CIA quits the hypermarket business

ICA Group from Norway has changed its strategy and  decided to abandon the hypermarket sector to focus on discount and grocery stores.

After a number of measures to reverse its negative results, ICA decided to streamline its operations in Norway and to sell 25 ICA Maxi stores.

ICA says that the successful renovation of supermarkets and the launch of the new concept Rimi has generated an increase in sales.

The ICA Group is a leading retailer in Scandinavia with about 2200 stores in Sweden, Norway and the Baltic States. The company is a joint venture, 40% owned by Hakon Invest AB and 60% by Royal Ahold.

source : ica, just food, reuters