Rimi said the lowered prices will apply to a wide variety of food items, although the exact amount of the price reduction has not been determined.
RIGA — One of the most hardship-inducing aspects of the Baltic financial crisis is that while wages have plummeted and unemployment skyrocketed, consumer goods prices have largely stayed the same.
Latvian residents experienced the largest income decline with almost 90 percent having income levels significantly decreased, whereas in Lithuania income reduction affected about 80 percent of the [private_supervisor]population. Although the situation in Estonia was a little better, income still fell for more than 70 percent of the population, attests an AC Nielsen survey.
This has brought down sales in all of the major supermarket chains in the Baltic states, and in response to lagging sales the Rimi supermarket chain is finally implementing a widespread price lowering on more than 1,000 items, although they’re not saying exactly how much yet. The decrease will apply to milk and dairy products, bread and flour, meat and meat products, fruit and vegetables, and cheese, tea, coffee, fish and cereal products. The campaign is called “A New Era,” which is the same name as the political party of the prime minister of Latvia.
“Changes to the retail sector in general, as well as in customers’ shopping habits and the contents of their shopping baskets are the main reasons for Rimi deciding to adapt our pricing policy even further to the current market situation and consumer needs,” Rimi Baltic Board Chairman Edgar Sesemann said.
“Even though the situation and shoppers’ behavior differ slightly in each Baltic state, there is a clear common picture — the incomes of around 80 percent of Baltic states citizens were reduced significantly last year, in addition, more than 70 percent of consumers spent less money on food and other goods in the last two years,” he said.
Rimi’s 2009 sales were down 11.9 percent from the previous year. Rimi is a subsidiary of the Swedish retail conglomerate ICA AB. [/private_supervisor] [private_subscription 1 month]population. Although the situation in Estonia was a little better, income still fell for more than 70 percent of the population, attests an AC Nielsen survey.
This has brought down sales in all of the major supermarket chains in the Baltic states, and in response to lagging sales the Rimi supermarket chain is finally implementing a widespread price lowering on more than 1,000 items, although they’re not saying exactly how much yet. The decrease will apply to milk and dairy products, bread and flour, meat and meat products, fruit and vegetables, and cheese, tea, coffee, fish and cereal products. The campaign is called “A New Era,” which is the same name as the political party of the prime minister of Latvia.
“Changes to the retail sector in general, as well as in customers’ shopping habits and the contents of their shopping baskets are the main reasons for Rimi deciding to adapt our pricing policy even further to the current market situation and consumer needs,” Rimi Baltic Board Chairman Edgar Sesemann said.
“Even though the situation and shoppers’ behavior differ slightly in each Baltic state, there is a clear common picture — the incomes of around 80 percent of Baltic states citizens were reduced significantly last year, in addition, more than 70 percent of consumers spent less money on food and other goods in the last two years,” he said.
Rimi’s 2009 sales were down 11.9 percent from the previous year. Rimi is a subsidiary of the Swedish retail conglomerate ICA AB. [/private_subscription 1 month] [private_subscription 4 months]population. Although the situation in Estonia was a little better, income still fell for more than 70 percent of the population, attests an AC Nielsen survey.
This has brought down sales in all of the major supermarket chains in the Baltic states, and in response to lagging sales the Rimi supermarket chain is finally implementing a widespread price lowering on more than 1,000 items, although they’re not saying exactly how much yet. The decrease will apply to milk and dairy products, bread and flour, meat and meat products, fruit and vegetables, and cheese, tea, coffee, fish and cereal products. The campaign is called “A New Era,” which is the same name as the political party of the prime minister of Latvia.
“Changes to the retail sector in general, as well as in customers’ shopping habits and the contents of their shopping baskets are the main reasons for Rimi deciding to adapt our pricing policy even further to the current market situation and consumer needs,” Rimi Baltic Board Chairman Edgar Sesemann said.
“Even though the situation and shoppers’ behavior differ slightly in each Baltic state, there is a clear common picture — the incomes of around 80 percent of Baltic states citizens were reduced significantly last year, in addition, more than 70 percent of consumers spent less money on food and other goods in the last two years,” he said.
Rimi’s 2009 sales were down 11.9 percent from the previous year. Rimi is a subsidiary of the Swedish retail conglomerate ICA AB. [/private_subscription 4 months] [private_subscription 1 year]population. Although the situation in Estonia was a little better, income still fell for more than 70 percent of the population, attests an AC Nielsen survey.
This has brought down sales in all of the major supermarket chains in the Baltic states, and in response to lagging sales the Rimi supermarket chain is finally implementing a widespread price lowering on more than 1,000 items, although they’re not saying exactly how much yet. The decrease will apply to milk and dairy products, bread and flour, meat and meat products, fruit and vegetables, and cheese, tea, coffee, fish and cereal products. The campaign is called “A New Era,” which is the same name as the political party of the prime minister of Latvia.
“Changes to the retail sector in general, as well as in customers’ shopping habits and the contents of their shopping baskets are the main reasons for Rimi deciding to adapt our pricing policy even further to the current market situation and consumer needs,” Rimi Baltic Board Chairman Edgar Sesemann said.
“Even though the situation and shoppers’ behavior differ slightly in each Baltic state, there is a clear common picture — the incomes of around 80 percent of Baltic states citizens were reduced significantly last year, in addition, more than 70 percent of consumers spent less money on food and other goods in the last two years,” he said.
Rimi’s 2009 sales were down 11.9 percent from the previous year. Rimi is a subsidiary of the Swedish retail conglomerate ICA AB. [/private_subscription 1 year]
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