store sites and properties
In line with its growth strategy, Kesko continues to grow and update its network of store sites, especially in grocery trade. Over the next few years, we will open several new K-Citymarket hypermarket stores in Finnish growth centres.
In 2024, we opened 15 new and renovated 44 existing grocery stores. In 2025, we intend to open 15 new grocery stores and renovate more than 40 stores.
Kesko’s capital expenditure in store sites in 2024 totalled €289 million (1–12/2023: €286 million, 1–12/2022: €268 million).
Our store sites are divided into four categories: strategic properties, basic properties, realisation properties, and development properties.
Properties owned by Kesko are stated in the balance sheet at cost less depreciation according to plan and possible amortisations. Owned properties are not appreciated at their market value.
Strategic properties:
- Properties Kesko wants to own
- Significant properties for business operations, for example, properties that are or can be developed into large retail units
- Strategic properties in 12/2024: 51% (12/2023: 55%, 12/2022: 59%)
Basic properties:
- Properties Kesko owns but could sell and then lease back
- Basic properties in 12/2024: 26% (12/2023: 21%, 12/2022: 27%)
Development properties:
- Plots and properties that require development to fit their planned purpose
- Development properties in 12/2024: 21% (12/2023: 22%, 12/2022: 14%)
Realisation properties:
- Properties Kesko no longer has use for
- Realisation properties in 12/2024: 1% (12/2023: 2%, and 12/2022: 0%)
| Owned store sites and properties | ||||||
| Book value by region, € million | 2024 | % | 2023 | % | 2022 | % |
| Finland | 1,653 | 91.7% | 1,460 | 95.9% | 1,183 | 94.9% |
| Other Nordic countries | 130 | 7.2% | 47 | 3.1% | 48 | 3.9% |
| Baltic countries | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% |
| Poland | 20 | 1.1% | 16 | 1.1% | 15 | 1.2% |
| Total | 1,804 | 100.0% | 1,523 | 100.0% | 1,246 | 100.0% |
| Area by region, 1,000 m2 | 2024 | % | 2023 | % | 2022 | % |
| Finland | 964 | 77.1 % | 922 | 89.2% | 863 | 88.5% |
| Other Nordic countries | 254 | 20.3 % | 87 | 8.4% | 87 | 8.9% |
| Baltic countries | 0 | 0.0 % | 0 | 0.0% | 0 | 0.0% |
| Poland | 32 | 2.6 % | 25 | 2.4% | 25 | 2.6% |
| Total | 1,250 | 100.0% | 1,034 | 100.0% | 975 | 100.0% |
| Book value by division, € million | 2024 | % | 2023 | % | 2022 | % |
| Grocery trade | 1,206 | 66.8% | 1,097 | 72.0% | 943 | 75.7% |
| Building and technical trade | 248 | 13.8% | 181 | 11.9% | 175 | 14.0% |
| Car trade | 40 | 2.2% | 42 | 2.8% | 44 | 3.5% |
| Others | 310 | 17.2% | 203 | 13.3% | 84 | 6.7% |
| Total | 1,804 | 100.0% | 1,523 | 100.0% | 1,246 | 100.0% |
| Area by division, 1,000 m2 | 2024 | % | 2023 | % | 2022 | % |
| Grocery trade | 686 | 54.9% | 656 | 63.4% | 598 | 61.3% |
| Building and technical trade | 356 | 28.5% | 242 | 23.4% | 252 | 25.8% |
| Car trade | 53 | 4.3% | 53 | 5.1% | 50 | 5.1% |
| Others | 154 | 12.3% | 83 | 8.0% | 75 | 7.7% |
| Total | 1,250 | 100.0% | 1,034 | 100.0% | 975 | 100.0% |
| Leased store sites and properties | ||||||
| Area by region, 1,000 m2 | 2024 | % | 2023 | % | 2022 | % |
| Finland | 2,204 | 76.7% | 2,210 | 77.0% | 2,232 | 78.4% |
| Other Nordic countries | 588 | 20.5% | 584 | 20.3% | 538 | 18.9% |
| Baltic countries | 48 | 1.7% | 43 | 1.5% | 41 | 1.4% |
| Poland | 33 | 1.1% | 34 | 1.2% | 35 | 1.2% |
| Total | 2,872 | 100.0% | 2,871 | 100.0% | 2,846 | 100.0% |
| Area by division, 1,000 m2 | 2024 | % | 2023 | % | 2022 | % |
| Grocery trade | 1,394 | 48.5% | 1,411 | 49.1% | 1,434 | 50.4% |
| Building and technical trade | 869 | 30.3% | 852 | 29.7% | 883 | 31.0% |
| Car trade | 172 | 6.0% | 163 | 5.7% | 96 | 3.4% |
| Others | 437 | 15.2% | 445 | 15.5% | 433 | 15.2% |
| Total | 2,872 | 100.0% | 2,871 | 100.0% | 2,846 | 100.0% |
