Both Sports Direct and frozen foods specialist Iceland have revealed plans to launch stores in Iceland.

The country’s economy is starting to see an uplift as the debris following its banking collapse begins to clear. Retail Week looks at the country’s vital retail statistics:

ICELANDIC RETAIL      

  • Population: 324,000
  • Economy:  GDP grew 3.1% to ISK1600bn (£8bn) – the first advance since the Icelandic banking crisis in 2008. The growth rate in 2012 is expected to be around 2.5%. 
  • Retail market: Total retail market – ISK 266bn(£1.3bn) – per capita: ISK 817m(£4m)
  • Grocery market: ISK 108bn (£530m) – per capita: £1600
  • Major retailers: The two major retailers in the country, Hagar – a retail group which operates food chain Bonus and franchises including Topshop and Zara - and Norvik – which runs stores including DIY chain Byko, electricals specialist Elko and grocery retailer Kaupas, hold over 50% of the market share.After the big two, the Next biggest retailers based on market share is The Body Shop, which has four outlets, and Debenhams and Ikea which both have a store in the country.

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