The Danish chain of department stores ‘Magasin du Nord’ has increased its revenue by almost 10 percent compared to the same period last year.
The Debenhams subsidiary released its financial report today, showing the company has been enjoying steady growth in sales for three years in a row.
Customers’ mentality has changed
Six years ago, however, the department store was in the midst of a major crisis with an ailing image, declining numbers of customers and financial problems.
“Our customers’ mentality has changed significantly since the financial crisis, and we can see that events and experiences attract more people,” Peter Fabricius, Magasin’s chief financial officer, said in a statement.
“It’s no longer only special offers and discounts that bring Danes into the stores.”
Modernization and online sales
According to Fabricius, Magasin has been through some major changes in recent years, including a modernisation of the stores, greater focus on online sales and an improvement in customer service.
Magasin sells a wide range of products with particular focus on fashion, cosmetics, home design and delicatessen.
The seven-storey flagship store is located at Kongens Nytorv in Copenhagen.
