Strong revenue growth for Norwegian shopping centers in July

Oslo CityOslo City.Photo: Vidar Ruud / NTB scanpix
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Norway’s holidays and closed borders have led to a sharp increase in turnover for the country’s shopping centers.

The shopping centers had a total turnover of 15.5 billion kroner in July, an increase of 2.9 billion kroner from last year, according to figures from Kvarud Analyse, which compiles the so-called shopping center index. This represents a growth of 20.3 per cent compared with the same month last year, writes Dagens Næringsliv.

“People prioritize goods consumption in Norway when they don’t spend money on cross-border trade and travel abroad,” says investor Harald Espedal.

“It is the biggest shift in consumption patterns that I have seen. I am surprised that it is so marked,” says Espedal about the strong growth.

The hotel and real estate magnate Olav Thon has also noted the demand at the shopping centers. On Friday, Olav Thon Eiendomsselskap presented its result for the second quarter. Turnover at the shopping centers owned by the company was 12.4 billion kroner – an increase of 2.9 per cent compared to the same quarter last year.

Thon’s company owns 77 shopping centers, and seven of the country’s largest ten shopping centers measured by turnover.

© NTB Scanpix / #Norway Today

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1 Comment on "Strong revenue growth for Norwegian shopping centers in July"

  1. IEven if the picture associated with this article is not a stock photo, this may have been part of the reason for the recent spikes in coronavirus infections. If the picture is recent, the fact that so many people pictured appear to not be wearing masks should give health officials reason for concern.

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