Lithuanian retail mogul promises to conquer the Estonian market

04.04.2014, 10:35

Maxima is determined to become the market leader on the grocery market in Estonia and hopes that it happen soon, according to Lithuanian businessman Nerijus Numavičiuse who owns the Maxima retailer.

In an interview to Forbes, Numavičius promised to conquer the Estonian grocery market in the near future.

Maxima Group that was founded in 1992 started to expand outside Lithuania in 2000, first by entering the Latvian market. It took Maxima three years in Latvia to reac 180 million euros in sales and become bigger than Norwegian-owned competitor RIMI.

In Estonia, however, the company has been struggling because in 2001 when Maxima started to open stores in Estonia, the Estonian market was already divided between Säästumarket, Selver and Rimi.

Maxima made a loss of over 8m euros in Estonia in 2011.