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RIGA - Investments in development of the K Senukai brand in Latvia total EUR 9.1 million, said Kesko Senukai Latvia, the operator of K Senukai DIY stores in Latvia.
Investments have been made towards changing the concept of K Senukai stores by widening the assortment that previously consisted mainly of construction materials and renovation of stores.
Marius Sukauskas, Managing Director of Kesko Senukai Latvia, said that currently there were nine K Senukai stores operating across Latvia.
A new store has just opened in Daugavpils, south-eastern Latvia, in late November and served over 10,000 customers in the first days. "But we will not stop at that. In the next few years we plan to open another five stores, including a store in Atrium Azur shopping center in Riga," Sukauskas said.
As reported, Kesko Senukai Latvia (formerly Rautakesko), the operator K Senukai DIY retail chain, saw its losses expand 75 percent year-on-year to EUR 3.553 million in 2016, while the company's turnover contracted nearly 7 percent to EUR 48.453 million. In 2015, Kesko Senukai Latvia incurred a EUR 2.032 million loss on a turnover of EUR 51.955 million.
In April 2016 Kesko Senukai took over from Scandinavian shareholder Kesko Group the management of eight K-rauta stores in Latvia and eight stores in Estonia. The Baltic subsidiaries will have similar names - Rautakesko in Latvia has been renamed as Kesko Senukai Latvia, and the Estonian and Lithuanian companies will be called Kesko Senukai Estonia and Kesko Senukai Lithuania respectively.
Kesko retail group comprises 20 retail chains, such as K-rauta, Rautia, Byggmakker, Konekesko, Senukai, Asko, Sotka, Citymarket, Anttila, Intersport, in eight countries - Finland, Sweden, Norway, Estonia, Latvia, Lithuania, Russia and Belarus.