Alma Madmarked expansion is set to continue in Denmark’s capital region despite a 2025 loss of 14.5 million kroner (€1.9 million), as the young supermarket chain plans four new stores in Rungsted, Amager, Carlsberg Byen and Birkerød.
The chain, founded by former Irma executives and led by Chief Executive (administrerende direktør) Alfred Josefsen, currently operates two stores in Copenhagen: one on Sylows Allé in Frederiksberg and one on Store Kongensgade in central Copenhagen. The next openings would bring Alma to six stores by 2027.
Alma Madmarked expansion continues despite losses
According to Politiken and TV 2 Kosmopol, Alma plans to open new stores in Rungsted, Amager, Carlsberg Byen and Birkerød, even after its latest accounts showed a deficit.
“We have an idea that, once those stores have opened and completed their first year of operation, we will move into profit,” Josefsen told Politiken.
The stores in Rungsted, Birkerød and Amager are expected to open in autumn 2026, while the Carlsberg Byen store is scheduled for early 2027. Alma’s own website also lists the four locations as upcoming stores.
The company has described the loss as part of its start-up phase. Josefsen has argued that building a head office and opening the first two stores created costs before the chain could reach sufficient scale.
A young chain trying to reach scale
Alma’s 2025 accounts showed a result after tax of minus 14.5 million kroner (€1.9 million). Økologisk Nu reported that the company’s equity fell from 18.8 million kroner (€2.5 million) in 2024 to 14.3 million kroner (€1.9 million) in 2025.
The same report said that investors Claus and Bente Christiansen, who own 80 percent of Alma Madmarked A/S, injected an additional 10 million kroner (€1.3 million) into the company in 2025. Distribution costs were among the largest items in the accounts, reaching 21.8 million kroner (€2.9 million).
Alma says its two existing stores have positive store-level earnings, but not yet enough to cover the company’s central costs and expansion programme. The strategy is therefore based on the assumption that more stores will spread fixed costs over a larger network.
From Irma’s legacy to new neighbourhoods
Alma was launched after the closure of Irma, the historic Danish supermarket chain that Coop decided to close or convert in 2023 and 2024. The new chain is positioned as a premium food market with a focus on organic products, seasonal produce, local suppliers and service.
Josefsen, who led Irma from 1999 to 2012, has tried to build Alma around parts of Irma’s identity while adapting it to a more competitive grocery market. Denmark’s retail sector has become increasingly shaped by discount chains, price pressure and concentrated ownership.
The locations also show Alma’s limits. Josefsen told Politiken that he would have liked to open in Hellerup or Østerbro, but that those areas were too expensive. Instead, Alma will rely on what he described as “B locations”, including Amager and Birkerød.
In Birkerød, Alma will open on Teglporten 3 near Hovedgaden, in premises that previously housed stores including Fakta and Kop & Kande. The area is still informally associated with Irma, because an Irma store once stood nearby.
Premium grocery faces a tighter Danish market
Alma’s expansion comes after a difficult start. In 2025, Josefsen acknowledged that the chain was missing its original target of 50 million kroner (€6.7 million) in annual sales per store. Former Irma customers, young adults and families with children had not returned as strongly as expected.
That makes the next openings important for Alma’s business model. A larger store network could improve purchasing power, brand visibility and logistics. But it also increases exposure to rent, staff costs and local competition before profitability is secured.
For Denmark’s premium grocery segment, Alma remains a test case. The chain is trying to show that there is still room for a service-heavy, organic-oriented supermarket concept after Irma’s closure. Its next year will indicate whether the model can move beyond nostalgia and become a sustainable retail business in the capital region.
