Hagkaup
Encyclopedia
Hagar (company)
Hagar is an Icelandic corporation of Baugur Group. Hagar owns retailer and wholesale companies in Iceland, Sweden and Denmark. Each of Hagar's companies is run individually.-Hagar's companies:...
. Its concept is wide selection of food and non-food products including clothing, electronics, entertainment, seasonal goods and toys.
History
Founded in 1959 by Pálmi JónssonPálmi Jónsson
Pálmi Jónsson was an Icelandic businessman and entrepreneur born in Hofsós, Iceland who founded the large Icelandic supermarket chain Hagkaup, and pioneered the inception of Kringlan the first indoor shopping mall in Iceland....
in an old barn as a mail-order company it found success as a cheaper choice than most other retailers in Reykjavík
Reykjavík
Reykjavík is the capital and largest city in Iceland.Its latitude at 64°08' N makes it the world's northernmost capital of a sovereign state. It is located in southwestern Iceland, on the southern shore of Faxaflói Bay...
. The company soon expanded and opened up its first store in the barn. In 1967 Hagkaup opened the first supermarket in Iceland in an old warehouse in Skeifan, Reykjavík, which continues to enjoy great popularity among its customers to this day. The Hagkaup head office is located in Holtagarðar, Reykjavík.
In 1998 the descendants of Pálmi Jónsson sold the company and their 50% stake in Bónus
Bónus
Bónus an Icelandic no-frills supermarket chain owned by Hagar. Bónus operates 24 stores in Iceland and four in the Faroe Islands. It follows the no-frills format of limited hours, simple shelves and having a giant fridge instead of chiller cabinets....
, Hagkaup's main rival in the food retail sector, to a group of investors led by Bónus's founders. This transaction was the foundation of Baugur Group
Baugur Group
Baugur Group was an Icelandic investment company. The group applied for bankruptcy protection in February 2009, after placing its UK arm in administration.- History :...
, an international retail and real estate investment company.