Retail trade turnover in Lithuania ¬†increased by 4.5 per cent at constant prices in January‚ÄďNovember¬†2013, as compared with the same period of 2012.

Sales at second-hand shops increased by 12.2 per cent, textiles and clothing by 9.8 per cent, pharmaceuticals and cosmetics by 6.5 per cent, fuel by 5.0 per cent, household equipment and furniture by 4.1 per cent.

Sales of food products increased by 4.0 per cent in total but declined by 7.5 per cent in specialized food shops. Therefore, shopping centers continued increasing their share in the market of food products.

According to the poll conducted by company Sving, 40 per cent of Lihuania’s retailers think that the main obstacle to faster expansion of electronic sales channels is low purchasing power
of households. 27 per cent of respondents see security anxiousness as an important obstacle while 23 per cent consider that consumers do not have sufficient skills for making purchases
on the internet.

Three out of ten internet shopkeepers claim that they established their shops in order to have an additional sales channel while a quarter of respondents declared that they entered the
market wishing to start their own business and make money. In 2013, there were around 400 shopping websites in Lithuania and more than 300 electronic shops were established over the
course of recent five years.

In autumn 2013, prominent Lithuanian businessmen N. Numavińćius and I. StaŇ°kevińćius also¬†announced their plans to open a shop on the internet. Their business experience and reputation made this announcement quite promising. However, both of the businessmen are also¬†stakeholders at Maxima company, which suffered a roof collapse in shop in Riga with serious¬†casualties in November 2013. Therefore, N. Numavińćius and I. StaŇ°kevińćius will have to dedicate¬†most of their energy for crisis management in the nearest future rather than activity expansion¬†on the internet.

 

Source: SEB Bank