Finland Times

 

Tavarataloyhtiö Stockmann on kertonut lisää uudesta strategiastaan. Osana uudistusta Stockmann myy postimyyntiyhtiö Hobby Hallin sekä sulkee Venäjällä toimineet Seppälä-vaatekaupat. Hobby Hallin myymälä Vantaan Tammistossa torstaina 2. lokakuuta 2014. Photo – Lehtikuva.

Finnish retail giant Stockmann has announced that it is undergoing a process of reviewing and revising the group’s strategy.

 

In a release, Stockmann said as of 1 January 2015, the company will operate under a new structure of three divisions – Stockmann Retail, Real Estate and Fashion Chains.

 

As part of the new strategy, the group’s retail business will focus on Stockmann department stores and Stockmann online store whose popularity in the country is increasing. Stockmann’s Real Estate division will aim at optimising the use of floor space in the group’s real estate holdings.

 

Stockmann believes that Lindex, which operates in 16 countries, has the biggest development potential.

 

According to Stockmann, the group is searching for strategic options for its other retail operations, Hobby Hall and Seppälä.

 

Stockmann said a new owner is being sought for Hobby Hall distance retail business. According to Stockmann, Hobby Hall has an annual revenue of approximately 100 million euros and over half a million loyal customers in the country.

 

The group’s board of directors also has agreed that the remaining 16 Seppälä stores in Russia will gradually be phased out during the rest of 2014 and 2015.

 

According to a Xinhua report, Stockmann had 34 Seppala fashion shops in Russia at the beginning of 2014. Due to the economic downturn in Russia, 18 Seppala stores have been closed so far in 2014.

 

The retail group’s new move means that all the Sepala shops will be withdrawn from the Russian market by the end of 2015.

 

Founded in 1862, Stockmann is a Finnish listed company engaged in the retail trade. Due to the stagnation of the Finnish economy and the recession in Russia, Stockmann’s profits kept declining in recent years.