Latvia, Legislation, Markets and Companies, Retail

The Competition Council has promised to give more detailed information later.

Representatives of Maxima Latvija told LETA that the department store is scheduled for opening next spring. The retailer plans to invest EUR 2.06 million in the new store and preparations are already under way to open the Maxima XXX store at Riga Plaza.

Maxima Latvija head Andris Vilcmeiers said that the store would have a new design and 4,800 square meters of floor space, offering shoppers more than 60,000 kinds of food products and manufactured goods.

Riga Plaza CEO Egita Pukite said that reconstruction works are under way in the 8,000 square meters area at the shopping mall that used to house a Prisma hypermarket.

As reported, at the beginning of September concluded a lease agreement with Riga Plaza in order to open a Maxima XXX store at the shopping mall after the Prisma hypermarket’s closure.

Maxima Latvija closed 2016 with a turnover of EUR 694 million, which is 0.7 percent more than in 2015, while the company's profit decreased 37.5 percent to EUR 11.98 million.

Maxima Latvija, founded in 2000, is one of the leading retail chains in Latvia. At present there are 153 Maxima stores in Latvia: 126 Maxima X stores, 24 Maxima XX stores and three Maxima XXX supermarkets.