Maxima Latvija has demonstrated strategic expansion ambitions and reported strong growth figures in its audited results for 2018. The operations of Maxima in Latvia generated a turnover of 776.6 million Euros, which constitutes a growth of 6.4% compared to a year earlier.
Maxima invested 18 million Euro in expanding and renewing its Latvian grocery retail chain, upgrading employee amenities and improving shopping ambience, and achieved a net profit of 21.9 million Euro.
“2018 was a turning point for Maxima in Latvia. We achieved strong results by lowering prices, investing in improved shopping experience for our customers and better work environment for our people, and developing new store formats. This year we will continue with our focus on low prices, better customer service, strong expansion in residential areas, greater product assortment and sustainability of our operations. Our plan is to invest more than 34 million Euro this year in expanding the store chain and improving the customer shopping experience,” comments Maxima Latvija Chairman of the Board Andris Vilcmeiers.
Maxima Latvija invested a total of 18 million Euro last year in 6 new and 10 existing stores for better shopping experience, employee amenities and improving the work environment. The company also allocated significant resources in numerous technological innovations, among them implementing an electric mobility initiative for its distribution centre, running an energy-efficient LED lighting programme, and installing environmentally-friendly freezing equipment and 269 new self-service checkouts. As part of Maxima Grupe, another important achievement in the company’s international growth was receiving a BB+ credit rating and successfully issuing bonds totalling 300 million Euro with a five-year maturity. Correspondingly, the expansion of the store chain and reconstruction of existing stores was continued, improving customer service and introducing new solutions and efficiency standards to offer lower prices to customers.
This year, as part of the Maxima Latvija retail chain investment programme, the business will continue to significantly expand the store chain, opening several new large-format stores, a range of smaller stores, and fully renovating 10 existing stores, with some of these being significantly expanded. As previously reported, to make shopping more convenient and accessible, Maxima Latvija plans on investing more than 34 million Euro in 2019 on expanding the store chain and improving customer service.