Retail Store Owner salary in Iceland

Average Yearly Salary of Retail Store Owner in Iceland is approximately 9,759,548 ISK (68,665 USD). Data is for 2025 and indicates a pre-tax value. The salary itself depends on multiple factors such as seniority, job performance, certifications, experience or any other bonuses. The value indicated is an average amount based on records we have in database. Real values may vary. The data is for orientational purposes.

What does Retail Store Owner do?

A retail store owner is responsible for the overall management and operations of a retail establishment. They are in charge of overseeing all aspects of the business, including inventory management, sales, customer service, marketing, and staff supervision. Retail store owners are involved in selecting and purchasing products to sell, setting prices, and ensuring that the store is well-stocked and visually appealing. They also handle financial tasks such as budgeting, accounting, and payroll. Building and maintaining relationships with suppliers, negotiating contracts, and staying updated on market trends are also part of their responsibilities. A successful retail store owner needs to have strong leadership skills, excellent communication and customer service abilities, and a good understanding of the target market. They should also possess strong organizational and problem-solving skills to effectively manage all aspects of the business.

Skills: Retail management, Inventory management, Customer service, Marketing, Staff supervision, Financial management
Job industry: Retail

How much does Retail Store Owner make?

Difference in salary year over year or average salary increase is approximately 3 %


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Salary comparison to National average

Is Retail Store Owner a well paid job?

Yes, our data show that Retail Store Owner is an averagely well paid job that still allows for some yearly savings. With years and experience the salary might increase even further, resulting in higher satisfaction.

What is considered a high salary for Retail Store Owner?

High salary for Retail Store Owner would be somewhere between 10,735,503 ISK and 14,151,345 ISK. However this is an estimation based on Gaussian Distribution.

How much can you save working as Retail Store Owner in Iceland?

Living in Iceland the approximate monthly expenses are: 2,729 USD. This amount covers basic needs such as food, housing, clothing, healthcare and education costs for a single person. No luxury expenses such as traveling, leisure, hobbies are included in the estimation.

Estimated Yearly Salary: 9,759,548 ISK
Estimated Monthly Salary: 813,296 ISK
Estimated Weekly Salary: 187,684 ISK per week
Estimated Hourly Salary: 4,692 ISK per hour
By working as Retail Store Owner a person can save up to 2,993 USD per month or 35,919 USD yearly. Values are pre-tax.

NOTE: These values are estimates and are averaged for the whole country. Furthermore the value is likely exaggerated as no other expenses are taken into account in the projection. Unessential expenses are very subjective and are difficult to assess. Most likely the previously estimated number is significantly lower for majority of people. Expenses in different cities across the country may vary. Above values accuracy is low and is based on limited set of data obtained.

For more information regarding expenses in Iceland, see costs of living in Iceland.

Salary comparison to region and neighbouring coutries

Country's neighbours are: Norway, Faroe Islands, United Kingdom.
To make it easier for comparison a conversion from local currency to USD has been made (conversion rates may vary).

Estimated Yearly Salary for Retail Store Owner

Last revision of data: 2025-01-04

Salary increase per years of experience

Based on data available the salary increase per years of experience is as following

0 years (beginner) equals base salary

1 to 5 years of experience yields +12% salary increase

6 to 10 years of experience yields +25% salary increase

11 to 15 years of experience yields +16% salary increase

16 to 25 years of experience yields +9% salary increase

more than 25 years of experience yields +10% salary increase

NOTE: Details based on limited set of data. Percentages may vary. The salary increase over years of experience can vary widely based on factors such as job industry, job role, location, company size, and individual performance. To gain even larger increase in salary one is advised to switch jobs and / or employer.

Top 10 highest salaries in Iceland

Data as of 2025

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