The most liveable capital in the world, the best education system, the most trustworthy people… Finland has gained many international credits, but did you know that the Northern nation is a brilliant place for business, too?
Want to extend your market but quite don’t know where? Look no further… Well actually, do – all the way to Finland. This small country operates on a global scale.
There are many reasons to look to Finland and its capital, Helsinki, in particular. Finland offers a safe business environment, a highly qualified and educated workforce, a brilliant infrastructure, great connections to the surrounding market areas and one of the lowest corporate tax rates in Europe.
The SolAbility Global Sustainable Competitiveness Index 2016 ranked Finland as the third most competitive country in the world, and according to the Grant Thornton Global Dynamism Index 2015, Finland has the third best economic environment for business growth. A 2016 study by the European Commission found Finland to be the most attractive EU country for foreign direct investment. The country is part of the Nordic Region, the GDP of which grows at a rate of 2.2 per cent – higher than that of EU’s as a whole. Finland also offers a great entry platform to the Russian and Baltic markets.
The demand for new brands in the Helsinki metropolitan area is growing. Local consumers crave for new retail trends, and luxury purchases are on the rise. Serving demanding customers is becoming increasingly easy as opening hours regulations are loosening up.
Economy on the upswing
The economic climate in Finland is looking up. A 2017 forecast by The Research Institute of the Finnish Economy declared Finland’s recession to be over once and for all. According to preliminary figures, Finland’s GDP grew by 1.4 per cent in 2016. That is the equivalent to 219 per cent of the world's average.
The positive financial buzz has managed to infiltrate the retail trade, too. In 2016, the total amount of retail activity increased 1.6 per cent. Growth was particularly promising among the mall-specific sectors as sales increased in both grocery and department stores. During the year, department store sales increased 1.8 per cent compared to previous year, and grocery store sales increased 0.3 per cent. Specialty stores, too, demonstrated positive development compared to the situation one year earlier.
Dynamic malls boost tourist spending
Celebrating the centenary of its independence this year, Finland attracts global attention from near and far. So much so that it was even ranked as the world’s third best country for travel by the Lonely Planet. The tourism industry is growing steadily, with a significant increase in travelers from Asian destinations like Japan, China and South Korea. International tourists spent 4.03 billion Euros in Finland in 2014.
The strengthening shopping centre culture accelerates tourist and domestic spending even further. Nearly half of 25 to 65-year-olds consumers visit malls at least once a week. In 2016, shopping centre sales rose to over six billion euros in total and visitor numbers increased to over 385 million.
New state-of-the-art shopping centres are popping up especially in the Helsinki metropolitan area, creating demand for new, interesting consumer brands to enter the market. Many international companies have already acted on the opportunity to extend their operations to Finland – and they do it with a bang, too. The Norwegian men’s fashion concept VOLT, for example, launched in Finland by opening nine stores at one fell swoop.
One of the most unique new urban centres in the Nordics is currently rising in the Pasila district of Helsinki. Opening in 2019, the Mall of Tripla will become Finland’s most attractive place of commerce with a whopping 250 retail spaces and a location in the intersection of metropolitan transportation. If you are interested in a retail space in the Mall of Tripla, contact us here.
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