LOEWE, the Spanish luxury fashion house, has become the latest addition to Steen & Strøm, the world’s oldest luxury department store in the heart of Olso.
The new opening bolsters the Norwegian capital’s emergence as a European luxury powerhouse, where its “Promenaden” district continues to attract the world’s leading luxury brands and growing numbers of retail tourists from the US, Asia and the Middle East.
Promenaden is a 76,000 sq. m prime retail and office district in the heart of Oslo, with the focal points being the 12,600 sq. m Streen and Strøm department store and Nedre Slottsgate – known in the luxury community as “The Bond Street of Oslo”. The 96m street, where one entrance to Steen & Strøm is situated, has the single densest concentration of luxury boutiques in Europe, with the likes of Gucci, Hermès, Louis Vuitton, Valentino, Bottega Veneta, Burberry, Saint Laurent, Moncler and Chanel, all located there.
Steen & Strøm, Oslo’s “Jewel in the Crown”, is a 226 year old institution and centrepiece of the capital’s retail and commerce culture. The nine storey building underwent a multi-million Euro refurbishment through its investor MARK Capital in 2021, which included the refurbishment of its Beauty Hall, while Mont Blanc, Dior Beauty and now, LOEWE, have become part of the 600+ brands at Steen & Strøm.
The expansion of Oslo’s luxury offer is gaining recognition from retail tourists on a global level, adding to its large customer base of local buyers, argues Annette Lund, Chief Executive of Promenaden Management, the landlord behind the district: “Oslo has become the go-to destination in Scandanavia and is a serious competitor to the historic luxury capitals such as Paris, London and Milan. The evidence for this is two fold: the growing numbers of prime retail tourists arriving from the Middle East, US and Asia, as well Oslo increasingly being the destination of choice for global expansion programmes amongst the world’s biggest brands.
“Visitor numbers are growing for Promenaden and we have been careful to develop a loyal local and domestic customer base . VAT free shopping, clean streets and a strong conversion rate have all boosted its appeal. We have also been highly discerning in the profile of brands that occupy the district, while the support of our investment partners has enabled us to create a world-class, technology-led and contemporary shopping offer against the backdrop of the historic architecture and beauty of Oslo.”
Investment into Promenaden has been led by MARK Capital, the pan-European real estate investment manager and owner of Promenaden Management. MARK has financed redevelopment projects and building improvements in Promenaden and partnered with Promenaden to manage the portfolio.
Headquartered in London, MARK was behind the redevelopment of the capital’s Burlington Arcade and is regenerating West London’s historic The Whiteley building in a £1bn project. Prime central Paris is another point of focus for its mixed use strategy, while urban warehouses and residential rental housing are also part of its portfolio.
Marcus Meijer, CEO of MARK, said: “The resilience of luxury retail has been proven time and time again over the last year or two, while other areas of the global consumer economy are less certain. With Promenaden Management we have transformed Oslo into a serious contender on the international luxury stage through a combination of sensible investment and dynamic asset management strategies that speak to a clear vision we have there.”
David Wilkinson, Steen & Strøm’s Executive Director comments: “We are delighted and privileged to welcome such a uniquely creative and historic brand to Steen & Strøm’s comprehensive luxury offering. LOEWE marks a continuation of Steen & Strøm’s strategy to continually elevate its range, adding only the world’s most desirable and innovative names for its clientele.”
ABOUT PROMENADEN MANAGEMENT
Promenaden Management manages and leases prime retail and commercial buildings in central Oslo. It has been managing the Promenaden assets for many years and provide unique insight and expertise in the Norwegian market, with special focus on value-adding initiatives and the goal to create Norway’s most exciting customer experience.
ABOUT STEEN & STRØM DEPARTMENT STORE
Introducing the latest fashion for over 200 years, Steen & Strøm brings together exclusive high- end brands and quality service in an inviting atmosphere. With over 3 million annual visitors and a long tradition of being Oslo’s main meeting point, Steen & Strøm seeks to maintain its position at the intersection of tradition and forward-looking fashion and lifestyle. Inclusive and aspirational, it is a destination that mixes inspiration with the ease of a one-stop shop. The destination for what’s new and next since 1797.
Created in Spain in 1846, LOEWE has been one of the world’s major luxury houses for over
176 years. Under the creative direction of Jonathan Anderson since 2013, the brand is now
in a new chapter, presenting itself to the world as a house focused on craft and culture;
evidenced through an intellectual yet playful approach to fashion, bold and vibrant Spanish
lifestyle, and unmatched expertise with leather.