The record quarter follows a €30M revamp in 2021, with Norway’s first and only ‘tech hall’ opening earlier this month.
Steen & Strøm (S&S), the world’s oldest continuously running department store, has celebrated its best-ever quarter, with sales increasing by 13.6 per cent in Q1 2024 compared to Q1 2023. Total sales for 2023 calendar year were up 6.8 per cent compared to the 2022 calendar year. Tax-free shopping was a key driver of increased sales, with tax-free sales in the first quarter up 114 per cent compared to Q1 2023.
The surge in sales follows a luxury boom in Norway and an influx of high-end brands to Oslo, led by London-based real estate investment manager MARK Capital and its Norwegian-based, wholly owned asset and property management business, Promenaden Management.
Steen & Strøm sits on Nedre Slottsgate, known as the ‘Bond Street’ of Oslo – home to nine of the ten most valuable luxury brands in the world and registering the densest concentration of luxury brands in Europe (excluding airports).
The likes of Gucci, Valentino, Bottega Veneta, Burberry, Saint Laurent, Moncler, Chanel and Dior were all introduced to Nedre Slottsgate by Promenaden Management, while Louis Vuitton, Mulberry and Hermès have all relocated and expanded their stores on the street since the business assumed management of the 23,000sq m area, which includes offices too.
