Annual inflation in Finland fell for the fourth straight month to 3.3% in November 2023 from 4.9% in the previous month, reaching their lowest level since October 2021.
Prices moderated further for food & non-alcoholic beverages (3.0% vs 4.0% in October) and alcoholic beverages, tobacco (4.8% vs 5.0%), Trading Economics data showed.
Monthly, consumer prices fell 0.3% in November, the first decline in three months, reversing from a 0.3% rise in October.
However, Statistics Finland’s experts have warned inflation and rising interest rates have placed stress on households.
As 2023 drew to a close, consumer confidence in the Finnish economy remained pessimistic, with some indications of improvement, as reported by the trade association Kaupan Liitto.
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).
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 as of 2023, and reported a turnover of €1.18 billion last year.
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 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.
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© 2023 European Supermarket Magazine – your source for the latest retail news. Article by Robert McHugh. Click subscribe to sign up to ESM: European Supermarket Magazine.
