In 2018, Latvian GDP recorded solid growth, as did the country’s retailing industry. Retail sales were driven by changes in legislation which supported the growth of basic salaries.
With the rapid growth of internet retailing and the increasing importance of a multi-channel strategy, more grocery and non-grocery retailers, which had traditionally operated only physical outlets, ventured online in 2018. For example, the health and beauty specialist retailer Drogas launched an internet platform, while Maxima made changes to its former e-maxima.
In 2018, several international retailers opened stores in Latvia, for example the European apparel and household product retailer Pepco and the international furniture and homeware chain IKEA. The German modern grocery discounter Lidl, meanwhile, acquired several plots of land in Riga, started building a logistics centre and is planning to open its first outlet by 2020.
Due to growing pressure from online shops and cross-border retailers, apparel and footwear has been one of the most heavily impacted non-grocery channels. The strongest growth in non-grocery retailing in 2018 was recorded by home and garden specialists.
Retailing in Latvia is predicted to continue to record positive value sales growth over the forecast period. The trend towards modern grocery retailing outperforming traditional grocery retailing is set to continue, supported by the strong growth of the largest players.
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This industry report originates from Passport, our Retailing market research database.