• Sun. Jun 23rd, 2024

After 120 years, the S group has become a giant and anticipates profitability in the online food trade

BySamantha Johnson

Apr 2, 2024
After 120 years, the S group has become a giant and anticipates profitability in the online food trade

After 120 years, the S Group has become a giant in the grocery store industry, dominating the market in Finland. The current CEO, Hannu Krook, reflects on the history of the company as he sits at an old table that once belonged to the Big Leader. Today, SOK owns half of Finland’s kingdom, with Sokos Hotels and ABC stores being some of its best-known brands.

Times have changed since SOK was founded in 1904. Back then, Finland was still part of the Russian Empire, and the majority of people lived in the countryside, earning a living from farming. Cooperative stores in the early 1900s sold basic goods like salt, sugar, flour, and coffee. Today, S Group stores offer a variety of products, with coffee remaining a top seller.

The cooperative movement in Finland started in the early 1900s out of the need for organized action. SOK was tasked with managing joint purchases and advice for cooperatives. Over the years, the company expanded its operations and faced challenges such as economic crises and changes in consumer habits.

In the 1990s, S Group underwent significant changes that set the foundation for its current success. The company focused on consolidating its regional stores and increasing purchase volumes to remain competitive in the market. Today, S Group’s market share in Finland is significant, but CEO Hannu Krook emphasizes that prices remain reasonable compared to other EU countries.

Krook believes in the future of online shopping and has prioritized investments in developing S Group’s online platform. While online sales currently make up a small percentage of total revenue, Krook sees potential for growth as technology advances and consumers become more comfortable with digital shopping. Despite the challenges, Krook remains optimistic about the company’s future in the modern, digital age.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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