Most of the big Icelandic firms such as Baugur Group, FL Group and Moderna went bankrupt after the financial meltdown in Iceland when the three main banks Kaupthing, Glitnir and Landsbanki collapsed. One year later, and now a lot of the smaller Icelandic businesses are beginning to generate more energy and drive. One such company is the online shop specialising in selling Icelandic products, called the Nordic Store.
With a vast selection of Icelandic products for sale worldwide, the Nordic Store is without a doubt a leading online shop in Iceland, focusing on providing the internet shopper with the best produce Iceland has to offer. 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.
After the bank crash, a group of former unemployed bankers bought out the company and since have transformed 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.
Over 50 local knitters have now been employed by Nordic Store to cope with the high demand, most of which were unemployed before, and the online store expects to bring on board more throughout the course of the 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.