The luxury shops at the Steen & Strøm shopping center have never sold for more than last year.
Both Steen & Strøm and the surrounding fashion district had a record turnover last year.
The stores in the shopping center in the center of Oslo increased sales by 6.8 per cent, says Annette Lund, manager of Promenaden Management. The company operates and develops both Steen & Strøm and the surrounding buildings. Today, major international fashion houses such as Dior, Gucci, Chanel, Hermès and Louis Vuitton can be found here.
– Both Steen & Strøm and what we call the Promenaden Fashion District in the area around Nedre Slottsgate have results that have exceeded all our expectations, she says.
Several of the big brands had growth of between 20 and 30 per cent last year, says Lund.
– It’s almost unbelievable. We see that the number of visitors remains fairly stable, but that they buy more expensive goods and are more concerned with quality.
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– I am not a “discount broker”
– Want to invest in quality
For goods trade in general, turnover fell by three per cent last year, according to Statistics Norway.
Pharmacies and clothing stores were two of the few industries with increased turnover. And for the “Promenaden Fashion District”, the increase was therefore significant – also higher than the price increase of 5.5 per cent last year.
– I think it’s about people wanting to invest in quality. It has also often been seen that luxury generally fares better than other industries during recessions, says Lund.
E24 has mentioned something of the same trend in the past. In October, figures from DNB showed that consumption is generally falling, but that Norwegians are also spending more money on shoes, clothes and accessories, personal services.
The latter includes everything from a hairdresser, spa, nail design to health services and repair of, for example, shoes.
– People spend time and money on themselves when the going gets tough, said Glenn-Arild Skogvoll Veiby to E24 last autumn. He is the general manager of the company that owns the Nikita hairdressing chain.
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Who can we trust?
– Twelve new openings
Lund in Promenaden Management tells of great demand for premises from international luxury fashion houses.
– We had twelve new openings last year, including Chanel.
In addition, a record number of new agreements were signed, she says. This means more new openings in the future. Among other things, Urmaker Bjerke is bringing what will be Europe’s largest watch shop.
– A development we have seen in recent years is that several of the luxury stores will have larger premises. It is to have room for more categories. Several are now also focusing on goods aimed at men. It has not been so common in the Norwegian market in the past.
– What will 2024 be like?
– I am very optimistic. At the moment we are rebuilding at Steen & Strøm, and then new stores and concepts will open here during the year. I think Oslo as the capital will attract more and more visitors in the future. Both Norwegians on a weekend trip or summer holiday and also several from abroad.