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Fakta supermarket chain to disappear from Danish streets

Fakta, one of Denmark’s largest supermarket chains with 359 stores, will close by the end of the year, according to an announcement from its parent company Coop. 

Fakta supermarket chain to disappear from Danish streets
The Fakta logo will be gone from Danish streets by the end of 2022. Photo: Niels Ahlmann Olesen/Ritzau Scanpix

All Fakta stores are to close by the end of the year as parent company Coop switches focus to the new Coop 365discount brand, Coop’s CEO Kræn Østergaard Nielsen said according to industry media FødevareWatch. 

Many former Faktas will be converted into new locations for new Coop365 discount stores, while some stores will close altogether. 

Additionally, two of Coop’s other chains — SuperBrugsen and Kvickly — will merge behind the scenes and share a chain director, according to the FødevareWatch report.

The merger between the two chains will initially not be customer-facing.

“So we are not going out and taking signs down next week, but we will run it as hard as we can as a single chain – for example with the same product range and sales advisors going around to stores,” Nielsen said.

Fakta stores slated for closure are considered to be too small to contain the product range offered by the new chain.

The changes on the way at Coop-owned stores are necessary in light of the current situation facing the groceries sector, Nielsen said.

“We believe that a crisis makes lots of problems but also lots of opportunities. And we will emerge stronger from this energy and inflation crisis,” he told FødevareWatch.

The CEO also said that the company aims to reduce staff numbers in the long term, but that employees would not be laid off as part of the upcoming changes.

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MONEY

Exchange rate: What are your options if you live in Denmark but have income in pound sterling?

The value of the British pound has fallen steeply against the dollar in recent days but also against the Euro – and the krone. So what should you do if you live in Denmark but have income – such as a pension, rental income or a salary – in pound sterling?

Exchange rate: What are your options if you live in Denmark but have income in pound sterling?

Exchange rates might sound like a spectacularly dull topic, but if you live in Denmark (where, naturally, your day-to-day living expenses are paid in kroner) but have income from the UK in pounds, then the movement of the international currency markets will have a major impact on the money that ends up in your pocket.

This is not an uncommon situation – Denmark-based Brits may work remotely as freelancers from British companies and be paid for invoices in pounds, while retired Brits might be receiving a British pension.

Others might have income from rental properties or investments.

So a big loss in the value of the pound against the euro – and by extension, the krone – can have a major impact on Brits in Denmark.

The most recent fall in the value of the pound was sparked by the UK government’s new mini budget and has already seen a relative recovery. 

The pound-krone exchange rate over the last month. Chart: xe.com
 
 
But while this one-time fall is spectacular, it’s also part of a longer term trend in the fall of the value of the pound, especially since Brexit, that has seen people such as foreign-based pensioners lose a big chunk of their income.
The pound-krone exchange rate over the last 10 years. Graph: xe.com

So if you have income in pounds, what are your options?

Income in kroner – obviously this isn’t an option for everyone, especially pensioners, but the best way to protect against currency exchange shocks is to make sure that you’re paid in the same currency that you spend in.

Alternatively, income in euros: the advantage of the euro in Denmark is that its value is pegged to the krone and not sensitive to exchange rate fluctuations.

For those being paid from abroad, billing in euros means you could work in any EU country – including the anglophone ones like Ireland – and get your salary in euros.

Depending on your employer, it might also be possible for you to ask to bill in euros. 

Work in Denmark – if you’re currently not working or want to switch to local currency income, then an obvious option is to take up some work in Denmark.

Depending on your work and residency status, as well as the field you work, the practicality of this option ranges wildly from one person to the next.

READ ALSO: How can you get a work permit in Denmark if you are not an EU national?

Exchange rate – if your income can only be paid in pounds, it’s crucial to ensure that you get the best exchange rate possible and that you don’t waste money on international transfer fees.

The best options here are online banks or money transfer services, which compete on the rates that they offer, so usually have the most advantageous rate.

Some online banks also have the option to set up accounts in both pounds and kroner, so that you can receive money in pounds and spend it in kroner without having to make bank transfers, which can attract fees.

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