Steen & Strøm beats sales records after luxe Oslo store reopens

By

Sandra Halliday

Published
May 9, 2022

Steen & Strøm, the historic luxury department store in Oslo that’s also the worlds oldest, said on Monday that it made history in its March results when it exceeded its best monthly sales on record by as much as 20%. It followed the end of Norway’s Covid restrictions during February.

That's an impressive achievement for the retailer that's owned by Promenaden Management and covers six levels with 12,600 sq m of sales space.

It said the sales jump was above the previous March record and came after major investment in the asset, including a repositioned main entrance that fronts Norway's busiest shopping street, plus the introduction of a new atrium and last year’s launch of its major new beauty hall.

The 225-year-old retailer enjoys over 2 million annual visitors and executive director David Wilkinson said: “We are encouraged by the recovery of footfall and sales revenue following the major investment made in the new entrance, escalator core and beauty hall. Oslo continues to develop as Scandinavia’s focus for leading luxury and premium brands. Our customers and teams are incredibly loyal and, combined with international tourists returning, we look forward to delivering a record summer season.”

Wilkinson has plenty of experience in senior roles at luxury names, including Harrods, Selfridges and Kurt Geiger in the UK, as well as having worked in the Middle East and Russia.
 
He said that also important has been the new brand identity that was delivered in collaboration with graphic design and art direction studio Lotta Nieminen. It placed a lot of importance on interpreting the store’s history through a modern lens, highlighting its legacy and long-standing position as a forward-thinking fashion destination.

The company added that since reopening after Oslo emerged from Covid-19 restrictions, sales have been encouraging with the beauty hall exceeding targets on its first two days after reopening. Norwegian Retail overall has proved resilient during the pandemic and Steen & Strøm reported double-digit growth last summer with Norway overall expected to come out of the global health crisis as one of Europe's stronger economies.

Importantly for any luxury retailer, tourists are also returning to Oslo both from within Norway and from other countries.