IKEA Sells Last Remaining Warehouse in Russia The IKEA distribution center’s value is estimated at between $163 million and $183.5 million, industry experts said. 2 Min read Rising Inflation Gives Boost to Russia’s Discount Retailers Surging prices and weak wages are a win-win for Russia’s bargain stores, even as the wider economy slows.
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