Over 2014-2017 mixed retailers posted a decline in value sales, largely due to the poor performance of the channel’s main player, Stockmann. However, Elkor Trade and Tiger Shop also struggled.
In order to attract new customers and maintain the loyalty of existing ones and to better compete with other retail channels, department stores are widening their offer, introducing new brands and digitalising their services. In addition to its main offer of fashion, beauty products, homewares and groceries, Stockmann department store added such items as games for children, electronics and books.
Variety stores posted the best performance in terms of both value sales and outlet growth in 2018. Despite the generally rising disposable incomes of the Latvian population, a significant number of householders remained cautious with their spending, looking for the best deals and price/quality ratio.
Stockmann, Elkor and Debenhams are the three department store banners present in Latvia. All three have one store each in the capital Riga.
Studio Moderna maintained its leading position in variety stores in 2018. The company operates the Top Shop brand.
Flying Tiger Copenhagen is a popular Scandinavian brand which offers fixed-price merchandise. The variety store channel in Latvia is not very well developed, with the only two players being the Danish Flying Tiger Copenhagen and Studio Moderna.
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