Baltic, Latvia, Markets and Companies, Textile
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Friday, 19.04.2024, 05:49
Turnover of Baltika's Latvian operation flat in 2017
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The
company's profit last year amounted to 15,960 euros, according to information
available at Firmas.lv.
During 2017, the retailer closed its unprofitable
Bastion store at Origo shopping center. The management also revised the range
of products sold in the Monton store at the Spice shopping mall and added the
Bastion collection to it.
"This was the right decision because clients
appreciated the quality of the collection and were ready to accept higher
prices," the management of Baltika Latvija said.
An overhaul of the company's sales strategy had a
positive effect on sales performance, the management said. In 2017, Baltika Latvija launched an online ordering service for its Monton stores at Spice
and Galerija Riga shopping malls.
Meanwhile, the retailer's results were adversely
affected by labor shortages as it struggled to hire professional shop
assistants.
In 2018, Baltika Latvija plans to
expand its Ivo Nikkolo store at Galerija Riga and relocate its Baltman store to
the first floor to attract more shoppers.
Baltika Latvija closed 2016 with 10.161 million euros in turnover and a profit of
10,961 euros.
Baltika Latvija, founded in 2002, operated 21 Monton, Mosaic, Ivo Nikkolo, Baltman and
Bastion stores at the end of 2017.
«The Baltic Course» Is Sold and Stays in Business!
