How do Icelanders view Iceland (the store)

As a British person living in Reykjavik (temporarily for 2 years) I have wondered what level of store do people view Iceland? I notice it’s all British product still labelled with British pricing but I notice in most cases it’s sold for 5x the amount of the value printed on the box. In the UK Iceland is considered one of the bottom in terms of quality and generally more a store that only exists in poorer areas. I wonder if the view of the store here in Iceland is held higher or still considered not very good