Hagkaup
From Wikipedia, the free encyclopedia
Hagkaup is an Icelandic hypermarket chain owned by retail company Hagar. It's concept is wide selection of food and non-food products including clothing, electronics, entertainment, seasonal goods and toys.
[edit] History
Founded in 1959 by Pálmi Jónsson in an old barn as a mail-order company it found success as a cheaper choice than most other retailers in Reykjavík. The company soon expanded and opened up its first store in the barn and in 1967 opened the first supermarket in Iceland in an old warehouse in east Reykjavík. The supermarket is still operated there as well as it houses the companies head office.
In 1998 the descendants of Pálmi Jónsson sold the company and their 50% stake in Bónus (Hagkaup's main rival in the food retail sector) to a group of investors lead by Bónus's founders. This transaction was the foundation of Baugur Group, an international retail and real estate investment company.
