globe retail outlook data

 

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Norway

The Norwegian economy continues to recover from the oil-led downturn over the past years. The housing market reached an inflection point towards the end of 2017, and has showed solid price growth during Q1 2018. Statistics Norway’s business tendency survey for manufacturing, mining and quarrying is showing growing business confidence, and indicating growth expectations for 2018. Mainland GDP growth increased by 70 bps to 1.8% in 2017 and is forecasted to accelerate additionally in 2018, further underlying the pick-up in the economy. The unemployment rate measured by the Labour Force Survey (LFS) has decreased to 4.0% per January 2018, a decrease of 90 bps since the peak in the summer of 2016. Statistics Norway projects a modest fall in unemployment going forward as the economic activity continues to improve, which is supported by other governmental bureaus as well as private sector forecasters.

Generally, low unemployment, low interest rates and healthy inflation impacts private consumption in Norway with positive effects on retail sales, which continue to grow. Major international retailers continue to establish themselves in Norway, due to Norwegians' strong purchasing power and the positive market outlook. Oslo is one of the fastest growing cities in Europe, as well as on of the richest cities in the world, when measured by GDP per capita. This makes Oslo an attractive destination for international retailers, especially within the luxury segment. The high street retail market continues to set the tone with an influx of both new high-end luxury brands as well as mid-market retailers. The most recent additions to the high-street scene include Balenciaga, Isabel Marant, Moncler and Nike. This trend confirms the attractiveness of Norwegian retail market on the international scene.

Our Top Tip For
New Arrivals

Apple, Chanel, Dolce & Gabbana, Zara Home, Uniqlo, SuitSupply, Ralph Lauren, Hackett

Currency

Norwegian Krone (NOK)
EUR €0.1
USD $0.13
GBP £0.09

Language

Norwegian / Norsk
Hello: Hei
Thank you: Takk

International Dialing Code

+47

Time Zone

CET / UTC+1

Cost of a Pair of Jeans

1,300.00 NOK

Cost of a Cup of Coffee

44.00 NOK

Cities in Norway

Contact Us

Igor Petkovic
Bryggegata 9
N-0250 Oslo
+47 97102591 | igor.petkovic@cbre.com