Baltic, Good for Business, Internet, Lithuania, Markets and Companies, Retail

"We will start online trade in all three Baltic states by 2020, and we will probably launch an online shop in one of them as early as at the end of this year. (…) The experience of our companies in Sweden shows that it's a very anticipated service, which is especially important for families and people who have no time to shop," Fernstrom told the Verslo Zinios business daily.

Asked if online trade can be profitable in smaller markets, for example, in Lithuania, Fernstrom said he believes in such a possibility. "I honestly believe in it. We are doing this as we have ambition to create a profitable business."

As LETA/BNS reported in May that Rimi Lietuva, operating one of the largest retail chains in Lithuania, posted a loss for the second in a row as its audited net losses rose 6.4% to 2.995 mln euros, from 2.814 mln euros in 2017.

"The worse net profit rate was determined by intensive preparations for fast future expansion, e-trade, higher wage costs. But we are glad to have managed to maintain healthy business growth last year despite the failed merger with Iki," Rimi Lietuva managing director Giedrius Bandzevicius then told.

Sales rose 3.6% from 313.218 mln euros in 2017 to 324.547 mln, according to the company's 2018 report filed with the Lithuanian Center of Registers.

Rimi Baltic, part of Sweden's ICA Gruppen, owns 100% of Rimi Lietuva.

Currently, Barbora, owned by the Maxima Grupe business group, and Assorti online shops operate in Lithuania.