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International Internet Magazine. Baltic States news & analytics Friday, 25.06.2021, 05:04

Construction of first Lidl store in Riga officially completed

BC, Riga, 28.08.2019.Print version
The first store of German retail chain Lidl in Riga has been officially completed, LETA was told at the Construction State Control Bureau (BVKB).

Construction of a Lidl logistics center also started in Riga last fall. Lidl is represented in 30 countries of the world, the retail chain operates around 10,500 stores and over 150 logistics centers, according to information available on the company’s website.

Meanwhile, Mikrorajons, a group of local residents, plans court action to contest the legality of the building permit issued for the construction of the Lidl logistics center in Ulbrokas Street in Riga.

As reported, along with the launch of the EUR 55 mln logistics center in Ulbrokas Street, Lidl plans to open at least 10 stores in Latvia.

Lidl Baltics representative Valds Lopets told LETA earlier that Lidl plans to expand in Riga and other cities of Latvia.

Lidl began preparing for entering the Baltic market in 2003 but later changed its mind and sold all land parcels bought in the Baltic countries, explaining that the Baltic market was too small. The company nevertheless made a good profit in Latvia, without even opening a single store, because it sold the properties bought in Latvia at profit. Lidl Latvija total profit in 2006-2008 amounted to LVL 7.2 mln (EUR 10.24 mln), according to data. Part of Lidl properties were acquired by Estonian chain stores A-Selver, which also had to leave Latvia eventually due to the economic crisis.

Lidl Latvija, originally named MMS Property Solutions, was registered in 2016. The company's share capital is EUR 20.5 mln, its sole owner is CE-Beteiligungs-GmbH, which also owns Lidl Lietuva. The company’s beneficial owner is German national Dieter Josef Schwarz.

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