The Elvi retail chain will spend about one million euros fitting out a store in the former Sky shop in Berģi, franchisor SIA Elvi Latvija said. The new shop is planned to open at the end of November.
The store will be run by SIA Vita mārkets, Elvi’s largest franchise partner. The company said the shop and the production unit next to it will create 37 jobs in total.
Latvia’s Competition Council has allowed Vita mārkets to set up the Elvi store in the former Sky premises. The council found that the deal would not significantly change market structure, weaken competition, or create or strengthen a dominant position in any market where the parties operate.
In mid-August the council received Vita mārkets’ merger notice on acquiring lease rights to a shop owned by SIA Skai Property on the Sigulda highway in Berģi. The premises had previously been operated by SIA Skai Baltija. On 26 March this year, Riga City Court declared Skai Baltija, the retailer that ran the Sky supermarket, insolvent.
Last year Vita mārkets reported turnover of €156.438 million, up 7.5% on 2024, and profit of €6.472 million, up 12.4%. The company was registered in 1997 and has share capital of six million euros. It is owned by Fortis VM, whose owners are Imants Rendenieks (88%), Vita Rendeniece (9%) and Igors Kozlovskis (3%).
Elvi Latvija, the Elvi franchisor, had turnover of €6.13 million last year, up 4.5%, while profit fell 24.4% to €175,250. The company was registered in 2010, has share capital of €1.003 million, and is owned by SIA Fortis VM.