VILNIUS - VP Market, the largest retail chain in the Baltics, announced on May 31 that it would open the first outlet of its household goods chain, Ermitazas, in Lithuania later this year.
The first Ermitazas outlet would be opened in Vilnius, in the new annex to the Akropolis, Lithuania's biggest shopping and entertainment center, VP Market CEO Ignas Staskevicius announced at a news conference. Ermitazas will offer building materials, leisure goods, household appliances and utensils.
The group plans to establish Ermitazas centers in additional Akropolis shopping and leisure centers.
Staskevicius also discussed changes in the chain's managing structure, revealing that he had been appointed the chairman of VP Market in Lithuania, Latvia, Estonia and Poland, while Egle Marcinkeviciute would assume the position of VP Market executive director for Latvia starting June 14.
Gintaras Marcinkevicius, former VP Market executive for Latvia and Estonia, will focus on expansion prospects for the chain in other markets, including Ukraine and Russia.
VP Market is planning to open as many as 15 stores in Estonia this year and will raise the total number of outlets within the country to 40 in several years' time. Investments to expand the Estonian market are expected to reach 16 million litas (4.63 million euros).
In Latvia the Baltic's biggest retail chain intends to open 20 trade centers. Moreover, the company expects to open its first stores in Poland this fall and another 10 - 15 in Lithuania.
VP Market currently runs a chain of 269 stores in the three Baltic countries, of which 186 stores are in Lithuania, 81 in Latvia and two in Estonia.
