SPAR retail chain to enter Latvian market

International retail chain SPAR will start operations in Latvia this summer, the LETA newswire reported May 11.

The company's representatives said that the first stores will be opened in Latvia this summer.

"We are in negotiations process with a number of retailers already working in the sector who would be interested to work in the SPAR chain," said SPAR Latvija board chairman Andris Vilcmeiers who previously has been the head of Maxima Latvija and also Putnu Fabrika Kekava.

Of the products sold in SPAR stores, 20 percent would be SPAR brand products, and others will be based on supply with centralized product supplies and local producers.

A license to operate the SPAR brand in Latvia was granted by SPAR International to S&P Logistics during 2021. SPAR Latvija was registered on July 7, 2021, and has share capital of EUR 250,000.

"SPAR Latvia is being supported throughout the establishment of the first stores by SPAR International and is tapping into the brand’s global network. The first SPAR stores in this market will be opened during the first half of 2022," the company says on its corporate website

The company belongs to Aleksandrs Svarevskis (50 percent), GECO (27 percent), Prodimpekss Logistikas Grupa (10 percent), Valerijs Ivasenki (8 percent) and Vilcmeiers (5 percent).

SPAR launched operations in 1932 in the Netherlands, and now has more than 13,500 stores in 48 countries of the world. In 2020, 181 new stores were opened, and the aggregate turnover reached EUR 39.8 billion.

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