In May, the European Commission projected that Lithuania’s real GDP would grow by 2% in 2024. This growth is expected to be driven by a strong increase in private consumption, continued investment growth, and a gradual improvement in trade.
Despite experiencing high inflation, trade disruptions, and dampened confidence leading to a contraction in real GDP in 2023, the Commission noted that easing inflation and continued growth in nominal wages in 2024 are set to support private consumption as real incomes improve.
According to Lithuania's statistics authority (OSP), the price of consumer goods and services in Lithuania increased marginally by 0.1% in June compared to the previous month.
This increase was primarily driven by rises in the prices of recreational and cultural goods and services (+2%), vacations (+11.5%), and sports and recreational equipment (+8.7%).
Conversely, the price of food products and non-alcoholic beverages decreased by 0.6%. Significant price declines were seen in fruit and vegetable juices, other edible oils, pasta products with meat, sugar, and canned milk. However, prices rose for dried fruits, cocoa and powdered chocolate, butter, chocolate and cocoa-based desserts, and rice.
Among fresh vegetables and fruits, prices of mangoes, strawberries, tomatoes, lettuce, and cucumbers decreased, while prices of kiwis, beets, onions, carrots, and grapefruits increased.
Retail trade data showed that the turnover of retail trade companies in Lithuania increased by 1.8% in May on a month-on-month basis and by 5.1% on a year-on-year basis at comparable prices.
Elsewhere, Lithuania has the highest percentage of businesses engaged in e-commerce in the European Union, new data has shown, with 38.9% of businesses in the country engaged in online sales.
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1. Maxima
Turnover: €1.76 billion (2021)
Maxima is the largest supermarket chain in Lithuania, reporting a turnover of €1.76 billion in 2021. The company operates under two brands – Maxima, under which it runs several banners of different sizes, and Barbora. Maxima operates 252 outlets in Lithuania as of 2023.
It is also the largest job creator in the Lithuania.
2. IKI
Turnover: €719 million (2021)
IKI is the second-largest supermarket chain in Lithuania, with a turnover of €719 million as of 2021. The company has 238 stores across the country as of last year. Sweden's ICA Gruppen acquired the IKI business in December 2016.
The first IKI store was opened in 1992 by three brothers - George, Olivier and Nicolas Ortiz from Belgium.
Last year, IKI announced the extension of its autonomous delivery service to the Žvėrynas district of the capital Vilnius, as well as to the Senamiestyje and Naujamiestyje areas.
3. Norfa
Turnover: €587 million (2021)
Norfa operates a network of supermarkets, hypermarkets and neighbourhood stores in Lithuania, with a turnover of €587 million in 2021.
The company operates under five different banners – Norfa Hyper, Norfa L, Norfa S, Norfa XL, and Norfa XXL, and has a total of 156 stores across the country as of last year.
4. Lidl
Turnover: €673 million (2022)
Lidl entered Lithuania in 2016, and has steadily built up its network, operating 68 stores in the country as of last year. The Lithuanian arm of the discounter, which is part of Germany's Schwarz Group, reported a turnover of €673 million in 2022.
In April of last year, Lidl announced that the construction of its second logistics centre in Lithuania was completed.
5. Rimi
Turnover: €395 million (2021)
Rimi operates in Lithuania under four different banners – Rimi Express, Rimi Hyper, Rimi Mini, and Rimi Super. The company, which is owned by Sweden's ICA Gruppen, reported a turnover of €395 million in 2021 and has 84 stores in Lithuania as of 2023.
The first Rimi store in Lithuania was opened in Vilnius in 2000.
In April of last year, Rimi Lietuva entered into a partnership agreement with the real estate development company Darnu Group to develop a new logistics centre.
6. Silas
Turnover: €68 million (2021)
Silas operates 21 stores in Lithuania as of last year and had a turnover of €68 million in 2021. The group was founded in 1992 and largely operates around the capital, Vilnius.
Silas retail chain stores are managed by UAB Eiginta.
7. Cia
Turnover: €45 million (2021)
Cia operates 114 stores in Lithuania under the Cia Market banner as of last year, and reported a turnover of €45 million in 2021. The group was formed in 1996, originally specialising in dairy products, before being expanded in 2011.
8. Kubas
Turnover: €32 million (2021)
Kubas had 34 stores in Lithuania last year and a turnover of €32 million as of 2021. It was founded in 2000, in Šiauliai in the northern part of the country.
9. Express Market
Turnover: €25 million (2021)
Boasting 37 stores in Lithuania as of last year, Express Market reported a turnover of €25 million as of 2021. The retailer is headquartered in Kaunas.
10. Gruste
Turnover: Unknown
Gruste operates 28 stores in Lithuania as of last year. It was founded in 1992 and also offers wholesale and public catering services.
The founder of the company is Alfredas Vyniautas.
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Retail-Index is a specialist supplier of management information on consumer retail markets, provided by Veraart Research Group in the Netherlands. Its mission is to supply managers with up-to-date key information on retail markets in Europe and support them in their international expansion.
The company dates back to 1964, when it started as a market research and marketing consulting company for consumer products and services. In 1989, it started publishing written reports on various retail sectors in Europe. As of 2005, it publishes its information on retailers through the online database and curated datasheet exports available on www.retail-index.com. A team of researchers manages the data to reflect upon current developments in the markets, collected from an extensive number of sources.
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