Estonia, Markets and Companies, Retail

The chain’s sales turnover fell by half a billion kroons to 5.6 billion.

In the annual financial report, the CEO of Rimi Eesti Food Sven Christer Östholm stated that the overall development in the company’s operating environment was affected by the global economic cooling in 2009.

“This caused an abrupt surge in the unemployment rate in Estonia that affected signifdicantly the consumption and demand,” he noted, adding that this in turn caused a very strong pressure on retail prices on the grocery stores market.

In addition to falling prices, the sales also fell in terms of volume due to the decline in the customers’ purchase capacity. As in the year 2009, consumers were much more price-sensitive than before, shopping during different discount campaigns was much more focussed.