The Danish retailer plotting to outsmart ‘unsentimental’ Modella Capital
On the modern-day British high street, a Scandinavian shop featuring maze-like aisles, quirky homeware and bags of licorice near the till is not quite a reinvention of the wheel. But Mikkel Grene, chief executive of Danish homeware retailer Søstrene Grene, believes his business can go toe-to-toe with Ikea and Flying Tiger for pride of place [...]
Danish homeware retailer Søstrene Grene is intent on competing with big players like Ikea and Flying Tiger in the UK market. The company, family-owned since 1973, has already begun taking over stores left vacant by Flying Tiger in other European markets. Founded by Mikkel Grene's parents, the business differs from Flying Tiger due to its family ownership, enabling it to take long-term, whimsical decisions.
This is evident in the opening of their flagship store in Oxford Circus, a high-rent location in the heart of London. Despite the high costs, Søstrene Grene has made it one of their most profitable stores. The CEO attributes the high expense of business rates in the UK to a significant reason for empty units in London. He believes the government should address this issue to prevent more closures.
In response to e-commerce giants like Shein and Temu, Grene stresses the need for a level playing field, warning that the EU's crackdown on small imports could push these companies to focus more on the UK market. Søstrene Grene operates 47 stores in the UK and aims to have 100 by next year. The company saw a 31% increase in turnover in the year to April 2025, with a small dip in pre-tax profit.
Despite this, the CEO sees no need for external funding or a public listing, as being family-owned allows them to think and work long term.
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