EU – Baltic States, Latvia, Markets and Companies, Retail

The department store’s representatives told LETA that in the second half of last year the company’s logistics operations were relocated from Riga to Stockmann’s new distribution center in Finland, which is now servicing all department stores of the retail group. Excluding revenue from logistics and warehousing operations, the department store’s 2017 turnover rose by 3% year-on-year to EUR 41.3 million.

According to Stockmann representatives, fashion, cosmetics and household goods make up 61% of the retailer’s product portfolio, while food accounts for 39%.

This year, the Stockmann department store will add brands like Emporio Armani, Armani Exchange and Michael Kors to its women and men’s collections. At the same time, Scandinavian brand Rue de Femme will be added to the women’s section and Danish brand Samsoe & Samsoe to the men’s clothing section.

The company also plans to spend EUR 200,000 on the store’s modernization this year.

Stockmann director in Latvia Dace Goldmane noted that clients will be able to order goods from any Stockmann store or warehouse in Finland and receive them at the Riga store. Also, digital fitting rooms, which are already available in the women’s department, will also be provided for the men’s clothing department.

As reported, Stockmann closed 2016 with a loss of EUR 653,671, which was 30% smaller than in 2015 when the company posted EUR 930,627 in annual loss, the company's management said in its annual report.

Established in 1998, Stockmann belongs to Finland's Stockmann Oyj Abp. The Finnish retail company launched operations in Latvia in 2003.