Today marks 20 years since Sir Malcolm Walker and Tarsem Dhaliwal took back control of Iceland, turning it from a struggling business into one of Britain’s biggest retail success stories.
Since 2005, Iceland has gone from uncertainty to strength, growing to over 950 stores, a thriving online business, and record-breaking sales increasing over 300%.
In the last financial year alone, Iceland reported sales of over £4 billion, a 7% increase despite the challenges facing the retail sector. Over the past two decades, the business has also contributed over £2.2 billion in tax to the UK economy – proof that a British-owned, family-run business can deliver real value, not just for customers but for the country.
The turnaround has been built on a willingness to challenge the market, put customers first, and do things differently. From banning palm oil to innovating in price reduction and interest-free microloans during the cost-of-living crisis, Iceland has never been afraid to take a stand.
Richard Walker, Executive Chairman of Iceland, praised his father and Tarsem Dhaliwal for their leadership. “Twenty years ago, they didn’t just rescue a business, they rebuilt it into something stronger than ever. They’ve shown that a British, family-owned retailer can not only survive but thrive, growing, creating jobs, and putting billions back into the UK economy.
“Their drive, commitment, and determination to back their customers and their people have been the key to Iceland’s success.”
As Iceland looks ahead to the next 20 years, its focus remains the same—delivering great value, investing in its stores, and continuing to challenge the market for the benefit of British shoppers.
