Good overview. Personally, I see Kesko as an internationalization story. Of course, it is interesting and important that the market share battle at home is going well. But if internationalization succeeds, there is potential for almost anything here. In my opinion, Kesko is at a fairly good stage; after initially banging its head against the wall in Sweden with the K-rauta concept, it should now have the necessary humility and desire to learn and leverage the experiences gained from those failures. A lot now depends on the management.
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