Good for Business, Latvia, Markets and Companies, Retail

Rimi Latvia chain stores came in second with turnover of EUR 672.33 million, and household appliances wholesaler Samsung Electronics Baltics third with EUR 289.62 million in turnover.

The "Top 10" also includes household goods wholesaler Sanitex Baltic Distribution with turnover of EUR 136.48 million last year, consumer electronics distributor Ourea – EUR 109.49 million, company Elargo Trade – EUR 106.09 million, Green Trace – EUR 96.71 million, Philip Morris Latvia – EUR 94.2 million, SPI Distribution (Latvia" – EUR 89.96 million, and Baltic Trade Network – EUR 86.03 million.

The Latvian Business Annual Report indicates that retail and wholesale trade companies' turnover increased last year mostly due to residents earning higher wages as a result of various tax optimization measures. "This concerns not just small companies but also the major ones," notes Latvian Merchants Association's President Henriks Danusevics.

He considers the development of retail and wholesale trade sector in Latvia last year as steady, emphasizing that the adoption of the euro did not have such a major effect as people and experts had expected.

On the other hand, Latvian Food Retailers Association's Executive Director Noris Kruzitis believes that the higher turnover amounts last year indicate positive trends and gradual improvement in residents' purchasing capacity. Moreover, the factor of inflation was minimal last year as prices of food products increased just a little, however, people could afford to buy more.

"It also proves that residents' confidence about stability and incomes in the future is becoming stronger," emphasized Kruzitis.

At the same time, Kruzitis notes that labor shortage in retail trade is becoming a pressing problem, and it will be one of the priorities for the government to work on during the next few years.