Hagkaup () is an Icelandic

hypermarket A hypermarket (sometimes called a hyperstore, supercentre or superstore) is a big-box store combining a supermarket and a department store. The result is an expansive retail facility carrying a wide range of products under one roof, including ...

chain owned by retail company

Hagar Hagar, of uncertain origin; ar, هَاجَر, Hājar; grc, Ἁγάρ, Hagár; la, Agar is a biblical woman. According to the Book of Genesis, she was an Egyptian slave, a handmaiden of Sarah (then known as ''Sarai''), whom Sarah gave to he ...

. Its concept is wide selection of food and non-food products including clothing, electronics, entertainment, seasonal goods and toys.

History

Founded in 1959 by Pálmi (1923–91) in an old barn as a mail-order company, it found success as a cheaper choice than most other retailers in

Reykjavík Reykjavík ( ; ) is the capital and largest city of Iceland. It is located in southwestern Iceland, on the southern shore of Faxaflói bay. Its latitude is 64°08' N, making it the world's northernmost capital of a sovereign state. With a po ...

. The company soon expanded and opened up its first store in the barn. In 1967 Hagkaup opened the first supermarket in Iceland in an old warehouse in Skeifan, Reykjavík, which continues to enjoy great popularity among its customers to this day. The Hagkaup head office is located in Holtagarðar, Reykjavík. In 1998 the children of Pálmi Jónsson—Sigurður Gísli, Jón, Ingibjörg and Lilja—sold the company and their 50% stake in

Bónus Bónus () is an Icelandic no-frills supermarket chain owned by Hagar. Bónus operates 31 stores in Iceland and seven in the Faroe Islands. It follows the no-frills format of limited hours, simple shelves and having a giant fridge instead of chi ...

, Hagkaup's main rival in the food retail sector, to a group of investors led by Bónus's founders.Armann Thorvaldsson, ''Frozen Assets: How I Lived Iceland's Boom and Bust'' (Chichester: Wiley, 2009). This transaction was the foundation of

Baugur Group Baugur Group (; Icelandic language, Icelandic: ) was an Icelandic investment company. The group began as a supermarket and general retail company in Iceland, before diversifying to own a number of businesses at its peak, primarily in the United Ki ...

, an international retail and real estate investment company.

References

External links

* (In icelandic) Hypermarkets Supermarkets of Iceland Companies based in Reykjavík Retail companies established in 1959 1959 establishments in Iceland Icelandic brands {{Iceland-company-stub