Understanding the challenges faced by Latvian citizens due to a rapid increase of prices, local retail store chain top! reduces prices of more than 200 long-term most purchased products in categories like dairy, meat, coffee, bread, and other favourite products.
Retail price hike in Latvia currently marks new record – according to Central Statistical Bureau of Latvia, in September annual inflation reached 22,2%. Bread and dried foods had the most significant impact on average price level in the product group. Milk and dairy, as well as meat has become significantly more expensive. Bank analytics conclude that nothing is over yet, and in the following months maximum inflation is expected.
“Understanding the challenges faced by the citizens of Latvia, especially in the countryside, due to the rapid price increase, as well as due to increase of utility bills, retail stores top! experience increase of demand for promotions, hence in parallel to already existing promotional offers, in retail stores top! we already implemented a long-term solution to help our public to overcome autumn and winter period, when everything gets more expensive and everybody is impacted by it. We have decided to decrease prices of more than 200 products in long-term, moreover we are going to change the offering of these products for the clients to have broader range in the given categories. Range of offered products is wide and is found in almost all categories, and it is especially important in fresh product categories, that are most often found in the clients’ shopping baskets. Such initiative we find to be socially responsible, ensuring that everyone has an opportunity to buy food and non-food products for the best possible prices both today, and tomorrow! We would also like to note that a large part of products is produced in Latvia, thus providing support also to local producers,” says management board member of retail store chain “top!” Ilze Priedīte.
Retail store chain top! analytics admit that the average size of shopping basket has reduced, however the buyers are shopping more often, leading to conclusion that the purchases have become smarter, which is especially true in large stores. Also the demand for promotional products has doubled, but the demand for premium products – reduced, the buyers are choosing it less often than last year. During COVID-19 pandemic we observed a trend that the buyers are preparing food more often at home, and this tendency continues today too. Mainly the buyers are choosing basic goods for the best possible price, followed by the choice of a particular brand. Going into more detail it can be concluded that dairy products are most bought in retail stores top!, followed by alcoholic and non-alcoholic beverages, bread, sweets, fresh fruit and vegetables, as well as locally produced top! pastry and culinary.
Retail store chain top! has opened new stores every year we are proud that currently we are offering food and non-food items in 205 stores across Latvia, which is especially important in the regions of Latvia, making the local retail store chain a significant support for people’s basic needs. For us it is also important for the citizens living outside big cities to have an opportunity to purchase favourite products close to their home and for the best possible price.
About retail store chain top!
Retail store chain top! is the largest chain owned by Latvian business and the third largest retail chain in Latvia. There are currently 205 food stores in Latvia under the trademark top!, owned by 12 local companies. In total, more than 4,000 jobs are provided, supporting local producers and suppliers across Latvia.
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