store sites and properties
In line with its growth strategy Kesko continues to grow and update its network of especially grocery store sites by opening new K-Citymarket hypermarket stores in growth centres. We will also renovate and update 13 K-Citymarket stores in 2024.
Our capital expenditure in store sites in 1–12/2023 totalled €286 million (1–12/2022: €268 million, 1–12/2021: €129 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; 12/2023: 55% (12/2022: 59%, 12/2021: 62%).
Basic properties:
- Properties Kesko owns but could sell and then lease back
- Basic properties; 12/2023: 21% (12/2022: 27%, 12/2021: 27%).
Development properties:
- Plots and properties that require development to fit their planned purpose
- Development properties; 12/2023: 22% (12/2022: 14%, 12/2021: 11%).
Realisation properties:
- Properties Kesko no longer has use for
- Realisation properties; 12/2023: 2% (12/2022: 0%, 12/2021: 0%).
| Owned store sites and properties | |||||
| Book value by region, € million | 2023 | % | 2022 | % | 2021 |
| Finland | 1,460 | 95.9% | 1,183 | 94.9% | 1,020 |
| Other Nordic countries | 47 | 3.1% | 48 | 3.9% | 53 |
| Baltic countries | - | - | - | - | - |
| Poland | 16 | 1.1% | 15 | 1.2% | 13 |
| Total | 1,523 | 100.0% | 1,246 | 100.0% | 1,086 |
| Area by region, 1,000 m2 | 2023 | % | 2022 | % | 2021 |
| Finland | 922 | 89.2% | 863 | 88.5% | 801 |
| Other Nordic countries | 87 | 8.4% | 87 | 8.9% | 87 |
| Baltic countries | - | - | - | - | - |
| Poland | 25 | 2.4% | 25 | 2.6% | 21 |
| Total | 1,034 | 100.0% | 975 | 100.0% | 909 |
| Book value by division, € million | 2023 | % | 2022 | % | 2021 |
| Grocery trade | 1,097 | 72.0% | 943 | 75.7% | 817 |
| Building and technical trade | 181 | 11.9% | 175 | 14.0% | 166 |
| Car trade | 42 | 2.8% | 44 | 3.5% | 47 |
| Others | 203 | 133% | 84 | 6.7% | 56 |
| Total | 1,523 | 100.0 % | 1,246 | 100.0% | 1,086 |
| Area by division, 1,000 m2 | 2023 | % | 2022 | % | 2021 |
| Grocery trade | 656 | 63.4% | 598 | 61.3% | 550 |
| Building and technical trade | 242 | 23.4% | 252 | 25.8% | 241 |
| Car trade | 53 | 5.1% | 50 | 5.1% | 50 |
| Others | 83 | 8.0% | 75 | 7.7% | 68 |
| Total | 1 034 | 100.0% | 975 | 100.0% | 909 |
| Leased store sites and properties | |||||
| Area by region, 1,000 m2 | 2023 | % | 2022 | % | 2021 |
| Finland | 2,210 | 77.0% | 2,232 | 78.4% | 2,299 |
| Other Nordic countries | 584 | 20.3% | 538 | 18.9% | 519 |
| Baltic countries | 43 | 1.5% | 41 | 1.4% | 34 |
| Poland | 34 | 12% | 35 | 1.2% | 36 |
| Total | 2,871 | 100.0% | 2,846 | 100.0% | 2,888 |
| Area by division, 1,000 m2 | 2023 | % | 2022 | % | 2021 |
| Grocery trade | 1,411 | 49.1% | 1,434 | 50.4% | 1,480 |
| Building and technical trade | 852 | 29.7% | 883 | 31.0% | 886 |
| Car trade | 163 | 5.7% | 96 | 3.4% | 100 |
| Others | 445 | 15.5% | 433 | 15.2% | 422 |
| Total | 2,871 | 100.0% | 2,846 | 100.0 % | 2,888 |
