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Stockmann

From Wikipedia, the free encyclopedia
See also: Stockmann (disambiguation) and Stockmann (surname)
Stockmann plc
Stockmann
Native name
Lindex Group Oyj
Company typePublic company
Nasdaq Helsinki: STCBV
ISINFI0009000251
IndustryRetail
Founded1862; 162 years ago (1862) in Helsinki, Finland
FounderHeinrich Georg Franz Stockmann
Headquarters
Helsinki
,
Finland
Area served
Finland,Latvia,
Estonia
ProductsDepartment store
BrandsStockmann, Stockmann Herkku, Lindex, One Way
Number of employees
9,734 (2016)
Websitewww.lindex-group.com

Stockmann plc is a Finnish retailer established in 1862.

Stockmann's eight company-owned department stores are in Finland (six), Estonia (one), and Latvia (one). There also was an additional nine Stockmann-branded department stores in Russia owned and operated by Reviva Holdings, with a license to use the Stockmann name until 2023.

The Stockmann, Helsinki centre flagship store covers 50,000 square metres (540,000 sq ft) of retail space and welcomes more than 17 million visitors every year. It is the largest department store in the Nordic countries.

Stockmann owns and manages five shopping malls with 142,000 square metres (1,530,000 sq ft) of gross leasable area, of which half is occupied by Stockmann.

Lindex, owned by Stockmann, has 475 stores in 16 countries, including 39 franchised stores.

Stockmann has been a member of the International Association of Department Stores from 1950 to 2020, with various CEOs acting as presidents of the Association over time.[1][2]

History

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Stockmann department store in Tampere
The Art Nouveau façade of the flagship store
Stockmann department store in Riga, Latvia
Christmas at Stockmann
The dome of the store

Stockmann was established by Georg Franz Stockmann, a merchant from Lübeck, Germany who took a job as a bookkeeper at a Nuutajärvi Glassworks store in Helsinki Senate Square. In 1859, Stockmann became the manager of the store. In 1862, Stockmann took control of the store and the Stockmann department store was officially established. In 1902, the company was renamed G.F. Stockmann Aktiebolag. The shareholders were Stockmann and his two sons, Karl and Frans. Stockmann died in 1906. In 1930, the Stockmann, Helsinki centre store was finished, complete with revolving doors, a soda fountain, and escalators. Also in 1930, Stockmann bought a neighbouring book store, Akateeminen kirjakauppa (Swedish: Akademiska bokhandeln, the Academic Bookstore). The first television transmission in Finland was broadcast from the department store in 1950.

In the 1950s, Stockmann opened a department store in Tampere. Stockmann opened department stores in Tapiola in 1981 and Turku in 1982. In 1986, the first Hullut Päivät (lit. 'crazy days') sales were held. The sales proved extremely popular and became a biannual event. The first Stockmann stores outside of Finland opened in Moscow in 1989, and in Tallinn in 1993. The northernmost department store, in Oulu, opened in 2001 and closed in 2017.[3]

In 1989, Stockmann began operations in Russia, with the opening of a small stand in the GUM department store in Moscow.[4]

In December 2007, Stockmann acquired Lindex, a Swedish clothing retailer with 331 outlets in the Nordic region and the Baltic states.[5]

Stockmann sold Seppälä on 1 April 2015 to Seppälä's CEO Eveliina Melentjeff and her husband Timo Melentjeff.[6]

In September 2015, Stockmann sold The Academic Bookstore to Bonnier Books AB media.[7]

In February 2016, Stockmann sold its operations in Russia to Reviva Holdings. Stockmann continued to own and operate Nevsky Centre in Saint Petersburg until it was sold in January 2019.[8][9][10]

On January 1, 2017, Stockmann sold Hobby Hall to SGN Group.[11]

In 2017, the company sold its food division, Stockmann Herkku, to S Group for €27 million.[12][13]

In May 2018, the company sold Kirjatalo, the building opposite their flagship store in Helsinki which houses the Academic Bookstore, for €108 million.[14]

In March 2019, CEO Lauri Veijalainen resigned.[15][16]

In June 2019, the company announced 150 layoffs.[17]

Locations

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Finland

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Estonia and Latvia

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Russia (under license)

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Stockmann department store in St. Petersburg.

In January 2022, Sberbank and Yakov Panchenko, actual owner of Stockmann in Russia, announced the binding agreement for the purchase of 100% stake of Stockmann by the bank by June 2022. Presently, 100% of shares of Stockmann in Russia are hypothecated by "Sberbank".[18]

References

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  1. ^ "IADS Presidents". www.iads.org. Retrieved 2021-04-22.
  2. ^ "News releases - www.stockmanngroup.com". www.stockmanngroup.com. Retrieved 2021-06-20.
  3. ^ "Yksi aikakausi päättyi, kun Stockmann sulki ovensa Oulussa". TV Finland (in Finnish). January 31, 2017.
  4. ^ Mukherjee, Malobi; Cuthbertson, Richard; Howard, Elizabeth (September 25, 2014). Retailing in Emerging Markets: A policy and strategy perspective. Routledge.
  5. ^ "STOCKMANN RECEIVED 96.4 PER CENT OF THE SHARES IN LINDEX AND COMPLETES ITS PUBLIC TENDER OFFER" (Press release). Stockmann. 3 December 2007.
  6. ^ "Seppälä on brink of bankruptcy, 270 jobs at risk". Helsinki Times. 22 August 2017.
  7. ^ "Stockmann has completed the Academic Bookstore transaction" (Press release). Stockmann. September 30, 2015.
  8. ^ "Stockmann has sold the Nevsky Centre property in St. Petersburg" (Press release). Stockmann. January 24, 2019.
  9. ^ "Stockmann lähtee lopullisesti Venäjältä – myy Pietarin kiinteistön pois". TV Finland (in Finnish). January 24, 2019.
  10. ^ "Stockmann Has Sold The Nevsky Centre Property In St. Petersburg". Reuters. January 24, 2019.
  11. ^ "Stockmann has completed the divestment of Hobby Hall" (Press release). Stockmann. January 2, 2017.
  12. ^ "Competition authority OKs sale of Stockmann's upscale delicatessen stores". TV Finland. December 15, 2017.
  13. ^ "Stockmann myy Herkun S-ryhmälle 27 miljoonalla". TV Finland (in Finnish). June 30, 2017.
  14. ^ "Stockmann myy Kirjatalo-kiinteistönsä Helsingin keskustasta". TV Finland (in Finnish). May 9, 2018.
  15. ^ "Stockmannin toimitusjohtaja vaihtuu". TV Finland (in Finnish). March 22, 2019.
  16. ^ Virki, Tarmo (March 22, 2019). "CEO of Finnish retailer Stockmann to leave at end of March". Reuters. Archived from the original on June 21, 2019.
  17. ^ "Stockmann Completes Codetermination Negotiations, Terminates Around 150 Positions". Reuters. June 13, 2019.
  18. ^ "Сбербанк планирует купить российскую сеть Стокманн" (in Russian). Интерфакс. 2022-01-26.
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