The head of one of the largest retail chains in the country, D. Dundulis, recalled in the podcast “Become Better” the times when the name “Norfa” was just taking its first steps in the Lithuanian retail market.
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“If you look at what was happening in Lithuania when we opened the first store, ‘Maxima’ was starting to expand and there was ‘Ekonomija’ – ‘Eko’. Later it was bought by Rimi. There were also others, but if you look at it that way, let’s say the two strongest players. ‘Iki’ was also there, it opened in 1992. So we were at a stage, let’s not even call it infancy, but still in the incubation phase. Actually, we were wholesalers and compared to those three companies, we didn’t have money and we started that business without money,” said D. Dundulis.
The businessman does not hide that the drastic lack of initial capital was directly reflected in the appearance of the first stores.
“Our funds at that time, compared to those three competitors, were definitely divided by 10 at least, if not by 50 or 100. So it was obvious that we couldn’t open stores at the level they were opening at that time.
The first store was such that today I doubt anyone would call it a store. Of course, there are such stores now. <…> It was metal welded frames on which DSP boards were cut and placed, and goods were placed on them, obviously without any showcases, without anything. At first, without refrigerators,” the businessman recalled.
Even after becoming a successful business, ethics and moral principles remain the most important guide for D. Dundulis, even in intense competitive battles.
“I see some actions of our competitors. When you work in this business, you very clearly see where actions conflict with morality. Sometimes employees say we should respond in kind, but I say if we do that, the process will spiral even more,” shared the famous businessman on “Become Better”.
Asked about the values he speaks of, he openly criticized unfair competition, manipulations with the cheapest shopping basket studies, and explained that his company firmly refuses to participate in that.
“We definitely don’t want to get involved in such things, of course we could do the same, but I know very well, some chains do it, others don’t, so if we join in… Actually, we have to do what’s better for the customer – assortment, freshness, convenience, everything else, and not engage in such nonsense,” said D. Dundulis.
In 2025, his managed assets were valued at 640 million euros. Asked about the principles he follows when spending money and whether he parts with it easily, the man was open.
“It depends again on the purchase. We understand very well that even today I have to count. I certainly don’t have to count now which restaurant I will go to or which hotel I will stay at, that’s no longer relevant. But still, I am convinced that almost all people, including the richest, still have to count for some purchase. Only the level of purchase is different. <…> Only that I don’t throw money away,” assured D. Dundulis.
The well-known businessman has four children. Asked how he raises them, he said he passed on to them his responsible attitude towards money.
“I think financially they are like me – not extravagant, thrifty like me, and definitely don’t throw money away. Of course, I can joke. Earlier, when we traveled, I always gave each child money for souvenirs. And when you go somewhere, you go to eat. And as a rule, they wanted a lot, took everything, picked at it, and left everything. So later we introduced a rule that ‘you got pocket money, of course order as much food as you want, but whatever you don’t eat, meaning the cost of the dish times the percentage you didn’t eat, you return the money to me from that pocket money.’ So today if I try to leave something, they educate me,” laughed D. Dundulis.
Businessman Artur Lebedenko said in the podcast that currently none of his children work in his business and revealed the reasons for this decision.
“I don’t know, of course, how it will be in the future, whether they want to or not. Anyway, I am not eternal. But at first, they need to see how it is elsewhere, because it will be bad if they can’t compare, because first of all – let’s say going to a main position, leading a team of 5,000 people, is a bit early. Not early in terms of years, but early in terms of experience. The second thing is, as a rule, we also see that even ordinary employees think that where they work is very bad. And the best experience is when you see various situations, various jobs. So you really have to see how it is in the independent market,” shared D. Dundulis.
You can watch the entire Artur Lebedenko podcast “Become Better” here:
