Interview, Latvia, Markets and Companies, Retail

Henriks Danusevics

In an interview to Dienas Bizness, Danusevics points out that, due to the speculative investments and real estate property schemes, the turnover figures skyrocketed. He believes that the retail turnover should now return to the same level as in 2004 or 2005.

"I do not believe that competition will increase – we can observe those working unprofessionally being pushed out of the market," Danusevics said, adding that, in his opinion, around a half of retailers will not be able to keep up with the competition and will leave the market.

The Spokesman of Maxima Latvija chain stores, Ivars Andins comments that, on the macroeconomic scale, the lowest point have been hit already, however, from the microeconomic point of view, the situation could still aggravate this fall when many more people will lose their jobs and the unemployment benefits will be cut. Andins believes the autumn months will be the toughest ones.