Lithuanian retailer 'Litas' to close first store due to space constraints

The Lithuanian retail chain "Litas" has announced the closure of its inaugural store, situated at Verkių St. 42, with August 3rd marking its final day of operation. The decision stems from the premises becoming insufficient to accommodate the store's growing inventory and future expansion plans.

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We need areas significantly larger than what we had in this store to support the remaining assortment. Also, considering the anticipated changes to the entire building complex and the limited possibilities for adapting the premises, we saw no point in investing further in this location.

Simonas Bumšteinas, head of "Senamiesčio erdvės," the company managing the Litas network, explained that the current store lacks the necessary space to maintain the required product assortment. He added that considering the anticipated changes to the entire building complex and the limitations in adapting the existing space, further investment in this particular location was deemed impractical. "We need areas significantly larger than what we had in this store to support the remaining assortment," Bumšteinas commented.

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We are actively monitoring the property market and observing new opportunities and available spaces following the withdrawal of certain market players. We are actively working on new locations and will announce them once we have final decisions.

Currently, Litas operates only one other store on Laisvės Avenue. However, Bumšteinas affirmed that the company's expansion plans remain active. "We are actively monitoring the property market and observing new opportunities and available spaces following the withdrawal of certain market players. We are actively working on new locations and will announce them once we have final decisions," he stated.

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Sanctions application takes time, this process also takes time, so we are not pinning our hopes on taking over premises tomorrow. I don't think it's realistic.

When questioned about potentially occupying spaces vacated by the Russian-capitalized "Mere" chain, which is subject to EU sanctions, Bumšteinas expressed skepticism. He noted that such processes take time and are unlikely to yield immediate results. "Sanctions application takes time, this process also takes time, so we are not pinning our hopes on taking over premises tomorrow. I don't think it's realistic," he said. Bumšteinas also reiterated that Litas's shareholders are Lithuanian, but their identities remain private, emphasizing the company's commitment to local capital and a long-term vision in Lithuania.

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Our business's financial foundation consists of local, Lithuanian capital and a long-term vision here in Lithuania. However, we respect the decision made by the investors themselves to maintain privacy, so I cannot disclose more detailed information at this stage.