TKM Grupp

What TKM Grupp does

TKM Grupp AS (formerly Tallinna Kaubamaja Grupp AS) is one of Estonia's largest publicly listed retail and wholesale groups, operating across five integrated business segments: supermarkets (Selver chain of 72 stores, 2 Delice stores, a mobile store, a café, and the e-Selver online platform, with central kitchen Kulinaaria OÜ), department stores (Kaubamaja in Tallinn and Tartu, plus I.L.U. cosmetics), car trade (KIA, Škoda, and Peugeot dealerships across Estonia, Latvia, and Lithuania via TKM Auto OÜ, KIA Auto AS, Viking Motors AS, Rohe Auto AS, SKO Motors OÜ, UAB TKM Lietuva, VerteAuto SIA, and Forum Auto SIA), security services (Viking Security AS, expanded through 2021-2023 acquisitions), and real estate (TKM Kinnisvara AS, including a 17,200 m² logistics center under construction in Maardu). The group's retail technology platform centers on the Partnerkaart loyalty program — Estonia's largest with over 750,000 active members — which links all retail formats and embeds financial services through TKM Finants AS (hire-purchase and installments).

The company makes money through diversified retail revenue: 2025 segment sales were supermarkets €611.9M, car trade €176.9M, department stores €103.0M, security €20.1M (external sales), and real estate €7.7M (external sales), aggregating to €919.6M in consolidated revenue. The group employs more than 4,700 people, accounts for nearly 10% of Estonian retail trade, and serves mass-market consumers across the three Baltic states with no publicly disclosed product-level pricing; share-based returns are delivered through a recurring dividend (€0.60/share, €24.4M total in 2025). Listed on Nasdaq Tallinn since 1996 under ticker TKM1T, the company is led by Chairman of the Management Board Raul Puusepp, with a Supervisory Board chaired by Jüri Käo, and has historically used bolt-on M&A to deepen Baltic retail and automotive share.

Name

TKM Grupp

Legal name

TKM Grupp AS

Website

https://tkmgrupp.ee

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

TKM Grupp AS is a publicly listed Estonian retail conglomerate operating Selver supermarkets (72 stores), Kaubamaja department stores, KIA/Škoda/Peugeot automotive dealerships, Viking Security services, and real estate across the Baltic states, unified by the 750,000-member Partnerkaart loyalty program.

Ownership category

akta.pro rank

Product category

Multi-format retail (supermarkets, department stores, automotive dealerships)

NAICS

Grocery and Convenience Retailers (4451)

SIC

Retail-Variety Stores (5331), Retail-Auto Dealers & Gasoline Stations (5500)

akta.pro primary industry

Foodservice-Led Convenience Stores (QSR/Hot Food Focus) (CRAHABAH)

Keywords

• Supermarket retail
• Department store
• Automotive dealerships
• Loyalty program
• Consumer retail

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Offices6 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure, Technology or R&D, Others

Revenue model

1. Supermarket Operations: Supermarket segment operating Selver stores (72 locations), 2 Delice stores, mobile store, café, and central kitchen Kulinaaria OÜ. 2025 revenue was 611.9 million euros. The segment includes e-Selver online grocery delivery.
2. Department Store Operations: Kaubamaja department stores in Tallinn and Tartu offering fashion, food, home, beauty and children's goods. I.L.U. cosmetics stores operated by TKM Beauty Eesti. 2025 revenue was 103.0 million euros.
3. Car Trade: Automotive segment including KIA, Škoda, and Peugeot dealerships across Estonia, Latvia, and Lithuania. 2025 revenue was 176.9 million euros. Group sold 5,140 new vehicles in 2025.
4. Security Services: Viking Security AS provides security services. 2025 external sales revenue was 20.1 million euros.
5. Real Estate: TKM Kinnisvara AS manages retail properties and logistics center in Maardu. 2025 external sales revenue was 7.7 million euros.
6. Financial Services: TKM Finants AS provides financial services including hire purchase and payment installments for Partner Card holders.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

TKM Grupp operates a diversified multi-format retail group anchored by Estonia's largest supermarket chain (Selver, 72 stores), full-scale department stores (Kaubamaja in Tallinn and Tartu), cosmetics retail (I.L.U.), and multi-brand automotive dealerships (KIA, Škoda, Peugeot) across the Baltic states. Supportive segments include security services (Viking Security), real estate management (TKM Kinnisvara), and consumer hire-purchase financial services (TKM Finants) for the group's 750,000+ Partnerkaart loyalty members.

Product overview

TKM Grupp AS is a diversified Estonian retail and wholesale group operating a multi-format portfolio. The company operates supermarkets (Selver chain with 72 stores plus Delice), department stores (Kaubamaja in Tallinn and Tartu), cosmetics stores (I.L.U.), and a car trade segment (Viking Motors/KIA, Škoda, Peugeot dealerships). The group also includes real estate (TKM Kinnisvara), security services (Viking Security), and financial services (TKM Finants). All retail formats are connected through the Partnerkaart loyalty program with over 750,000 customers. The company previously operated as Tallinna Kaubamaja Grupp AS and rebranded to TKM Grupp AS in March 2024.

Differentiator

Problem solved

Functional benefit

Brands

• Partnerkaart: Loyalty program connecting the Group's retail stores with over 750,000 regular customers, the largest loyalty card in Estonia
• Selver
• Delice
• Kaubamaja
• I.L.U.
• Viking Motors
• Viking Security
• Kulinaaria

Products and services

• Selver Supermarkets Supermarket chain operating 72 Selver stores, 2 Delice stores, a mobile store (Rändpood), a café, and the e-Selver online grocery platform across Estonia, with total sales area of 123.8 thousand m². e-Selver operates in Estonia's largest service area. 2025 segment revenue was €611.9 million.
• Kaubamaja Department Stores Full-scale traditional department store offering fashion, food, home, beauty, and children's goods; flagship at Viru Keskus, Tallinn (~8,700 m²) plus the Tartu location. 2025 segment revenue €103.0 million.
• I.L.U. Cosmetics Stores Cosmetics retail chain operated by TKM Beauty Eesti OÜ, offering beauty and cosmetics products across standalone stores in Estonia.
• Partnerkaart Loyalty Program Estonia's largest loyalty program connecting Kaubamaja, Selver, Delice, and I.L.U. retail stores, with over 750,000 regular customers at end of 2025. Features digital cards, hire-purchase options, and a mobile app with shopping lists and promotional offers.
• Viking Motors / TKM Auto (Car Trade) KIA importer for the Baltic states, also representing Škoda and Peugeot across Estonia, Latvia, and Lithuania through six dealership and service centers. 2025 segment revenue €176.9 million; 5,140 new vehicles sold.
• Viking Security Security services provider operating as Viking Security AS, offering comprehensive security and guarding solutions to commercial and institutional clients in Estonia. 2025 external sales revenue €20.1 million.
• TKM Finants Hire-Purchase / Installment Service Consumer hire-purchase and installment payment service for Partnerkaart holders at Kaubamaja (and planned rollout to other group stores), allowing purchases of €150 to €5,000 to be spread over 36 months.
• TKM Kinnisvara Real Estate Management TKM Kinnisvara AS manages retail and commercial properties including shopping centers, a logistics center in Maardu (17,200 m²), and supporting real estate assets. 2025 external sales revenue €7.7 million.
• Delice Specialty Food Stores Two specialty food / delicatessen stores complementing the Selver supermarket chain as part of TKM Grupp's supermarket segment.
• Kulinaaria Central Kitchen Central kitchen operating as Kulinaaria OÜ, supplying prepared food products to Selver supermarkets within the group's integrated retail supply chain.

Quantifiable outcome

• Revenue of 919.6 million euros in 2025 with 750,000+ loyalty card customers
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered minor and core.

• Enefit VoltminorStrategic or Co-development Partner · 26 November 2023Partnership to install 31 electric car chargers (including 15 ultra-fast chargers) in 11 Selver parking lots across Estonia. Installation completed by end of 2024. Chargers range from 22 kW to 300 kW capacity, serving 62 electric vehicles simultaneously.
• AS Merko Ehitus EesticoreImplementation/ SI/ Consulting Partner · 22 August 2023Construction contract signed for building a logistics center in Maardu. Total area of 17,200 m2, cost approximately 20 million euros. Scheduled for completion in second half of 2024.

Scale indicators11 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Maxima Group: Maxima Group is the largest grocery retailer in the Baltic states, operating supermarkets across Lithuania, Latvia, Estonia, and other countries. It directly competes with TKM's Selver chain in Estonian grocery and represents the most significant scaled competitor in TKM's core market.
• Rimi Baltic: Rimi Baltic operates grocery stores across Estonia, Latvia, and Lithuania under the Rimi banner, owned by ICA Gruppen (Sweden). It directly competes with TKM's Selver chain across all three Baltic markets and shares the multi-country Baltic retail footprint.
• Stockmann: Stockmann is a Finnish department store chain operating in Finland, Estonia, and Latvia, offering fashion, beauty, and home goods. It directly competes with TKM's Kaubamaja department stores and I.L.U. cosmetics retail in Estonian and Baltic department store markets.
• Møller Mobility Group: Møller Mobility Group is Norway's largest automotive retail and distribution group, operating Volkswagen, Audi, Škoda, SEAT, and Cupra dealerships across the Nordics and Baltics. Its multi-brand dealership model with Škoda representation closely mirrors TKM Auto's Baltic automotive operations.
• Coop Estonia (Eesti Tarbijateühistute Keskühistu): Coop Estonia is a retail cooperative operating grocery stores across Estonia under Coop, Maksimarket, and other banners. It directly competes with Selver in Estonian grocery retail and serves similar everyday consumer needs.
• Lidl Estonia: Lidl Estonia is the Estonian operation of German discount retailer Lidl, operating hard-discount grocery stores across the country. It directly competes with Selver on price in Estonian grocery and represents a key international threat to TKM's market position.

Broad incumbents

• Ahold Delhaize: Ahold Delhaize is a Dutch-Belgian global retail conglomerate operating grocery and e-commerce brands across Europe and the United States. While not directly present in Estonia, it represents the kind of international scaled grocery operator that competes with TKM in European retail and shares the multi-format retail model.
• Kesko Corporation: Kesko is a Finnish diversified retail conglomerate operating grocery (K-Market, K-Supermarket), building materials (Onninen, K-Rauta), and automotive segments across the Nordic and Baltic regions. Its multi-segment grocery + auto + B2B model closely mirrors TKM Grupp's diversified portfolio structure.
• ICA Gruppen: ICA Gruppen is a Swedish retail conglomerate operating ICA grocery stores, Rimi Baltic, Apotek Hjärtat pharmacies, and other retail formats across Scandinavia and the Baltics. As the parent of Rimi Baltic, it is a direct competitor to TKM in Baltic grocery retail.

Regional players

• Prisma (SOK): Prisma is a Finnish hypermarket and supermarket chain operated by SOK (Suomen Osuuskauppojen Keskuskunta). While operating primarily in Finland, it shares TKM's model of combining supermarket retail with broader cooperative/conglomerate services and serves as a regional comparable.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/tkmgrupp

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TKM Grupp