What: Latvanen shares his view on how he revived Stockmann after taking over just before the pandemic.

Why it is important: It is all about playing at best all the competitive advantages of department stores, especially their location: they are already where people are.

Jari Latvanen, CEO of Stockmann Group, a Finnish department store that dates back to 1862, reveals how he turned the company's fortunes around. After taking over in 2019, he refocused the company on its roots as a premium retailer, offering customers a "wow" factor and improving customer service, leading to being able to post a €527m profit in 2021.

The company's history has been an asset, allowing Stockmann to offer exclusive experiences and become an attraction.

Latvanen advises other heritage retailers to focus on their unique selling points, listen to customers and employees, and have a razor-sharp focus on strategy. He believes that department stores can succeed by embracing digital opportunities and giving people a reason to visit in person.

Stockmann is set to open a new toy shop, children's department, and trainer bar to focus on circular economy while also expanding its offering for men's fashion.

Stockmann’s CEO Jari Latvanen in Monocle