Top 5 Supermarket Retail Chains In Finland

Updated July 17, 2024 3:53 PM By Robert McHugh

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Top 5 Supermarket Retail Chains In Finland

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According to Statistics Finland, the annual change in consumer prices in June 2024 was 1.3%. The most significant increases compared to a year ago were seen in the average interest rates on mortgages and consumer loans, as well as maintenance fees. Food prices remained relatively stable with some fluctuations.

According to Kristiina Nieminen, chief actuary of Statistics Finland, from May to June, prices rose the most for fresh vegetables, particularly new potatoes (up 39%) and cabbage (up 13%). Conversely, fresh fruit prices fell by 3.6%, and coffee prices fluctuated, showing a 12.8% increase in June.

"Inflation seems to be moderate now, but the prices of services still seem to be rising," she added.

In June, the consumer confidence indicator balance was -7.6, an improvement from -10.3 in May and -12.6 in April, marking the highest level since February 2022.

Consumers' views on their personal finances and Finland's economy improved, although assessments of their current financial situation remained weak, Statistics Finland noted.

Specifically, 29% of consumers felt their financial situation was worse than a year ago, while 22% considered it stronger. Regarding Finland's economy, 59% believed it was worse than the previous year, and 12% saw it as better.

A recent study by S Group revealed that Finnish shoppers are now cautiously optimistic, with half of respondents considering their expenses when making purchasing decisions.

Over half (56%) considered food prices, with popular saving strategies including taking advantage of promotional offers (77%), buying cheaper food (67%), opting for store brands (67%), and avoiding impulse purchases (64%). There was also an increased demand for domestic products, with 39% of respondents preferring to buy local to support domestic producers.

For retailers, meanwhile, falling inflation paints a more optimistic picture. In an op-ed for trade group Kappan liitto, Arhi Kivilahti of Ada Insights noted that while 2023 was challenging for the trade sector, the reduction in inflation raised hopes for a better 2024.

"To some extent, operators in the trade sector are doing well, but the general picture in specialty trade is still challenging," he said. "However, many parties have made it clear that we are moving towards better things."

Here's an overview of the top five supermarket retail chains in Finland, according to their most recently-available full-year turnover. All data is supplied by Retail-Index (www.retail-index.com).

***EXCLUSIVE OFFER*** Gain access to Retail-Index.com with a limited discount of 15% – use the code ESM15 in the remarks section on the Price & Order form.

1. SOK
Turnover: €7.75 billion (2022, estimated)

SOK is top of the list with an estimated €7.75 billion annual turnover recorded in 2022. It has 975 outlets in Finland.

Its banners include Alepa, Herkku, Prisma and Sale, while it also has operations in Estonia.

2. Kesko Oyj (Kesko)
Turnover: €6.6 billion (2022)

Kesko recorded an annual turnover of €6.6 billion in 2022 and currently has 1,175 stores in Finland.

Its banners include K-Citymarket, K-Market, K-Supermarket, Kespro and Neste.

In 2022, the group was busy on the acquisition front, taking over Kungälvs Trävaruaktiebolag, Föllinge Såg AB, Djurbergs Järnhandel Aktiebolag, and XL-BYGG Bergslagen AB in Sweden, and Seljord Elektriske AS in Norway.

3. Lidl
Turnover: €1.86 billion (2022)

Part of the Schwarz Group, Lidl has been operating in Finland since 2002.

At present, the discounter has 200 outlets in the country, and reported a turnover of €1.86 billion last year.

4. Alko
Turnover: €1.18 billion (2022)

Alko is an independent limited company wholly-owned by the Finnish Government and administered and supervised by the Ministry of Social Affairs and Health. It is the only retailer of strong alcoholic beverages in Finland, retailing beer (over 4.7% ABV), wine and spirits.

The company has 505 stores in Finland, and reported a turnover of €1.18 billion in 2022.

5. Tokmanni
Turnover: €1.16 billion (2022)

Tokmanni is the largest domestic discount chain in Finland, and reported a turnover of €1.16 billion in 2022.

There are currently 198 Tokmanni outlets in the country.

About Retail-Index

Retail-Index is a specialist supplier of management information on consumer retail markets, provided by Veraart Research Group in the Netherlands. Its mission is to supply managers with up-to-date key information on retail markets in Europe and support them in their international expansion.

The company dates back to 1964, when it started as a market research and marketing consulting company for consumer products and services. In 1989, it started publishing written reports on various retail sectors in Europe. As of 2005, it publishes its information on retailers through the online database and curated datasheet exports available on www.retail-index.com. A team of researchers manages the data to reflect upon current developments in the markets, collected from an extensive number of sources.