Analytics, Latvia, Markets and Companies, Retail

The trend will be brought about by increasingly stiff competition among retailers and consumers' growing cautiousness, which will be increasing pressure on the prices, Maxima Latvija representatives said.

Maxima Latvija also expects artificial intelligence (AI) to be increasingly used in retail trade. The sector is already unthinkable without digital technologies like self-service checkouts, electronic shelf labels, digital scanners and others, which shoppers take for granted already. 

AI is an opportunity for the retailers to boost their efficiency and use the saved costs on providing better services to the customers. 

Being aware of global environmental issues, more and more retailers get involved in various initiatives aimed at promoting environmentally sustainable business, Maxima Latvija said, naming the use of environmentally-friendly packaging, reducing food leftovers, waste sorting and transition to energy effective technologies as part the company's environmental policy initiatives. 

Maxima Latvija also indicated that the number of smaller stores and their density will tend to reduce next year. 

As reported, Maxima Latvija last year generated EUR 776.624 mln in turnover, up 6.4%,  and its profit dropped 5.6% to EUR 21.915 mln.

Maxima Latvija was registered in 2000, and has a share capital of EUR 4.91 mln. Maxima Latvija is fully owned by Dutch-registered company Lincoln Land E