Estonia, Markets and Companies, Retail

The sales revenue of Maxima Eesti grew 1% year over year to 486.3 mln euros last year, it appears from the annual report. 

The company observed that tight competition is forcing market participants to open ever new stores, which is making the competition situation even more difficult and is cutting into margins. In addition, the retail sector is plagued by a constant shortage of labor.

At the end of 2019, 3,548 people were working for Maxima Eesti, translated into full-time jobs, 11 fewer than the year before. Labor costs increased 7% on year to 50.6 mln euros.

During 2019, several changes were initiated that are aimed to make business processes more effective. The result of these activities was the implementation of a new management structure at the beginning of 2020 and dissolving of the management board, whereby a clearer process of corporate management and decision-making was introduced.

At present, the sole member of the management board of Maxima Eesti OU is Edvinas Volkas. The supervisory board was dissolved in 2019. 

In 2020, Maxima Eesti is set to continue the development activities started in previous periods.