Estonia's Nõo Meat Factory to open Riga flagship store this fall
After nearly 20 years on the Latvian market, Estonian producer Nõo Meat Factory will open a flagship store in Riga this fall, close to the city's IKEA.
The company had planned to launch the location this month, but the opening was delayed by paperwork, supervisory board chair Simmo Kruustük told ERR.
He said salamis and hams are top sellers in Latvia, while poultry products have grown in popularity in recent years.
Latvian consumers, he added, value the quality of Estonian food but, much like Estonian shoppers, are highly price-conscious, with strong demand for discount and promotional products.
"They're also feeling the pinch of rising food prices," Kruustük said. "But it was recently announced that Latvia plans to lower VAT on staple foods next year, which would really help consumers."
According to the supervisory board chair, Nõo's main competitors in Latvia are local meat producers and, increasingly, store brands imported from elsewhere.
Other Estonian companies are also well established in Latvia, including Maag Group, the owner of Estonia's Rakvere and Tallegg brands, which maintains local production.
Exports accounted for nearly 21 percent of Nõo Meat Factory's revenue last year. The Southern Estonia-based company employs more than 200 people, with its largest export markets in Latvia, Lithuania and Finland.
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Editor: Karin Koppel, Aili Vahtla
