Reports
DENMARK
Reform which came into force at the beginning of this year. This will see the income tax margin reduced slightly from 63 per cent to 56 per cent for high end earners whilst share income has dropped slightly to 27-42 per cent.
Company tax rates of 25 per cent remain as does VAT which is also 25 per cent. Education and medical and hospital services are free.
Meanwhile the country has not escaped the global credit crisis and import and export dropped significantly in the summer of 2008. Economic forecasts however predict stabilisation during 2010.
Although Denmark has been a member of the EU since 1973 so far it has not joined the other EU members in the Euro currency even though the Danish Kroner is pegged to the Euro.
The end of a housing boom in 2007 saw Denmark’s economy slowing which was then exacerbated by the global economic crisis with increased borrowing costs and lower export demand. But there are still a lot of developments taking place in Denmark, some of which have been postponed or cancelled, including projects
in the harbour area.
Although consumer confidence is at an all time low at the moment it has grown strongly over the last decade and only Spain has equalled growth to that in the Scandinavian countries. The retail sector is extremely inter-Nordic with most national large chains operating across all four countries.
Denmark’s two major supermarket chains are Dansk Supermarked and Coop Denmark with 1,500 outlets and a market share of around 60 per cent. Other brands include Supervib, Dagrofa, Aldi and Metro.
Around 85 per cent of food sales take place in supermarkets compared to kiosks, petrol stations and speciality shops and there are around 3,800 supermarket outlets.
Meanwhile the combined shopping centre industry across the Nordic countries has one of the highest shopping centre densities in Europe. The first purpose built enclosed shopping centre in the world was actually opened in Sweden back in 1955.
Total retail sales across the four countries
The combined shopping centre industry across the
Nordic countries has one of the highest shopping centre
densities in Europe. The first purpose built enclosed
shopping centre in theworldwas
actually opened in Sweden back in 1955.
reached €190bn in 2007 with a total of 700 shopping centres between them. Denmark saw total retail sales of €29.2bn in 2008.
The largest shopping centre owner in the region is Steen & Strom which has 55 centres in Denmark, Norway and Sweden. Others major owners in Denmark include Danica and Dades.
In Denmark shopping centres have a 27 per cent market share. The largest shopping centre in the country is Field’s Shopping Centre in Copenhagen with a GLA of 67,500sq.m whilst Rodovre Centrum was the first shopping centre to open in Copenhagen in 1966. It has 105 shops and has a GLA of 38,200sq.m in size.
In 2008 there were 103 shopping centres throughout Denmark with 15 new centres which have opened since the year 2000 whilst another eight new centres are in the pipeline for the 2009 to 2013 period.
Meanwhile from the modern metropolis of Copenhagen with the royal castles and plazas to sandy beaches along the coast, Denmark offers a little something special for most visitors from Tivoli Gardens to concerts and shopping.
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