The local store chain top!, which is owned by Latvian entrepreneurs, has experienced a positive period since the beginning of 2023. This includes the opening of four new stores, the renovation of 22 others, the establishment of a new logistics centre, and the continuation of energy efficiency projects. In comparison to 2022, the financial indicators for 2023 show a 12.3% increase in turnover. When comparing the first quarter of 2024 with the matching quarter of 2023, this trend also keeps on; the turnover has risen by 5.4%.
“In today’s fiercely competitive business landscape, it is crucial to take a comprehensive approach when developing a store brand. Customer satisfaction is no longer solely dependent on pricing; it is also influenced by factors such as product variety, appealing store ambiance, and overall shopping experience. That is why, starting from 2023, we have opened four new stores: one in Saurieši and three newly built new-concept stores in Jaunpiebalga, Grundzāle, and Aknīste. Additionally, we have undertaken the task of renovating over 22 stores, implementing energy-efficient solutions. We are upgrading the equipment of the stores, improving the facades, and implementing various modern solutions to further enhance the experience of our customers. These include the addition of new self-service checkouts, textile sorting containers, and more. We are pleased to announce that alongside our extensive renovations, we have plans to open a minimum of four new top! stores,” says Ilze Priedīte, Member of the Management Board and Marketing Director of the store chain top!, sharing the plans.
“Customers often consider factors such as store location, product range, and pricing when deciding where to shop. We strive to provide a satisfying experience for customers of the store chain top! by offering them the chance to purchase goods cheaper. Moving forward, we are committed to maintaining competitive prices through various promotions and long-term special offers at affordable prices,” emphasises Ilze Priedīte.
An important milestone in our progress is the opening of a new logistics centre in Dreiliņi, Riga. This facility is three times larger than the previous one. The new modern top! logistics centre caters to a wide range of top! shops in the Riga, Vidzeme, and Latgale regions, steadily expanding its delivery areas.
In comparison to 2022, customers in 2023 purchased a greater quantity of fresh fruits and vegetables, soft drinks, pastries, and ready-to-eat meals prepared in the local top!, margarine and butter, dairy products, bread and flour products, fresh meat, and breakfast cereals. Purchases of alcoholic beverages, coffee, instant soups, vegetable oil, and newspapers and magazines have all experienced a decline.
With a focus on expanding its product range, the store chain top! has made efforts to include new items in its own private label line, sourcing goods from both Latvia and Ukraine. The selection of pastries and ready-to-eat meals made in the local top! is also growing.
The store chain top! values the well-being of local residents and communities. Our commitment to people goes beyond offering affordable prices for goods. We are proud to support the youth volleyball competition, top! kauss 2024, for the third time. This year, the event witnessed a record number of participants from 34 municipalities of Latvia, with a total of 4,772 lower secondary and secondary school students coming together. Additionally, for the 10th consecutive year, as a tribute to Latvia’s independence, we distributed ribbons resembling the Latvian flag to customers in top! stores.
Given the growing preference of Latvian society for electric vehicles over internal combustion engine cars, we plan to open the first electric vehicle charging stations in close proximity to top! stores in 2024, making shopping even more enjoyable and practical. Regarding the environmental impact of the store chain top!, in addition to promoting energy efficiency in stores, several sustainable development projects should be mentioned, including the installation of solar panels in six top! stores in Jelgava, Ozolnieki, Riga, Auce, and Iecava, as well as the logistics centre in Smiltene. In 2024, such panels are planned to be installed in at least 17 additional locations.
Last year, two store chain owners, Firma Madara 89 SIA of Smiltene and Madara 93 SIA of Limbaži, celebrated their 30th anniversaries, further solidifying the local power. The company Iepirkumu grupa SIA, representing the store chain top!, recently marked its 20th anniversary. Furthermore, in the first quarter of 2024, Ogres Prestižs SIA, a partner of the top! store chain, will be celebrating its 20th anniversary.
About the retail store chain top!
The retail store chain top! is the largest store chain owned by Latvian business and the third largest retail chain in Latvia. There are currently 207 food stores in Latvia operating under the trademark top!, owned by 12 local companies. In total, nearly 4,000 jobs are provided, supporting local producers and suppliers across Latvia.
Information prepared by:
Ilze Priedite
Member of the Board and Marketing Director of the top! store chain
E-mail: pr@toppartika.lv