Riga is best known for its industrial growth at the turn of the 19th and 20th century and in the 2nd part of the 20th century. The interwar period of industrialization (1920–1940) is famous with a number of impressive industrial products while the impact of production activities on architectural and urban development is almost neglected. This paper addresses the industrialization of Riga during the interwar period between the WWI and WWII, examining the actual industrial development and the architectural testimonies still to be found in urban environment of the city, while addressing the perception of architectural heritage in the context of general and art history of Latvia. The methodology of the paper includes survey and analysis of historical sources, fieldwork carried out during a couple of decades, and a comparative analysis of the remaining industrial buildings of the period. Due to the evacuation of machinery and workforce from the factories of Riga at the beginning of the WWI, the vast production halls built recently were empty while the afterwar technological development and consumer demands triggered early reuse of a number of existing factories for new functions including production, storage, industry, repairs etc. The new industries such as transportation and communications, or the blossoming ones like food production, ensured and supported influx of a new, contemporary architecture into the urban space of Riga. The Modern Movement was one of the trends, Art Deco was another, while more modest and rational halls were built for transportation needs. The architectural remains of industrial heritage from this period are in variable condition. Some of the structures were altered during the following decades; some were abandoned since the 1990s due to disappearance of the entire enterprises they were part of. Recognition of the values of the Modern Movement architecture in general and of its features in industrial heritage in particular have helped in preservation and revitalisation of several cases already. As those enterprises were instrumental in the creation of the economic and social efficiency of Latvia during the interwar period, currently might be the right time to reconsider and strengthen their heritage value and protection options in the urban landscape of Riga.