Adapting to market conditions, changing consumer needs and shopping habits, one of the leading retailers in the Baltic States Rimi is implementing a new pricing policy commencing 13 April. This provides for price reductions for more than 1000 items bought by customers on a daily basis. Along with the price reductions in the Baltic States, Rimi is also launching an advertising campaign A New Era to explain the new Rimi approach to price setting.

"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. Even though the situation and shoppers’ behaviour differ slightly in each Baltic State, there is a clear common picture – the incomes of around 80% of Baltic States citizens were reduced significantly last year, in addition, more than 70% of consumers spent less money on food and other goods in the last two years," remarked Rimi Baltic Board Chairman Edgar Sesemann.

Latvian residents experienced the largest income decline with almost 90% having income levels significantly decreased, whereas in Lithuania income reduction affected about 80% of the population. Although the situation in Estonia was a little better, income still fell for more than 70% of the population, attests a survey conducted in the Baltic States by the world’s leading market research organisation AC Nielsen.

The reduction in income also seriously affected people’s purchasing power. Following the fall in income levels, people in all three Baltic States spent much less on food and other goods last year. Latvian residents in particular, had to rethink their spending: almost 80% of respondents admitted that with the onset of the recession, they spent less than before. In turn, about 70% of the Estonian and Lithuanian populations had spent less on various purchases. Moreover, almost one third of people in the Baltic States switched their usual shopping locations to others, for more than 50% of the cases the reason being the search for better prices and promotions.

Along with the New Era launch, prices for 1,000 different products will be reduced in Rimi stores – both for food and non-food products in significant categories that are the most popular among shoppers, such as milk and dairy products, bread and flour, meat and meat products, fruit and vegetables, and cheese, tea, coffee, fish and cereal products.