Baltic's First Euro Billionaire Still Has Sights on Estonia (1)

4/4/2014 5:30 PM
Category: Economy

The first person from the Baltic nations to reach the Forbes billionaires list, Lithuanian Nerijus Numavičius, said he still plans to conquer the Estonian market with his Maxima supermarkets.

Numavičius began building his supermarket empire in 1998 in Lithuania and quickly expanded to the other Baltic nations, gaining a foothold in Latvia, although progress in Estonia has been difficult as international chains were already dominant in Estonia, Postimees reported on Thursday.

The company is now active in six countries with a turnover of four billion euros last year.

Äripäev reported that Maxima increased sales in Lithuania by 4.6 percent last year and 13.5 percent in Estonia. Sales decreased in Latvia after the November ceiling collapse in a Maxima store which left over 50 people dead. The tragedy led Prime Minister Valdis Dombrovskis to resign.


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