Retail Facts Finland 2020

Join us! OPPORTUNITIES FOR INTERNATIONAL RETAILERS A stable, Why Finland? transparent and well-performing Nordic country

Population The presence grows rapidly in of international retailers has been the largest cities, FINLAND OVERVIEW especially in steadily growing 3 Helsinki *The in Finland happiest 8 THE FINNISH RETAIL MARKET country 15 HELSINKI METROPOLITAN AREA in the world third year in a row Growing 24 TAMPERE shopping centre Retail market is growing market, high quality 28 TURKU opportunities for faster than the retail brands Eurozone 32 ESTABLISHMENT FACTS Wealthy consumers with purchasing power 33 CONTACT INFORMATION among the top 10 in EU

*Sustainable Development Solutions Network, World Happiness Report 2020

Cover photo: Oodi / Tuomas Uusheimo Chapter 1 Finland overview

Photo: The Night of Arts, Senate Square / Julia Kivelä Well-performing stable Nordic country

A member of the European Union and the only Nordic country in the Eurozone The Nordic region continues to outperform the rest of Europe in rankings. All Nordic countries are ranked in the top 10 best countries in the world for doing business and the region’s residents are among the happiest and the wealthiest. €9,700 RETAIL AND F&B SALES KEY FACTS FINLAND PER CAPITA 2019 Population 2019 5.5 million GDP per capita 2019 EUR 43,484 FINLAND GDP growth 2019 1,00 % Tampere In ation 2019 1.02 % SWEDEN NORWAY Unemployment rate (March 2020) 7.30 % RUSSIA Turku Disposable income per capita 2018 EUR 23,900 Oslo Helsinki Retail sales 2018 (VAT 0%) EUR 39,400 million 3h 30min Retail sales growth 2019 2.20 % Stockholm F&B sales 2018 (VAT 0%) EUR 5,600 million 2h St. Petersburg F&B sales growth 2019 5.1 0% Tallinn Retail and F&B sales per capita 2018 (incl. VAT) EUR 9,700 ESTONIA Corporate tax rate 20 % Source: Statistics Finland DENMARK Copenhagen

FInland overview // 4 Finland’s economy has made it through the COVID-19 pandemic relatively unscathed

Finland’s economy has made it through the average, EU countries’ GDP plunged by 14 Q2 2020: GDP change from previous year, % pandemic relatively unscathed compared percent. to other EU countries. Finland did better at Before COVID-19, Finland’s GDP grew Spain -22 controlling the spread of the illness. Much for several years in a row. In 2019 the econ- UK -22 of the labour force transitioned smoothly to omy grew by 1.0 %. Finland’s GDP per working remotely, thanks to solid digital capita was 9.2 % above the EU average. France -19 skills and infrastructure. Also Finnish spending potential Italy -18 Based on Eurostat gures, Finland's exceeds the EU average. Finland is among Portugal -16 economy fared the second best of any in the top 10 EU-countries based on purchas- Malta -15 the EU last spring. Finland's seasonally ing power per capita (2018). Euro area -15 (19 countries) adjusted GDP plunged by 6.3 percent Sources: Eurostat Belgium -14 year-on-year in the second quarter. On EU -14 (28 countries) Hungary -14

Slovenia -13 TOP 10 COUNTRIES IN EU, 2018 Austria -13 DISPOSABLE INCOME PER CAPITA IN PPS, EU Cyprus -12

Germany -11 Luxembourg 33,332 Czechia -11 Germany 29,258 -11 Austria 27,374 Romania Belgium 25,911 Netherlands -9.2

Netherlands 25,648 Latvia -8.6 France 25,358 Denmark -8.2 Denmark 24,997 -7.9 24,918 Poland S Finland S o o u Sweden 24,661 u Sweden -7.7 r r c c e: E Euro area e: E (19 countries) 24,251 Estonia -6.5 u u r European Union 22,828 r o o -6.3 s (28 countries) s Finland t a 22,421 t a t Italy t Lithuania -4

0 -5 -10 -15 -20 FInland overview // 5 Population grows rapidly especially in Helsinki

Finland has three city regions with more than 300,000 inhabitants. Almost 42 % of the population lives in these three regions and the share is set to increase thanks to a growing population and continuous urbanization.

FINLAND'S LARGEST CITY REGIONS Population 2019 Forecasted 5-year population growth 1 Helsinki region 1,572,161 5.3 % 2 Tampere region 410,689 4.1 % 3 Turku region 332,288 2.8 % 4 Oulu region 252,559 3.5 %

5 Lahti region 199,604 -1.5 % Oulu 6 Jyväskylä region 186,252 2.9 % 4 7 Kuopio region 140,705 1.3 % 8 Pori region 131,368 -3.4 % 9 Seinäjoki region 126,732 -0.4 % 10 Joensuu region 124,152 -0.6 % Seinäjoki Kuopio Source: Statistics Finland Joensuu 9 7 TAMPERE Jyväskylä 10 6 Pori 2 8 Lahti TURKU 42% 5.3% 5 LIVES IN 5YEAR GROWTH 3 1 THE THREE LARGEST IN HELSINKI REGION REGIONS HELSINKI

FInland overview // 6 Top performer in international rankings

Finland retains its good position in many international This illustrates Finland’s reputation as a respected Nordic rankings regarding the competitiveness of the economy where stability, transparency, high-quality economy or the overall welfare of its citizens. education and healthcare support business and living.

1st 3rd The best country in The third most tolerant institutions and nation in the world macroeconomic stability st nd rd Legatum Institute th World Economic Forum, The Foundation, The Legatum 4 1 Global Competitiveness 2 3 Prosperity Index 2019 The third best AA+ credit ratings Report 2019 The second-best The fourth best country country for gender from all major global country in skills for business in Europe equality in the world rating agencies World Economic Forum, The European Chamber, Best Fitch, Moody’s, Global Competitiveness World Economic Forum, European countries for Standard&Poor’s Report 2019 The Global Gender Gap business 2019 Report 2020

1st 1st 11th 7th The most stable Top Nordic country in a 11th most competitive 7th best business country in the world number of foreign direct economy in the world environment in the world for 10 years in a row investment projects st Word Economic Forum, The th World Economic Forum, The The Fund for Peace, Fragile 1 EY’s Nordics Attractiveness Global Competitiveness Travel & Tourism States Index 2020 Survey 2019 Report 2019 7 Competitiveness The happiest 7th best English skills Report 2019 country in the world among the adults in the Sustainable Development world Solutions Network, World Happiness Report 2020 Education First (EF), English Proficiency Index Helsinki Sauna Day / Helsinki Marketing / Eetu Ahanen / Eetu / Helsinki Marketing Helsinki Sauna Day Photo: Chapter 2 The Finnish retail market Uhana / Finnish Design / Laura Vanzo Uhana / Finnish Design Laura Photo: Retail consumption is over 15% higher than that of the Eurozone

Finnish retail sales increased by 2.2 % in Finns spend a large share of their 2019. The food & beverage sector has income on retail and leisure activities.Retail accounts for 34 % of total household TOP 10 COUNTRIES IN EU been growing fast almost the whole CONSUMPTION EXPENDITURE PER CAPITA 2018, EUR decade, by 5.1 % in 2019. The retail market expenditure. Adding food & beverage and has been growing faster than the Euro- leisure services, the share is approx. 40 % - 5 450 zone on average. EUR 8,900 per capita. 5 690 1 870 19 850 Luxembourg 32 860 Finnish retail consumption per capita Sources: Eurostat, Statistics Finland 5 390 5 880 3 350 18 080 is slightly higher than in Sweden and on Iceland 32 700 the 6th place in the EU. 3 560 4 960 1 260 14 110 Denmark 23 890 2 540 5 080 1 750 13 440 UK 22 810 2 930 5 110 2 430 12 100 Austria 22 570 3 460 4 150 1 310 12 440 Finland 21 360 RETAIL, F&B AND GDP DEVELOPMENT 2011-2019 2 720 2 960 2 880 11 470 Ireland 20 030 % 2 790 4 440 860 11 920 Germany 20 010 8.6 3 200 4 350 1 220 11 210 Sweden 19 980 6.4 3 290 3 880 1 130 11 480 4.8 5.0 5.1 Belgium 19 780 4.4 4.3 4.1 3.6 3.1 2 920 3 490 1 290 10 220 2.7 2.6 2.8 2.5 2.2 Eurozone 17 920 1.6 1.6 (19 countries) 1.3 1.0 2 690 3 360 1 170 9 580 0.5 -1.4 0.2 -0.9 -1.0 -0.4 -0.8 0.0 EU 16 800 (28 countries) 2011 2012 2013 2014 2015 2016 2017 2018 2019 Retail sales F&B sales GDP growth Source: Statistics Finland Groceries Specialty retail Restaurants Other Source: Eurostat

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Photo: Sello shopping centre, Espoo Opportunities for international retailers

Scandinavian chains dominate the fashion and S Group, but German Lidl has increased its Photo: Ainoa shopping centre and sports market. Largest companies are market share. Swedish H&M and Stadium, Norwegian The presence of international retailers in Varner Group and XXL and Danish Best- Finland has steadily grown in recent years. How- seller Group. International fashion compa- ever, the share of international retailers in nies in the market include Inditex Zara and Finland is still lower compared to the rest of Massimo Dutti, New Yorker, Mango, Europe and there is great potential for new retailers Marks&Spencer and JD Sports. to enter the largely untapped market. Grocery retail market is heavily domi- nated by two domestic operators K Group

Photo: Jumbo shopping centre / Kari Palsila INTERNATIONAL BRAND ENTRANTS IN FINLAND

2016 2017 2018 2019 Volt & Other Stories JD Sports Reserved Søstrene Grene Photo: Messukeskus Expo and Convention Centre

The Athlete’s Foot Samsoe & Samsoe Suitsupply Cropp Kare Design

Levi’s Newbie Cinamon House Haglöfs

Massimo Dutti Lexington Weekday Mohito Kari Traa

Peak Performance Lakrids Sinsay Source: Realidea WHSmith Taco Bell Rieker

Power Beijing8 MUJI

Joe & The Juice J.Lindeberg

UpperCrust Norrøna Scandinavian chains dominate the Finnish retail

Source: Realidea International retail chains in the Finnish market

Source: Realidea Shopping centre sales have increased faster than the retail sales in general

The shopping centre market is growing, oering high quality opportunities for retail brands. Shopping centre sales have increased faster than the retail sales in general, while F&B and Both the number leisure services take larger and larger share. of visitors and sales increased by

The Finnish retail landscape is domi- The supply of F&B as well as nated by shopping centres. There are various kinds of entertainment and 6.6% currently 111 shopping centres in Finland with leisure services is increasing. For exam- in 2019 a total GLA of 2.46 million sq m. ple, cinemas Finnkino and Cinamon, 34 new shopping centres and 32 children adventure parks HopLop and extensions have been opened during the Duudson Park, virtual reality park Pikseli past decade with a total of GLA of 1.3 Arcade, indoor Surf Beach, indoor skydiving million sq m. Fööni and climbing centre Irti Maasta help Finnish shopping centres have shopping centres to attract new customers. been performing strongly year after Also public health centres and libraries year. The number of shopping centre increasingly wish to be located in the busy visitors and sales increased by 6.6 % in shopping centres. 2019, including the gures of new shopping Sources: Finnish Council of Shopping Centers centres and extensions. The share of the shopping centre sales is 17 % of the total retail sales. The share continues to increase steadily.

Photo: City of Helsinki / Tero Pajukallio Chapter 3 Helsinki metropolitan area

Northern Europe’s Next Capital of Cool Rebecca Thandi Norman, Fathom Travel Award winner of the Best Travel Blogs and Websites of 2018.

Photo: Flow Festival / Matti Pyykkö Source Shopping Centers and wealthy Helsinki isafast growing Shopping centres 2019 Foreign overnight visitors 2019 Disposable income percapita 2018 Students 2018(highereducation) Workplaces 2017 Population 2019 Key facts Helsinkimetropolitan area

: Statistics Finland,Visit Finland 2019,FinnishCouncil of

capital city Helsinki region =Metropolitan area andsurrounding 10commuter municipalities Helsinki metropolitan area =Citiesof Helsinki,Vantaa, Espoo andKauniainen 42 shoppingcentres withatotal GLAof 1.4millionsqm 3 million(+5%from 2018) EUR 27,219 88,500 637,000 1.19 million(+17,000 from 2018),21%of total Finland

Photo: Aleksanterin katu, Helsinki / Helsinki Marketing of thecountry and theno.1retail destination Economic centre global tech scene to Helsinkievery year. startup event Slushisbringingtogether the is recognized globally. for organizing congresses. Helsinki isthemostpopular Nordic city the annual congress city statistics (UIA), Helsinki ashostcityin2018.According to 2018). is 14%higherthanthenationalaverage (in inhabitants isEUR 27,200 percapita, which % of thenationalGDP. The metropolitan area accounts for 37 region inretail andbusiness Helsinki isthemostdynamic The Helsinki’s startup ecosystem A record numberof congresses chose The average disposable income of the World’s leading Centres Sources: Statistics Finland,FinnishCouncil of Shopping shopping centre sales inFinland. their sales equals over halfof thetotal are located inthemetropolitan area and by 9.8%andfootfall by 9.7%in2019. included, thetotal sales of theregion grew 0.1 %in2019. region increased by 2.2 % and footfall Shopping centre like-for-like sales of the destination Most attractive retail One third of FinnishShoppingcentres When newcentres andextensions are by by 14% h Average incomeis i n g at h i o n er t al

av er h ag an e in theregioncreasedby shopping centrevisitors 9.7% in 2019(includingthe Total numberof whole supply) Helsinki metropolitan area // 17

Photo: Helsinki day / Lauri Rotko the demandfor newretail Rapid populationgrowth increases More than20%of theFinland’s populationlive in thearea. decade. 108,000 newresidents withinthenext 2019 anditisexpected to increase by million. Thepopulationgrew by 17,000 in Finland, withacurrent populationof 1.19 clearly thefastest growing region in The Helsinkimetropolitan area is 637,000 workplaces in2017 1 Population .19 million in 2019 new tram linesare underplanning. extension andJokeri Light Rail. Also other e.g. the airport Ring Rail Line,metro line in several majorpublic transport systems, the Helsinkiarea have invested remarkably To support the growth, the municipalities in +17,000 108,000 new residentsin new residents over thenext 10 years 2019 Helsinki metropolitan area // 18

Photo: Flow-festival / Jussi Hellsten Helsinki, the most popular tourist destination in the country

Record volumes in tourism boost retail and restaurant sales. HELSINKI REGION FOREIGN OVERNIGHTS IN 2019, SHARE AND GROWTH FROM DIFFERENT REGIONS In 2018, foreign visitors spent in average The Port of Helsinki has been the 358 euros per capita in Finland. Half of the busiest international passenger port in total consumption went to shopping, Europe for three years in a row, with over 12 Africa & Oceania restaurants and leisure. million ship passengers in 2019. Liner trac Americas (+7%) Russia (+3) Tourism in Finland continued to grow on the Tallinn route remains extremely 3 and there were totally over 7 million over- popular, but the most substantial growth % 9 10 % night stays in 2019 (+2.9 % from 2018). was in the passenger numbers in interna- % Scandinavia (+0%) In Helsinki area, the number of over- tional cruise trac (+16 % from previous nights exceeded 3 million in 2019 (+5 % year). 11 compared to 2018), which makes Helsinki % the most popular tourist destination.

Asia (+13%) 24 % 3.0 Port of Helsinki is million foreign the busiest overnight stays in international Helsinki metropolitan passenger port area in 2019 in Europe 5 % Rest of Europe (+7%)

Helsinki metropolitan area // 19 Population = persons, GLA = sq m Sources: oer attractive opportunities for newretail brands Shopping centres IN THEHELSINKIMETROPOLITAN AREA SHOPPING CENTREGLAANDPOPULATION 2019-2020, approx. 150,000sqmof new ping centre Ainoa inEspoo. During Helsinki andthecompletion of theshop- openings in2019were Mallof Tripla in past decade. The most signicant new area hasincreased signicantlyduringthe Shopping centre stock inthemetropolitan 0 200,000 400,000 600,000 800,000 1980 1,000,000 1,200,000 1981 1982 Finnish Council of ShoppingCenters, Statistics Finland, Realidea 1983 1984 1985 1986 1987 1988 1989

Total shoppingcentre GLA 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 laiva inEspoo, estimated to openin2022. centre project underconstruction isLippu- expected to decline.Thelargest shopping volumes, retail construction activityisnow ed. shopping centre space have beencomplet- 2003 However, after these years of high

Population growth 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Photo: Forum shopping centre

Helsinki Shopping centres in metropolitan Helsinki Metropolitan Area Airport area population Shopping centre Kivistö Jumbo + Flamingo 1.19 Development project Ring road III million Dixi Retail park area Petikko Porttipuisto

Myyrmanni Tammisto

Helsinki Outlet

Malmin Nova Kaari Malmintori

Ristikko Ring road I Sello Lommila Itis

Easton Tripla Arabia Columbus Espoontori Redi Entresse Hertsi Ainoa

Iso Omena Saari Liila Ruoholahti Lippulaiva Suomenoja City Centre 0 5 10 km Kiasma museum 3 million overnight Central visitors in Helsinki Railway 2019 Sokos Station

Tuomiokirkko Amosrex Citycenter Ateneum museum museum Kamppi

Forum Keskuskatu Kluuvi

Aleksanterinkatu

Stockmann Kämp Galleria

Pohjoisesplanadi Helsinki city centre Market square Esplanadi Shopping district

Shopping centre Department store 0 100 200 m Prime high street development projects inHelsinki Largest shoppingcentres and Helsinki citycentre shoppingcentres Outside Helsinkicitycentre Lippulaiva (underconstruction, completion in2022) Myyrmanni Ainoa (extension completed) in2019 Kaari Redi Itis Iso Omena Tripla (openedin2019) Sello Jumbo-Flamingo Kluuvi Kämp Galleria Citycenter Kamppi Forum

Sales 2019,EURmillion 394 385 234 235 146 501 319 216 152 110 118 32 41 - - Footfall 2019,million 30 20 24 13 18 13 17 4 3 8 9 7 7 - - Leasable retail area, sqm 59,000 42,000 84,500 85,400 115,900 40,500 24,000 45,584 45,665 78,562 32,662 10,000 91,700 31,100 8,432 Sales /Leasable retail area Source: FinnishCouncil of ShoppingCenters 4,900 4,600 4,900 4,900 4,300 4,300 3,200 5,300 3,200 7,200 4,100 1,900 5,100 - - Sales /Visitor 38 33 18 18 14 19 16 16 21 17 8 8 7 - -

Photo: Länsisatama, Jätkäsaari / Antti Pulkkinen Photo: Jack The Rooster / Laura Vanzo

Chapter 4 Tampere Tampere is the second largest city region in Finland and the largest inland city in the Nordic countries

Tampere is a growing university city and one Tampere was the second busiest congress of the fastest growing urban areas in location in Finland with 9,000 congress Finland. The city centre is developing fast. visitors in 2018. The revenue impact Currently, the largest multipurpose arena in brought to Tampere by the congresses was Finland as well as the rst tramway of the over 12 million euros, which is 1,340 euros city are under construction. In the future, per congress visitor. new skyline is growing fast around Tampere railway station with new buildings to cover the railway tracks. Photo: Sokos Torni / Aki Rask

Key facts Tampere Population 2019 City 238,100 (whole city region 410,700) Workplaces 2017 122,600 (whole city region 175,200) Students 2018 (higher education) 30,900 Photo: Hiedanranta sustainable smart city attitude / Laura Vanzo Disposable income per capita 2018 EUR 23,700 Shopping centres 2019 8 shopping centres with a total GLA of 267,700 sq m Sources: Statistics Finland; Finnish Council of Shopping Centers; Visit Tampere

Tampere region = Tampere and surrounding nine commuter municipalities Tampere region Elo Shopping centres Elovainio Shopping centre Retail park area Lielahtikeskus City centre (Ratina, Koskikeskus, Tullintori)

Kaleva

Veska Turtola Tampere region population Partola Lahdesjärvi Duo 410,700

Sales 2019, Footfall 2019, Leasable retail area, EUR million million sq m Ideapark 330 7.2 114,100 Ratina 120 6.6 43,600 Koskikeskus 120 5.8 29,000 Forecasted 5 year population growth Veska - 2.2 24,100 16,600 new inhabitants (4.1 %) Elo 51 1.5 22,700 Duo 68 4.4 11,700 Ideapark Lielahtikeskus 12 1.5 11,500

Tullintori 21 2.3 11,000 0 5 10 km

Finlayson Travel & Service factory area Centre -project

Koskipuisto Stockmann Tram under construction Central Market Hall Square Hämeenkatu Railway station Tullintori Sokos

Koskikeskus

Laukontori Tampere Hall

Central Deck & Arena-project

Tampere city centre Bus station University Shopping district Ratina campus area Tampere Stadion Shopping centre Department store

Prime high street

0 100 200 m Chapter 5 Turku Aura river & restaurant Pinella / Visit Turku Pinella / Visit & restaurant river Aura Photo: Turku is the third largest city region in Finland

Turku is the oldest city in the whole country the market square, Aura riverfront with and the most important cultural and many restaurants, Old Town and the univer- business hub of the Western Finland. sity campus area. The municipality has an The city centre is located at the mouth ambitious new vision for developing the city of the Aura River. The lively urban centre centre and giving a boost for the future of consists of the commercial district around the whole Turku region.

Key facts Turku Population 2019 193,000 (whole city region 332,300) Photo: Turku Cathedral & city of Turku / Suomen Ilmakuvat Workplaces 2017 100,100 Students 2018 (higher education) 29,900 Disposable income per capita 2018 EUR 23,000 Shopping centres 2019 3 shopping centres with a total GLA of 155,700 sq m Sources: Statistics Finland, Finnish Council of Shopping Centers

Photo: Market square / Seilo Ristimäki Turku region = Turku and surrounding ten commuter municipalities Airport Turku region Mylly Shopping centres Raisio Shopping centre town centre Kuninkoja Retail park area

Länsikeskus Turku region population City centre 332,300 (Hansa Block)

Skanssi Biolaakso Forecasted 5 year population growth 9,400 new inhabitants (2.8 %)

Sales 2019, Footfall 2019, Leasable retail area, EUR million million sq m Krossi Mylly 233 5.8 58,700 Piispanristi Hansa 211 11.5 53,000 Skanssi 130 3.8 36,900 Kaarina town centre 0 5 10 km

Bus Logomo station event venue

Turku University district Railway Turku station Concert Hall

Sokos Turku Cathedral

Aurakatu Market Square Yliopistonkatu Hansa Block Eerikinkatu Forum Block Library KOP Market Turku city centre hall Shopping district

Shopping centre Aurajoki Department store

Prime high street Turku city 0 100 200 m theathre Establishment facts

Entering the market tenants, often between 5-10 years. If not Opening hours Retail opening agreed, tenants don’t have an automatic hours regulation Easiest way to enter the Finnish right for lease renewal. Retail opening hours regulation is the most market is through direct ownership. Usually the rent is based on the liberal in Europe. All shops can set their Franchising and via shop-in-shops are leasable area. Separate maintenance cost opening hours freely. Finnish shopping most other ways, but the franchise market is not and marketing fee are usually charged in centres usually have common minimum as mature as in other Europe. There is no shopping centres. The use of turnover rent opening hours agreed in the leases. Typical liberal in Europe restrictions for foreign companies for with a minimum base rent is common in minimum opening hours for shopping buying or renting property in Finland. shopping centres. centres in the Helsinki metropolitan area are Rents are usually adjusted annually 10:00 a.m. – 21:00 p.m. Mon-Fri, 10:00 Rental conditions according to the cost of living index. The a.m. – 19:00 p.m. Sat and 12:00 a.m. – legislation gives parties high freedom to 18:00 p.m. Sun. Fixed lease terms are usually applied in the agree on all the terms and conditions shopping centres, with a typical mini- freely. mum xed term between 3-5 years. Longer terms usually apply for anchor

Photo: Helsinki Day at Kluuvi / Jussi Hellsten Modern Life! exhibition at HAM - Helsinki Art Museum / Leena Karppinen / Leena at HAM - Helsinki Art Museum exhibition Modern Life! Photo:

This publication is provided by the Finnish Council of Shopping Centres

It is an industry association bringing Further information on the Finnish shop- together the most prominent players in the ping centre industry, statistics and key Finnish shopping centre industry - retailers, gures for all the main shopping centres shopping centre owners, managers and can be found on the annual publication. consultants. The Finnish Shopping Centres 2020 www.kauppakeskusyhdistys. /en

Graphic design: www.PinkAgency.fi