Oslo’s Historic Steen & Strøm Reopens After $36 Million Facelift | News & Analysis

Oslo’s Historic Steen & Strøm Reopens After $36 Million Facelift | News & Analysis

Oslo’s Steen & Strøm department store has reopened after a NOK300 million ($36 million) renovation.

The shop, which anchors the city’s luxury shopping hub on Nedre Slottsgate, hopes to double its footfall from 2.2 to 5 million annual visitors after adding a new entrance and storefront on Karl Johans Gate — the Norwegian capital’s main drag.

Promenaden, the real estate developer that helped fuel Oslo’s rise as a luxury shopping destination, annexed two additional buildings for Steen & Strøm in order to create the new entrance. It connects to the store’s preexisting spaces via a bright, minimalist atrium. A new beauty hall (anchored by a Dior cosmetics shop-in-shop) was also created as part of the project.

The revamped department store is a key step in Promenaden’s ambition to turn Nedre Slottsgate into the “Bond Street of Oslo,” Annette Lund, the developer’s chief executive, said. The district is already home to luxury shops including Louis Vuitton, Hermès, Saint Laurent and Valentino.

New museums, a weaker Norwegian krone, an expanded airport, and duty-free shopping privileges for British and EU consumers could all help encourage more international visitors to shop in Norway once the country reopens its borders following the coronavirus pandemic.

Steen & Strøm was founded in 1797 and progressively expanded throughout the 19th century to become a department store in the mould of Paris’ “grands magasins.”

Steen & Strøm’s renovations will continue, Lund said, with next steps including a revamp of the floor dedicated to contemporary labels, as well as the addition of a multi-brand luxury fashion space.

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