Latvian retail remains stagnant

RIGA — Latvian retail companies continue to struggle with stagnant turnover after last year’s massive plunge as the economic crisis hit full tilt.

While Latvia’s gross domestic product is stabilizing, retail is showing little signs of recovering to anywhere near its pre-crisis levels during the “Baltic Tiger” boom, which saw the country’s shopping scene transform as countless new malls, shops and supermarkets were built around the country.

According to the country’s central statistics bureau, food retail in July was up 2.1 percent but non-food retail was down 1.8 percent, leaving overall retail at -0.5 percent year-on-year for the month.

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