With many Central and Eastern European luxury markets losing ground, Scandinavian markets have been gradually developing their luxury market potential. While the luxury sectors of Prague, Budapest and Vienna have always depended on wealthy foreign travellers who are far from a come-back, Oslo and Stockholm have been evolving as luxury destination.
Oslo, in particular, is a luxury market which is dependant on its locals. Despite the more conservative and discreet nature of Norwegians, more and more major international luxury brands have secured a presence with mono-brand stores. Most recently, Dior and Chanel opened mono-brand store in the heart of Stockholm on the pedestrian upscale development of Promenaden.
Prada and Loewe are launching their mono-brand stores in Oslo in the next 3 months, while Gucci is looking to expand its existing store. Other international luxury brands with a mono-brand presence in Oslo include Burberry, Louis Vuitton (600 sqm), Mulberry, Jimmy Choo, Hermes, Montblanc, Bottega Veneta, Moncler, Saint Laurent, Acne Studios, Isabel Marant.
At the time of our visit, Nordic Choice Hotels which owns and operates over 200 hotels in Scandinavia, celebrated its rebranding to Strawberry Hotels at its brand new luxury flagship property Sommerro House which opened earlier this year, along with Villa Inkognito. Strawberry Hotels also owns and operates two other luxury hotels in Oslo, The Thief and Amerikalinjen. There are plans for a new opening in 2024.
CPP will be publishing on June 8th, an in-depth analysis of the luxury market of Norway as well as a review of Sommerro Hotel and an evaluation of Promenaden.
Chanel new store in Oslo, Norway
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