Baltic, Markets and Companies, Retail

The total turnover of Maxima Grupe in Latvia, Lithuania, Estonia and Bulgaria in 2011 increased 7% from 2010, reaching EUR 2.3 billion or LVL 1.61 billion, writes LETA.

"The increase in turnover was largely ensured by the expansion of the retail network. The cause thereof, on the other hand, was the stablilization of the Latvian economy, which prompted the company to invest a total of LVL 19.6 million in five cities, and create 375 new jobs. That means that several positive trends were taking place last year, both in the country and at the company," said Maxima Latvija head Gintaras Jasinskas.

At the moment, Maxima network in Latvia includes 136 stores.

Maxima Grupe holding company runs 450 "Maxima X", "Maxima XX", "Maxima XXX", "T-Market", "T-Market Express" and "Hermitage" stores in the four countries: 218 stores in Estonia, 132 in Latvia, 61 in Estonia and 39 in Bulgaria. The company employs more than 25,000 people altogether.