After the financial collapse in Iceland when the three main banks Kaupthing, Glitnir and Landsbanki went down, many of the big Icelandic businesses went bankrupt, such as Baugur Group, FL Group and Moderna. Now a year has passed and a number of the smaller Icelandic companies are beginning to have more of an impact. A great example of this is the online shop Nordic Store, which specialise in selling Icelandic products worldwide.
The leading online store focuses on supplying and selling internet shoppers from all around the world with the largest selection of Icelandic products. The products on sale range from clothes, jewelry, music, DVDS, maps, travels guides, books, arts and crafts, health and beauty, souvenirs, and even food and beverages.
The company was bought out by a group of former bankers after they became unemployed following the bank collapse and has since been turned it into a million dollar business. According to the owners, the key to its success is to offer quality products in niche markets. Nordic store has, for example, greatly increased the selection of hand knitted Icelandic wool sweaters that have become very popular online.
Nordic store, in response to the high demand for Icelandic wool, has now employed in access of 50 local knitters with the view to employ many more over the course of the next year. With incentives like this, small businesses in Iceland are creating jobs and helping the economy to overcome the country’s deepest recession since the great depression in 1929.