Perhaps it really is cool to be cool. Tired of soaring temperatures in the south, some Europeans are, it would seem, vacationing in the more temperate climes of the continent’s north and indulging in a little retail therapy along the way.
And for Oslo that is neatly dovetailing with an increasingly confident Norwegian fashion industry, emerging from the shadows of wonderful wonderful Copenhagen and Gen Z tech hub Stockholm.
That movement is further helped by the spate of cultural attractions that have opened in recent years, from the city’s national museum to the Munch art collection and the stylish national library and opera house. Many of these new buildings occupy docks areas that, if hardly no go in this gentlest of cities, were previously not especially inviting.
This year’s Oslo Runway helped set the new tone, coming together with the city’s burgeoning and expanding luxury quarter – anchored by venerable department store Steen & Strøm. Indeed, retail transformation has undoubtedly been aided by the fact that a significant chunk of Oslo’s retail center is owned by a single landlord – Promenaden Management – which is one of those to have pointed to coolcationing as a driver of growth.
David Wilkinson, Steen & Strøm’s Executive Director, has been behind much of the reimagination of the department store and he reflects: “We are increasingly seeing extreme weather patterns and heatwaves influence travellers’ destination choices. Oslo is one of several Scandinavian cities benefitting from consumers opting for a relatively cooler, Northern European climate during the summer travel months.”
Circular Fashion Push
Much of the fashion focus has been on circular fashion and sustainable textiles, reflecting the country’s shift towards environmentally-friendly lifestyles, and encapsulated by the country’s overwhelming take-up of electric vehicles (while not forgetting that much of Norway’s formidable wealth is borne from oil and gas).
And completing that circle, in late August Oslo Runway launched with support from Steen & Strøm, which is increasingly trying to showcase local brands alongside the designer and luxury names that the multi-year refurbishment project has attracted.
The private opening ceremony for Oslo Runway 2024 embodied that mix of old and new, with Norway’s fashion crowd gathering for a gala dinner at Oslo’s historic Grand Café Oslo, where artists, writers, and politicians once met to debate and Munch tried to trade his now-priceless paintings to pay his bills.
Norway’s luxury market is equally nascent and was certainly not always on the map for the likes of Chanel, LVMH and MaxMara. The meticulous floor-by-floor transformation of Steen & Strøm, plus the expansion of the stores available to luxury brands in the surrounding Promenaden Fashion District has changed that.
Steen & Strøm Refurbishment
Steen & Strøm’s evolution is a number of years in the making, starting with a revamped ground floor beauty hall and lower ground food area, overseen by U.K. department store veteran Wilkinson, completed in 2022. Two years later, much of the third and fourth floor fashion offer has been revamped, while the fifth floor has become host to a new and impressive technology zone. The second floor is being readied for a major refurbishment in the next phase of redevelopment.
The strategy seems to be working. The retailer recorded a 14% increase in sales on a prior year basis to June 2024 and the first three months of this year represented its best-ever quarter, with sales from tax-free shopping up 32% on a yearly basis. Visitors from the U.S., China, the U.K., Australia and Indonesia top the numbers.
The most recent addition to Oslo is what is probably best described as a watches shopping center, opening on the main retail drag and curated by Norwegian watch retailer Bjerke. Making its debut in mid-August, it has consolidated its long established presence in the city into the completely remodelled Eger Shopping Gallery, creating perhaps the largest watches emporium in Europe.
It also helps provide a new gateway to the expanding luxury zone as Oslo continues its evolution as a retail and leisure hotspot. Or should that be coolspot?
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