Oslo, April 4 – Promenaden Management, the premier retail leasing, management and commercial firm in central Oslo, announces the opening of Chanel on Nedre Slottsgate, the region’s leading luxury street covering nearly 30,000 sq m of office and retail GLA. Promenaden Management sits within parent company MARK, a multiplatform pan-European private equity real estate manager with EUR10bn of assets across multiple European geographies and sectors, including residential, urban logistics, offices, and luxury retail.
The new boutique will enhance the district’s impressive array of luxury brands, which include Dior – which just opened last July 2022 covering a total of 1,000 sq m of retail- together with Bottega Veneta, Louis Vuitton, Hermes and Gucci.
“It is a great pleasure to welcome Chanel to the Promenaden district’s impressive portfolio of the world’s leading luxury brands. The opening of the Chanel boutique is a further example of Oslo stepping out of the shadow of its neighbours Stockholm and Sweden to truly position Oslo as the main destination for luxury in Scandinavia.” said Annette Lund, CEO of Promenaden Management.
Josip Kardun, Chief Investment Officer, MARK, said: “The rapid recovery of luxury retail post- pandemic has proven its resilience as an asset class. Promenaden has been instrumental in establishing Oslo on the international luxury map, and the arrival of the powerhouse that is Chanel further cements its appeal to leading international retailers.”
LUXURY IN SCANDINAVIA
The opening of the new boutique coincides with a booming luxury market in Norway and an influx of luxury brands to Promenaden Fashion District. July 2022 saw the opening of Dior, the French brand’s first boutique in Scandinavia. Further, in November 2021 Louis Vuitton expanded and opened in a 600m2 new location within the Promenaden portfolio. The luxury catchment area continually expanding, and it is predicted that revenue in the luxury Goods market in Norway will reach US$1,259.00m in 2023, with an annual growth rate of 2.15% (CAGR 2023-2028).
Norway holds a purchasing power of almost double that of the EU average. Despite the pandemic, the country has rebounded to pre-pandemic levels due to various factors such as greater digitalization and teleworking capabilities, stronger public finances before the pandemic, and more advanced public welfare structures. Luxury fashion is the market’s largest segment, with a volume of US$453.50m in 2023.
As consumers continue to seek out high-quality, premium goods and services, Oslo is poised to become a major player in the world of luxury retail.
Further information can be found on the Promenaden Management website:
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