Page 25 - December 2021 / January 2022

The business is managed by Promenaden Management within a portfolio of 12 buildings; Steen & Strøm is the jewel in the crown of their
estate. The department store is well located in the very centre of Oslo and at the forefront of the Norwegian luxury scene.
“At Promenaden, we are all about bringing unique and luxury brands to the market, combining these with restaurants, cafes and office
space. Norwegians and tourists will find an inspiring shopping experience, Steen & Strøm is at the centre of this offering,” explains Annette
Lund, CEO of Promenaden Management.
Trading for almost 225 years, Steen & Strøm is one of the oldest department stores in the world; this is a key differentiator for the brand
along with its intrinsic place within the community of Oslo. Their strategy involves working very closely with the local community and being
the store not only of Oslo, but the wider population of Norway.
This strategy continues to pay dividends not only for Promenaden Management, but Steen & Strøm as well. The management company
saw double digit growth whilst the brand saw an increase of 7 per cent in sales in comparison to 2019 across the summer months, and the
locals appear to remain very supportive.
These excellent numbers for Steen & Strøm come at a time when they are undergoing key refurbishments, for which the first phase is
complete. The phase includes the new entrance to Karl Johans Gate, new atrium and a beauty hall. The new entrance is a significant change as
this is Norway’s most frequented shopping street with over 15.5 million shoppers every year (in normal times). It is forecast that the wider
makeover will drive footfall from 2.2 million to 5 million visitors in 2022.
Garnering a global reputation, the department store continues to innovate with initiatives such as the new beauty hall, home to over 200
brands. With both Promenaden and Steen & Strøm having small but creative, passionate teams, many further initiatives are in the pipeline.
“The idea moving forward is to upgrade each floor, focusing on the offering and making Steen & Strøm more relevant. We intend to include
more luxury and premium brands, this is really where we differentiate ourselves from other types of shopping centres or districts,” Lund says.
Having spoken about recent upgrades onsite, David Wilkinson, Executive Director of Steen & Strøm, explains that running parallel with
the physical development is the launch of the new e-commerce offering and e-commerce channel which they will bring to the market in early
March. “This is a very exciting development that will really cement both the physical and digital strategy of our company. As retail is not open
in Norway on Sundays, this new offering will leverage the business to a 24/7 market.” explains David.
Moving on to discuss social media; Wilkinson says that it is something the business is actively pursuing. Being an important cog in the
ecosystem of Oslo due to its location right in the centre of the city, they understand its importance as an instantaneous method of gaining
interest in new brand arrivals, launches and activities.
An inclusive shopping experience, the new beauty hall is an excellent example of the kind of diversity of the demographic that shops at
Steen & Strøm. The business appeals to Millennials and Gen Z’s, but more mature people as well.
“If we look back five or ten years, the customers were much older than our core customer group today. So whilst we are attracting a
younger customer group, the brand remains one for everyone,” explains Lund.
Looking ahead to what comes next; Wilkinson says that populating the store with innovative content remains an important challenge. “This
requires a lot of foresight, excellent planning skills, processing and a lot of energy! When people come to our department store, we want
them to leave having had a multitude of experiences, whether that may be in the beauty hall, discovering the contemporary offerings available
on level two or simply just buying a cup of coffee in the food hall, there are many ways to access the Steen & Strøm brand and we want to
continue to make this unique location an engaging place to visit.”

All Images are of Steen & Strøm, Oslo, Norway
DECEMBER / JANUARY 2021 RETAIL & LEISURE INTERNATIONAL