Baltic, Markets and Companies, Retail

In the first six months of the year, Maxima’s net turnover in Estonia fell by 3.2% in comparison to the same period of time in 2009 – amounting to a total of 1.93 billion kroons.

CEO of Maxima Estonia Renatas Vaitkevicius commented that the market volume of staple goods in Estonia as a whole fell by nearly six% in the first half of 2010, but the indicators have been improving in the past few months.

“While the first few months of the year were very weak, there was an improvement in the second quarter and that applies to the results achieved by Maxima as well,” said Vaitkevicius. He added that he was particularly glad that the company has managed to increase its number of customers by nearly ten% in a year and to increase the market share to a slight degree as well. “The favourable price level in our stores brings us new customers, but due to cheaper prices the average shopping cart volume decreased,” said the CEO of Maxima Estonia.

He remarked that the market in Estonia is still fluctuating. “For example, the turnover generated during the week of the midsummer festivities was a solid record, but consumers are still extremely cautious in making their shopping decisions on an everyday level.

Vaitkevicius estimated that the second half of the year will be better for the chain in terms of financial results.

The increase in the number of customers has made it possible for Maxima to create new jobs. This year, the retail chain’s number of employees has grown by nearly 150 individuals. The chain is planning to open two or three new stores in Estonia before the end of this year.