Costco and H&M easily convert Icelanders to discount.

At the opening of the 1st Costco store in Iceland in late May 2017, more than 10% of the country’s inhabitants (i.e. 40,000 people) had already subscribed to Costco. Subscription is priced at€43 for individuals and €35 for companies. In late August 2017, H&M opened its 1st store over 3,000 sq.m of retail space in the Smáralind mall, in the suburb of Reykjavik. The store is targeting the untapped discount category in this very expensive country. A 2nd H&M store will open in September in...