Target of the work is to study the impact of financial and economic risks to extension of food retail industry of Latvia. In the work are used scientific research methods – analysis and synthesis methods, economic analysis method of enterprises. In the work are used scientific research methods – analysis and synthesis methods, economic analysis method of enterprises. Authors had studied situation of competition in food retail industry of Latvia and had studied medium financial index of food retail industry enterprises. Major financial risks are risk of unpaid credit, risk of increment of financial instability, risk of insufficiency of current assets. Major economic risks -are risk of economic recession of country, risk of decrease of paying capacity of consumers, risk of insufficiency of credit resources. Authors had proposed methods of financial and economic risk estimation which Latvia’s food retail industry enterprises can use to form their system of risk management.