Lidl Invests Over $232 Million to Open 15 New Stores in Latvia; Jākobs Jozefsons Shares

Tue. October 5th, 2021
- by Lilian Diep     

LATVIA - Our retail industry is continuing to show signs of growth, this time as Lidl has announced it will start operating in Latvia, a new market for the grocer, within the next few days. Starting on October 7, Lidl will simultaneously open 15 new stores throughout the country and has already revealed plans to open more locations in other areas.

Jākobs Jozefsons, Chairman of the Board, Lidl Latvija“The Lidl Latvija team is very happy that today we can announce the launch of our stores in Latvia. We have already created more than 2,000 new, stable, and well-paid jobs in the country,” said Jākobs Jozefsons, Chairman of the Board of Lidl Latvija. “The opening of Lidl stores will mark an important stage in our mission to provide the highest quality products at the lowest possible price to our customers in Latvia, thus making them happy to afford more. We look forward to seeing everyone in Lidl stores.”

In preparation for its entry into Latvia, Lidl has already invested over €200 million (~$232 million) into the construction of the stores and a logistics center in the country, according to a press release. To accommodate for the new locations, Lidl also created new streets, traffic circles, intersections, and provided various other improvements to surrounding infrastructure.

Lidl has announced it will start operating in Latvia, a new market for the grocer, within the next few days as it is opening 15 new stores throughout the region

These new locations will feature a wide range of product offerings and have spacious halls, high ceilings, and conveniently located shelves. To increase sustainability, the stores are energy-efficient and use only local “green electricity” supplied by Latvenergo. All of the buildings are environmentally friendly and have EDGE building certificates.

Planning and preparation for the opening of these stores took several years and will benefit Lidl’s active growth strategy in Latvia, which has already resulted in the opening of a logistics center worth €55 million (~$63 million) in January 2021.

As Lidl drives forward its global expansion, where will it make its next move? Stick with AndNowUKnow to find out.