Kesko And Oriola Granted Permission To Establish Retail Chain
Finland's Kesko has announced that pharmaceutical company Oriola has been granted permission from the Competition and Consumer Authority to establish a new chain of stores alongside the retailer, which will focus on health and wellbeing.
K-Group’s plan is to expand the business to include pharmaceuticals if existing legislation is amended. Kesko added that the chain's name, concept and the location of the first stores will be announced later.
In the first phase, the two retailers aim to build a chain of 100 stores and an online store. The fist stores will be opened in the autumn of 2017, and a total of 15 stores will open by the end of the year.
The two estimate that 1,000 new jobs will be created in Finland as a result.
The two companies announced their intention to establish the new stores back in March. Both parties will hold a 50% share of the new company.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Aidan O’Sullivan. Click subscribe to sign up to ESM: The European Supermarket Magazine.