While just last year retail chain Maxima invested 36 million euros into expansion in Estonia, stiff competition has Maxima hitting the brakes on opening any more new locations this year, reported Estonian daily Äripäev.
According to Maxima Eesti OÜ CEO Vygintas Šapokas, Maxima has so many stores in Estonia already that, at this point, opening additional new ones would no longer win them new clients, but rather shift existing clients from one location to another.
While Maxima's increase in turnover has been ten percent in recent years, this year's goal is to increase turnover by just five percent. Investments will be made in renovating and updating the chain's older stores.
Other retail chain directors have acknowledged that competition is stiff, however they do not intend to stop adding additional stores outright.
Editor: Editor: Aili Sarapik