Good for Business, Investments, Latvia, Markets and Companies, Retail

Since the Competition Council has allowed Maxima Latvija to lease the building at 1 Grostonas Street which used to house a store of Finland’s Prisma chain, all the necessary preparations are under way for the opening of the new Maxima XXX there in 2018.

Maxima Latvija CEO Andris Vilcmeiers noted that Skanste is a rapidly developing neighborhood of the Latvian capital city and there are still few grocery stores in the area. Maxima Latvija has therefore concluded an agreement with the building’s owner, IRBIS company, on opening the new Maxima XXX.

The new Maxima XXX store will be around 3,000 square meters large and will also have a self-checkout area. The retail chain’s self-checkouts are already used by 27% of shoppers.

As reported, Maxima Latvija turned over EUR 694 million in 2016, up 0.7% against a year before, while the company’s profit contracted 37.5% to EUR 11.9 million.

Maxima Latvija, founded in 2000, is one of the leading retail chains in Latvia. At present there are 154 Maxima stores in Latvia: 126 Maxima X stores, 24 Maxima XX supermarkets and four Maxima XXX hypermarkets.