Stockmann has sold shopping centers in Riga and Tallinn / Day for 87 million euros

Stockmann will use the proceeds to reduce its debt burden and will continue to use the shopping centers as a tenant.

“We are pleased to have found a stable and reliable owner of real estate in the Baltics that wants to develop and promise that Stockmann will continue to operate there,” said Jari Latvanen, CEO of Stockmann.

“We are pleased to become Stockmann’s partners in the Baltics. Both properties are in extremely good locations,” said Stan Pisang, Head of Investment at VKG.

The Stockmann department store opened in Tallinn in 1996 and in Riga in 2003, according to Stockmann’s website.

According to the representatives of Stockmann, the department store is fully prepared for operation next year, working intensively on growth plans and strengthening its position in the market this year. Although it is expected that next year will not be easy for retail, it is planned that the sales volumes of the department store could return to the level of 2019.

“In 2022, we will continue to develop a multi-channel shopping environment in all categories, improving the shopping experience both on-site and remotely. The pandemic has significantly changed customers’ shopping habits, so our goal is to provide customers with “We will also implement various activities related to staff involvement and loyalty promotion next year, as sustainable employees are the basis of a successful business,” explained Dace Goldmane, director of the department store Stockmann.

Stockmann’s parent company has invested in the development of the food segment of the department store this year. As a result, an extensive renovation of the Delikatess division was carried out, improving the range and creating a new Stockmann Cafe in the division.

The company stressed that the coronavirus epidemic in Europe had a significant impact on the parent company of the department store in Finland. An eight-year restructuring program was approved in the spring of this year, based on the continuation of all Stockmann department stores, the sale and further leaseback of department store buildings.

In 2020, SIA “Stockmann” in Latvia had a turnover of 26.459 million euros, which is 34.9% less than a year earlier, and suffered a loss of 2.148 million euros, as opposed to the profit in 2019, according to “” information. The company “Stockmann” was registered in 1998. The share capital of the company is 2.775 million euros. Stockmann is wholly owned by Stockmann, a Finnish company founded in 1862.

There are a total of eight Stockmann department stores in Finland and the Baltic countries, as well as an online store.

Source: by

*The article has been translated based on the content of by If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!

*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.

*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!