Stockmann

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See also: Stockmann (disambiguation) and Stockmann (surname)
Stockmann plc
Stockmann
Native name
Lindex Group Oyj
Company typePublic company
Nasdaq Helsinki: STCBV
ISINFI0009000251
IndustryRetail
Founded1862; 163 years ago (1862) in Helsinki, Finland
FounderHeinrich Georg Franz Stockmann
Headquarters
Helsinki
,
Finland
Area served
Finland,Latvia,
Estonia
Key people
Susanne Ehnbåge
CEO
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 seven company-owned department stores are in Finland (five), Estonia (one), and Latvia (one). There also were an additional nine Stockmann-branded department stores in Russia owned and operated by Reviva Holdings, with a license to use the Stockmann name until 2028.[1]

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.[2][3]

History

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Stockmann's first department store was located at Pohjoisesplanadi 5.
Stockmann's department store at Kiseleff Bazar, Aleksanterinkatu 28, Helsinki.

Heinrich Georg Franz Stockmann arrived in the Grand Duchy of Finland in 1852 to work at the Nuutajärvi glass factory and later became the manager of the Helsinki shop. In 1859, Stockmann became the manager of the store.[4]

In 1862, Stockmann took control of the store and the Stockmann department store was officially established. The store's first address was in Pohjoisesplanadi 5. The department store established on the edge of Helsinki's Market Square initially operated as a general store. The clientele consisted mainly of the city's inhabitants who came to Stockmann to buy necessities such as clothes, construction equipment, iron products, glass, porcelain, woven fabrics, threads, and cloths. The merchandise supplied diverse daily needs for the urban public, ranging from household goods to construction materials.[4]

In 1880, Stockmann moved to the Kiseleff building, Aleksanterinkatu 28, by the Senate Square and opened Finland’s first continental-style department store, with retail space initially on the first floor and storage and offices on the top floor. The company's business was extensive: the range of goods included hardware, glass, porcelain, and fabric departments, as well as general goods for various purposes. Stockmann already had several locations around Helsinki, and the business began to decentralize, which led to the need to create a large centralized commercial building.[4]

The continental-style department store marked a new shopping experience with large showroom windows and bright indoor spaces, attracting a more modern and sophisticated customer base. The store catered both to ordinary citizens and perhaps more affluent urban consumers interested in the latest convenient inventions and international goods.[4]

In 1902, the company was renamed to G.F. Stockmann Aktiebolag. Georg Franz Stockmann died in 1906. The shareholders were Stockmann and his two sons, Karl Stockmann and Frans Stockmann.[4]

Stockmann's Department Store in Helsinki

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Stockmann, Aleksanterinkatu 52, in 2019.
Stockmann's atrium and mezzazine-like levels.

In the early 1910s, Stockmann acquired significant plots at the corner of Aleksanterinkatu and Mannerheimintie (then Henrikinkatu) and prepared for a major department store construction project.[4]

In 1915, Stockmann purchased a central plot in downtown Helsinki, and in 1916 an architectural competition was held to design a new large department store. In 1916, architects Valter Thomé and Ivar Thomé won a competition to design the new store, but both died during the Finnish Civil War. The project was taken over by Sigurd Frosterus, whose Nordic Art Deco design was completed in 1930.[4] Initially, a two-story section was built in 1922, which grew to four stories in 1926 and to eight stories in 1930, when the current iconic building was completed.[4]

In 1930, when Stockmann's downtown Helsinki department store was opened, it was a modern and impressive commercial palace that symbolized European urban life.[4]

The department store represented restrained Art Deco and was designed to serve sales efficiently. The interior also displayed Functionalist influences, such as curved staircases. A central feature of the interior was a large atrium with a glass roof, creating an airy and open, square-like impression. The atrium was the most important part of the building, around which the spaces were arranged in mezzanine-like levels. It brought clarity and spaciousness to the entire interior of the department store.[4]

The department store’s refinements included Helsinki’s first escalators and revolving doors, which were novelties at the time. The shopping experience was complemented by the service of elevator attendants, and the store also featured a refreshment spot for customers - the Soodalähde café - which served Coca-Cola for the first time in Finland. The department store was, for its time, technologically and aesthetically advanced, offering its customers new kinds of shopping and leisure opportunities.[4]

Two bombs hit the Stockmann department store during the great bombings of 1944 during the World War II, but it survived and continued to grow after the war.[4]

Post-World War II Expansion

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Stockmann in Turku.
Stockmann's Argos building in Helsinki.
Argos atrium in August 2025.

Over the decades, Stockmann became a diversified company that owned various businesses in the retail sector.[4]

After the end of World War II, Stockmann set out to build a new story of growth and renewal in the aftermath of the war’s turmoil. Although two bombs hit the department store during the 1944 bombings, the building survived and recovered from the damage caused by the war. After the war, Finland’s economy began to gradually recover, and Stockmann adopted a new vision: to strengthen its position in the heart of Helsinki and expand into a modern, versatile department store.[4]

One of the most important stages was the long-planned expansion of the store. The original four-story building, constructed in the 1930s, was expanded to eight stories, and the expansion work continued slowly after the war. Stockmann purchased surrounding plots and old buildings, such as the Argos building, and succeeded in integrating some of them into the growing department store. Technological advancements brought, among other things, new elevator and escalator technologies, as well as improved storage facilities.[4]

During and after World War II, Stockmann faced the challenge of recruiting well-trained staff. In response, it established its own sales training school in 1946 to ensure a high quality of service. At the same time, the company also cared for employees’ families, setting up a daycare nursery for staff children, since no municipal childcare services yet existed in Finland.[4]

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.[4]

In the 1950s and 1960s, Stockmann continued its steady growth. The company’s reputation as a destination for high-quality products and top-class service spread. At the same time, the physical space of the department store gradually grew, and it remained a central shopping venue in downtown Helsinki - a place where customers wanted to gather. In the 1950s, Stockmann opened a department store in Tampere.[4]

Stockmann founded the Sesto grocery store chain in 1962. Sesto expanded to different localities. Wihuri acquired Sesto in 1999.[4]

Over the decades, several well-known individuals have visited the Stockmann department store in Helsinki. One of the most famous is American bodybuilder and actor Arnold Schwarzenegger, who first visited the store in 1971. At that time, he appeared there as a featured attraction in the early stages of his career as a bodybuilder. Schwarzenegger has since visited Finland on several occasions.[4]

In later decades, especially from the 1980s onwards, Stockmann expanded its operations to other Finnish cities. The company subsequently opened department stores in Tapiola in 1981 and Turku in 1982. In 1986, the first Hullut Päivät (literally 'crazy days') sales event was held. These sales became extremely popular and have since become a biannual tradition.[4]

Hobby Hall chain began operations in Finland in 1962. Stockmann acquired Hobby Hall in 1985. Hobby Hall began operations as a mail-order catalog.[4]

In 1988, Stockmann purchased the Finnish Seppälä clothing store chain, which had been founded in 1930. In the 2010s, Seppälä had an ambitious vision to open stores across Russia.[4][5]

Stockmann expanded its operations internationally, for example to the Baltic countries and Russia. However, the actual expansion of the Helsinki department store building proceeded step by step, through the addition and modernization of the old structure, which had by then become one of the largest in the Nordic countries.[4]

Stockmann's first stores outside of Finland opened in Moscow in 1989 and in Tallinn in 1993 In 1989, Stockmann began operations in Russia, with the opening of a small stand in the GUM department store in Moscow.[4][6]

Stockmann opened a department store in Helsinki’s Itis Shopping Centre in 1992.[7]

Oulu is an old Finnish commercial city, but in the 1990s Oulu’s technology industry grew rapidly, and Nokia expanded its operations in the city. Oulu’s growth created an opportunity to open a new department store in 2001. In the 2010s, Stockmann’s Oulu department store became unprofitable, which is why it was closed in 2017. It was Stockmann’s northernmost department store.[8]

Stockmann brought the Spanish clothing chain Zara to Finland in 2002. The first Zara store was opened in March in Helsinki, on Aleksanterinkatu, opposite the Stockmann department store.[4]

Stockmann opened a Zara store in the Mega shopping centre in Moscow under the franchise rights it had obtained from the Inditex Group. The Zara store in Moscow’s Mega was opened in the early 2000s. Later, in 2006, Stockmann sold its Zara operations in Russia to Inditex, the parent company of Zara.[4]

In December 2007, Stockmann acquired Lindex, a Swedish clothing retailer with 331 outlets in the Nordic region and the Baltic states.[9]

Stockmann opened its department store in Saint Petersburg on November 11, 2010, in the Nevsky Centre shopping mall in the city center. The department store has a floor area of about 20,000 square meters.[4]

Stockmann had a total of four department stores in Moscow until January 31, 2015. One was located in the Metropolis shopping centre in the city centre, and the other three were in Mega shopping centres in different parts of Moscow: Mega South, Mega North, and Mega East. In addition, there had previously been a department store on Smolenskaya, but it was closed before this time.[10][11]

In 2010, the British newspaper The Independent, in its Sunday edition, reported speculation among market-watchers in London that British department store Debenhams was considering an acquisition of Stockmann. However, Stockmann publicly denied the rumors, stating that they were entirely fictional.[12]

New Strategy

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Stockmann at Ainoa Shopping Centre in Tapiola, Espoo.

In 2014, the Stockmann Group was a diversified retail company. Stockmann had invested heavily in the Russian market, but the Ukrainian crisis that began in 2014 caused the rouble to collapse, creating difficulties for the business.[13][14][15]

In addition to the challenges from the Russian market, increasing competition in the retail sector and the growing popularity of online shopping created difficulties in the Finnish market. Stockmann’s management began to cut non-essential operations, leaving only department stores in major Finnish cities and Baltic countries, and Lindex.[13][14][15][16]

Stockmann sold Seppälä on 1 April 2015 to Seppälä's CEO Eveliina Melentjeff and her husband Timo Melentjeff.[17] In September 2015, Stockmann sold The Academic Bookstore to Bonnier Books AB media.[18] 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.[19][20][21] On January 1, 2017, Stockmann sold Hobby Hall to SGN Group.[22] In 2017, the company sold its food division, Stockmann Herkku, to S Group for €27 million.[23][24] In May 2018, the company sold Kirjatalo, the building opposite their flagship store in Helsinki which houses the Academic Bookstore, for €108 million.[25] In March 2019, CEO Lauri Veijalainen resigned.[26][27] In June 2019, the company announced 150 layoffs.[28] In April 2020, Stockmann applied for corporate restructuring due to the COVID-19 pandemic in Finland.[29] Its restructuring plan took effect in December 2020 over an eight-year period.[30] The department store’s lease ended at Itäkeskus in August 2025. Lindex Group did not renew the lease with Itäkeskus.[7]

Stockmann opened a new department store in Tapiola, Espoo in March 2017. The new store is located in the Ainoa shopping centre and features a modern, customer-focused design with an omnichannel shopping concept. The previous Stockmann store in Tapiola closed and operations moved to the newly built premises in Ainoa.[31]

Stockmann appointed Lauri Ratia as Chairman of the Board in 2019. Ratia is known in Finland as the saviour of the Turku Shipyard and the Talvivaara mine. He succeeded in restructuring Stockmann, which led to the department store’s operations becoming profitable. His role was made more difficult by the arrival of the COVID-19 pandemic in Finland.[32][33]

Stockmann License in Russia

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Stockmann in Saint Petersburg.

Stockmann Group withdrew from the Russian market in 2019. Stockmann signed a license agreement with Reviva Holdings Limited in 2016, which authorizes the use of the Stockmann brand in Russia. The license agreement was extended in 2019 and is valid until 2028. In 2023, Reviva announced that the company will open 20 new Stockmann department stores in Russia.[34][35]

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".[36]

Present Situation

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Stockmann in Helsinki.

As of 2025, Stockmann in Finland operates as a marketplace known for its department stores offering high-quality selections in fashion, beauty, home brands, and more. The flagship Stockmann department store is located in the heart of Helsinki at Aleksanterinkatu 52, covering over 50,000 square meters across ten floors. It is a well-known shopping destination with a broad range of products and services, including a Visitor Center providing tax-free shopping advice and a tourist discount voucher.[37][38]

Stockmann has a total of seven department stores spread across Finland and the Baltic countries, with locations in major Finnish cities such as Helsinki (also in Jumbo shopping centre and Ainoa shopping center in the metropolitan area), Turku, and Tampere, as well as department stores in Riga and Tallinn. Additionally, Stockmann operates an online store, stockmann.com.[37][38]

Stockmann is part of the Lindex Group plc, listed on Nasdaq Helsinki, and had a turnover of EUR 952 million in 2023. The company continues to maintain a presence in Finland's retail sector, focusing on department stores in key locations and its online commerce platform.[37]

Locations

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Finland

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Estonia and Latvia

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Russia (under license)

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References

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  1. ^ https://www.hs.fi/talous/art-2000009729103.html
  2. ^ "IADS Presidents". www.iads.org. Retrieved 2021-04-22.
  3. ^ "News releases - www.stockmanngroup.com". www.stockmanngroup.com. Retrieved 2021-06-20.
  4. ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab Hulluja päiviä, huikeita vuosia : Stockmann 1862-2012 (2012). Kuisma, Markku. Siltala.
  5. ^ Seppälä : oman elämänsä muotitalo : muotikokemuksia vuodesta 1930 (2010). Sievinen, Pia. WSOY.
  6. ^ "Yksi aikakausi päättyi, kun Stockmann sulki ovensa Oulussa". TV Finland (in Finnish). January 31, 2017.
  7. ^ a b Pitkänen, Heini (2025-02-07). "Stockmann Itis aiotaan sulkea". Helsingin Uutiset (in Finnish). Retrieved 2025-08-12.
  8. ^ Mukherjee, Malobi; Cuthbertson, Richard; Howard, Elizabeth (September 25, 2014). Retailing in Emerging Markets: A policy and strategy perspective. Routledge.
  9. ^ "STOCKMANN RECEIVED 96.4 PER CENT OF THE SHARES IN LINDEX AND COMPLETES ITS PUBLIC TENDER OFFER" (Press release). Stockmann. 3 December 2007.
  10. ^ "Stockmannin kassat reistailevat Moskovassa". Yle Uutiset (in Finnish). 2009-02-20. Retrieved 2025-08-12.
  11. ^ "Stockmann-brändi säilyy Venäjällä - uusi omistaja avaa kymmenen uutta tavarataloa". Kaleva (in Finnish). Retrieved 2025-08-12.
  12. ^ "Stockmann Dismisses Rumour of British Takeover". News. 2010-04-11. Retrieved 2025-08-12.
  13. ^ a b "Stockmannin osake painui alimmilleen yli 20 vuoteen". www.iltalehti.fi (in Finnish). Retrieved 2025-08-12.
  14. ^ a b "Venäjän tilanne painoi Stockmann-konsernia". Yle Uutiset (in Finnish). 2014-05-15. Retrieved 2025-08-12.
  15. ^ a b Kiuru, Martti (2016-10-31). "Suomalaisyritysten Venäjä-saldo: miljardin tappiot". Tärkeimmät talousuutiset | Kauppalehti (in Finnish). Retrieved 2025-08-12.
  16. ^ "Asiantuntijat: Tässä ovat syyt Stockmannin ahdinkoon". www.iltalehti.fi (in Finnish). Retrieved 2025-08-12.
  17. ^ "Seppälä on brink of bankruptcy, 270 jobs at risk". Helsinki Times. 22 August 2017.
  18. ^ "Stockmann has completed the Academic Bookstore transaction" (Press release). Stockmann. September 30, 2015.
  19. ^ "Stockmann has sold the Nevsky Centre property in St. Petersburg" (Press release). Stockmann. January 24, 2019.
  20. ^ "Stockmann lähtee lopullisesti Venäjältä – myy Pietarin kiinteistön pois". TV Finland (in Finnish). January 24, 2019.
  21. ^ "Stockmann Has Sold The Nevsky Centre Property In St. Petersburg". Reuters. January 24, 2019.
  22. ^ "Stockmann has completed the divestment of Hobby Hall" (Press release). Stockmann. January 2, 2017.
  23. ^ "Competition authority OKs sale of Stockmann's upscale delicatessen stores". TV Finland. December 15, 2017.
  24. ^ "Stockmann myy Herkun S-ryhmälle 27 miljoonalla". TV Finland (in Finnish). June 30, 2017.
  25. ^ "Stockmann myy Kirjatalo-kiinteistönsä Helsingin keskustasta". TV Finland (in Finnish). May 9, 2018.
  26. ^ "Stockmannin toimitusjohtaja vaihtuu". TV Finland (in Finnish). March 22, 2019.
  27. ^ 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.
  28. ^ "Stockmann Completes Codetermination Negotiations, Terminates Around 150 Positions". Reuters. June 13, 2019.
  29. ^ https://yle.fi/a/3-11293650
  30. ^ https://www.hs.fi/talous/art-2000007680582.html
  31. ^ "Stockmann - Our year 2017". Stockmann - Our year 2017. Retrieved 2025-08-13.
  32. ^ "Käänne alkoi salakavalasti, ja nyt Stockmann on uppoamassa – Miten kriisinratkaisija Lauri Ratia aikoo pelastaa perinteisen tavaratalon?". Helsingin Sanomat (in Finnish). 2019-09-15. Retrieved 2025-08-12.
  33. ^ Noponen, Sami (2024-09-13). "Luksusmerkki pyrki Stockmannille mutta sai rukkaset – uutuuskirja paljastaa yhtiön rajut riidat". Ilta-Sanomat (in Finnish). Retrieved 2025-08-12.
  34. ^ "Venäjälle aukeaa 20 Stockmannin tavarataloa – Näin kommentoi Suomen Stockmann". www.iltalehti.fi (in Finnish). Retrieved 2025-08-12.
  35. ^ STT (2017-07-21). "Stockmann-brändi säilyy Venäjällä – Uusi omistaja avaa kymmenen uutta tavarataloa". Savon Sanomat (in Finnish). Retrieved 2025-08-12.
  36. ^ "Сбербанк планирует купить российскую сеть Стокманн" (in Russian). Интерфакс. 2022-01-26.
  37. ^ a b c "Information about the Group". LindexGroup. Retrieved 2025-08-12.
  38. ^ a b "Stockmann - verkkokaupassa ja tavarataloissa | Stockmann". www.stockmann.com. Retrieved 2025-08-12.
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