Multum buys its Vaidava warehouse and opens an Ogre shop

SIA Multum started in Cēsis in 2017 with the idea of a broad shop for household goods, furniture and fittings. It is nearing its first decade with nine stores. The newest is opening in Ogre at Rīgas iela 33. Each opening takes premises, investment, stock and a team so a customer in Cēsis, Sigulda, Valmiera or Ogre meets the same setting.

One of the firm’s main property choices was warehouse space in Vaidava, in Vidzeme. Many similar companies put logistics near Riga. Multum had already been renting premises in Vaidava and treated the site as a base for further growth. Executive director Mārtiņš Koks said the company grew from the Cēsis side, that Vaidava offers a stable team with lower staff turnover, and that the warehouse crew’s everyday work holds the operation together. The building also lets Multum take larger, planned purchases and test a new brand in its own shops before offering it more widely.

Citadele’s role began when Multum planned to buy the Vaidava warehouse premises and keep investing in growth. The bank’s financing helped carry out that purchase and made it easier to plan stock buying and later projects. Koks said factoring lets the company time cash flow from goods entering the warehouse, going out to customers and being paid for, and look at several steps at once, including new products, shop openings and warehouse investment. He said the firm wants a partner that understands its situation and can respond quickly.

Multum is still adding stores and improving e-commerce, and it plans to develop the retail network outside Latvia in the coming years. The article was produced in cooperation with Citadele.