The world’s oldest continuously running department store, Steen & Strøm (S&S), is celebrating yet another record year-to-date performance, with tax-free sales up 27 percent in the first eight months of 2025, marking the store’s fourth consecutive year of growth.
From January to August 2025, tax-free transactions at S&S grew 16 percent, average spend increased by 9 percent, and overall sales rose by 27 percent, according to data from Global Blue. In August alone, tax-free sales increased 34 percent year-on-year, despite one fewer trading day than in 2024.
S&S, home to over 1,000 brands across nine floors, proved most popular amongst Chinese shoppers, followed by visitors from the United States, United Kingdom, Thailand, and India respectively.
This follows the store’s best-ever trading year in 2024, which was in large part driven by its move to capitalise on tax-free shopping sales as well as capital expenditure initiatives by Promenaden Management to enhance the store’s appeal – both to international visitors as well as a domestic shoppers, from which S&S and the wider Promenaden shopping district is seeing growing demand.
In June, Steen & Strøm launched a new tax-free refund service on Level 5 within the store’s Tech Hall. The service is available not only to Steen & Strøm visitors but also to shoppers from Promenaden and Greater Oslo. Since launch, the desk has quickly become the second most frequented VAT reclaim location in Norway, after Gardermoen Airport, based on transactions during July and August 2025.
Given Visit Oslo’s performance summary of local hotel occupancy and with passenger arrivals exceeding 2.9 million in July, S&S anticipates that the 26 percent year-to-date growth trend will remain in strong double digits through the remainder of 2025.
David Wilkinson, executive director at Promenaden Management, said: “British shoppers are increasingly coming to Oslo and other European capitals to take advantage of tax-free shopping, a benefit they can no longer find at home. The city is quickly solidifying its position as one of the world’s most sought-after retail destinations, an appeal which is further bolstered by the capital’s offering of a uniquely Scandinavian brand of chic and promise of year-round cool weather.
“At Steen & Strøm, we’ve seen first-hand how this appeal combines with tax-free shopping to drive record demand, with many customers telling us they are choosing to make their luxury purchases abroad rather than in London. This was a large factor in our decision to launch a new dedicated tax-free refund service, which has paid dividends both for the store and for shoppers seeking rebates on their purchases.”
Justin Johnston-Taki, senior vice president, MARK Capital Management, said: “Our asset management initiatives for S&S and the wider Promendaen portfolio have been highly responsive to the changing consumer environment, where we are seeing increased demand from both international and domestic consumers, as well as for experiential retail offerings.
“The benefits of our capex programme are evident in the sales performance of Steen & Strøm and Promenaden, driving Oslo’s rise on the global luxury stage with a diverse, customer-focused retail offering that attracts leading international brands and shoppers.”
Annette Lund, CEO of Promenaden Management, said: “Oslo’s momentum as a luxury shopping destination is fast-accelerating, as Promenaden offers not just a curated mix of world-leading brands and Nordic craftsmanship, but also the competitive advantage of VAT-free shopping, a combination that is resonating strongly with British visitors.
“We have been able to capitalise on this growing demand through successful asset management initiatives, which have greatly benefited S&S as well as the wider Promenaden shopping district in which it sits.”
S&S, which first opened in 1797, is widely regarded as Norway’s answer to Le Bon Marché, Selfridges-London, and Rinascente-Milan.
Oslo’s growing popularity amongst the world’s leading luxury brands is seen clearly on Steen & Strom’s surrounding streets. S&S sits on Nedre Slottsgate, a 109m street described as ‘The Bond Street of Oslo’ and now home to nine of the ten most valuable luxury brands in the world.
Gucci, Bottega Veneta, Burberry, Saint Laurent, Moncler, Chanel, Louis Vuitton, Prada and Dior all occupy premises on the street, having been introduced by Promenaden Management, which was acquired by a MARK Capital Management fund in 2016 and oversees 76.000sqm of prime retail and office space in central Oslo.
The success of Nedre Slottsgate has facilitated further improvements to S&S where the likes of Mont Blanc, Dior Beauty and LOEWE all opened their doors over the last few years. In 2024, Promenaden’s owners created two new fashion floors and a brand new 7,500 sq.ft Tech Hall, playing home to over 600 brands as well as a photo, video and sound studio.
