It follows the no-frills format of limited hours, simple shelves, and having a giant fridge instead of chiller cabinets.

Bónus was started by Jón Ásgeir Jóhannesson and his father, Jóhannes Jónsson, with the first store in Skútuvogur street in Reykjavík in April, 1989.

In 1992, another Icelandic supermarket, Hagkaup, bought a 50% stake, and in 1993, Hagkaup and Bónus established a joint purchasing company named Baugur.

[4] Bónus and Hagkaup are now both owned by Baugur Group's subdivision Hagar.

This article about an Icelandic corporation or company is a stub.