Magasin bets on properties and investments for growth

What: Magasin has reported a 1% growth in turnover for 2023 and is investing heavily in new business areas and properties to drive future growth, despite challenges from a recent warehouse move.

Why it is important: Magasin's strategic investments in real estate and new business ventures signify its commitment to long-term growth and resilience. By expanding its omni-channel presence and acquiring new brands, the 150-year-old department store aims to enhance customer experience and increase market share, positioning itself for sustained success in a competitive retail landscape.

Magasin, the historic department store, reported a turnover of 2.9 billion kroner in 2023, reflecting a 1% growth despite logistical challenges from a warehouse relocation. CFO Michael Jelbo expressed satisfaction with the results and highlighted the company’s expanded business areas and significant investments as key drivers for future growth. Magasin’s parent company, Emil Holding, increased its equity by 148 million kroner, bolstered by earnings from Magasin and returns on its property portfolio. The department store now owns buildings in Aalborg, Aarhus, Odense, Lyngby, and Copenhagen, and has made notable acquisitions, including the sex toy brand Lust, sunglasses company MessyWeekend, and swimwear brand Copenhagen Cartel. Looking ahead, Magasin plans to invest 70 million kroner in enhancing both physical stores and digital platforms, with a focus on improving customer experience through innovative IT solutions and service enhancements.