STOCKHOLM Cushman & Wakefield Global Cities Retail Guide
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STOCKHOLM Cushman & Wakefield Global Cities Retail Guide Cushman & Wakefield | Stockholm | 2019 0 Stockholm is often regarded as Sweden’s most beautiful city. The Swedish capital, Stockholm has long been famed for its idyllic setting sprawled across 14 islands, with a rich cultural heritage. The city has a reputation as a global centre of dynamic design, cutting-edge fashion and innovative cuisine, music and art. Stockholm has also been dubbed the “Unicorn factory” due to the number of fast-growing companies (Unicorns = tech companies founded after 2003, that have reached valuations of at least $1bn). Stockholm has generated, on a per capita basis, the second most unicorn companies in the word. Only Silicon Valley has produced more per capita. The Stockholm region is one of Europe’s most attractive and competitive regions. The region tops several rankings measuring purchasing power and at the same time the expense of living in the region is relatively low. The limited availability of residential options for new Stockholmers has surfaced as a major constraint to further growth. The greater Stockholm region has some 2.3 million inhabitants; approximately one fourth of Sweden’s total population, and is an area of population growth. There are significant levels of inward- migration from elsewhere in Sweden and abroad. The population is highly diverse, with people from many different cultures and demographics. Stockholm’s retail is split into the principal shopping streets in the STOCKHOLM downtown area and other facilities in the residential suburbs. The retail catchment area of the city is vast, by way of the city’s strong transport network and road infrastructure. OVERVIEW Cushman & Wakefield | Stockholm | 2019 1 STOCKHOLM KEY RETAIL STREETS & AREAS DROTTNINGGATAN SERGELGATAN Drottninggatan is the busiest pedestrian shopping street in The pedestrian street Sergelgatan has recently developed Sweden with a footfall on Saturdays of 76,000. into an extension of the less-exclusive fashion cluster at Considered mainstream, most of the largest Swedish Drottninggatan, due to the lack of space there. However, retailers are represented there, many of them with their the street is a part of major development project and is flagship stores. Due to the lack of space there are a undergoing considerable transformation. The landlords limited number of international brands represented there. are aiming for a good mix of premium brands and F&B. The department store Åhlens is situated at The project will be ready for the first tenants in 2021. Drottninggatan. HAMNGATAN GÖTGATAN/SOFO Hamngatan, between Sergelstorg and Norrmalmstorg, The Södermalm district with Götgatan and SoFo, the area connects the mainstream shopping areas around to the south of Folkungagatan, is home to a mixture of Drottninggatan and the more premium oriented areas trendy contemporary boutiques for fashion, vintage starting at Norrmalmstorg. On this street we find the merchandise and design. In general, the brands premium department store NK (Nordiska Kompaniet) and represented in the area tend to be more local and the city centres most important Shopping mall “Gallerian”, bohemian than in downtown areas of Stockholm. which for a few years has gone through a major refurbishment and is now fully operational. Cushman & Wakefield | Stockholm | 2019 2 STOCKHOLM KEY RETAIL STREETS & AREAS HAMNGATAN/REGERINGSGATAN BIBLIOTEKSGATAN/STUREPLAN/ The intersection of Hamngatan and Regeringsgatan is BIRGER JARLSGATAN probably the most sought-after office location in Sweden. Biblioteksgatan and Birger Jarlsgatan form the fashion It is also where both Gallerian and the NK department district of Bibliotekstan, Stockholm’s luxury and high end store are located. Gallerian (38,000 sqm) is among the market with a mixture of international fashion with the best best performing shopping malls in Sweden, and is an in Swedish design. Brands such as Jimmy Choo, Ralph important retail destination. The redevelopment of the Lauren, Gucci, Louis Vuitton, Moncler, and Mulberry office buildings surrounding Gallerian is, as of this year, together with Swedish brands such as Filippa K, Acne, fully operational and goes under the brand “Urban and Rodebjer, to name a few, are represented. Next to Escape”. The project also included an additional 5,000 these high fashion boutiques are lively restaurants and sqm retail space and two recently opened hotels. cafés, for example the iconic Prinsen, established in 1897 NK has been the premier department store in Stockholm and Eataly with a beautiful unit in an old theatre. The area since 1915. It has 110 different stores, featuring a vast is highly sought after by international retailers. At the assortment of high-end fashion and luxury goods and a northern tip of Bibliotekstan lies the nightlife hot spot newly refurbished food hall with 8 different concepts Stureplan and the high-end fashion shopping mall offering delicacies of all sorts. Behind NK, and opened in Sturegallerian. 2012, is the designer mall Mood Stockholm. One block to the west from the intersection of Hamngatan KUNGSGATAN Kungsgatan is the former High Street of Stockholm, but and Regeringsgatan lies the public square Sergels Torg, for the past few years it has been a location for electronics with access to the central hub of public transportation. retailers and sports goods, mixed with cinemas and restaurants. However, Kungsgatan is a rapidly NORRLANDSGATAN transforming street with several strong international and Norrlandsgatan has become a popular shopping street national brands entering, for example Samsung, Barbour, with brands such as Bianchi, Caliroots, Röhnisch, and North Face and Haglöfs. The Adidas flagship store is also Eytys. Also connected to this street is the trendy fashion & located on the corner of Kungsgatan and Sveavägen. food galleria “Mood”. Cushman & Wakefield | Stockholm | 2019 3 STOCKHOLM MARKET OVERVIEW KEY AREAS / CONSUMER MAJOR RETAILERS PRESENT NEW ENTRANTS TYPICAL RENT RANGE OF UNIT STREETS/SHOPPING PROFILE FOR UNIT OF 200 SIZES CENTRES SQM Drottninggatan Tourists, local shoppers, H&M, Intersport, Indiska, Scorett, Zara, Afound, Arket SEK 8,000-16,000 / sqm 50-3,000 sqm mid-range Lindex, MQ Sergelgatan Tourists, local shoppers Newbie, Mango, Stadium, Nilson Shoes Different things SEK 7,000-12,000 / sqm 50-2,000 sqm Kungsgatan Local shoppers, local Adidas, Elgiganten, Nespresso, Kungsgatan, Ad Libris, SEK 7,000-11,000 / sqm 50-3,500 sqm business density Norrøna, Samsung, Starbucks, North Norrøna Face Hamngatan Tourists, local shoppers, Gallerian, Mediamarkt, NK, Victoria´s Uniqlo SEK 8,000-18,000 / sqm 50-3,000 sqm local business density Secret, XXL Norrlandsgatan Local shoppers, local Vans, Hestra, MQ, Bianchi, Starbucks, Ganni SEK 7,000-11,000 / sqm 50-400 sqm business density Suit Supply Biblioteksgatan Tourists, local shoppers, Filippa K, Ralph Lauren, Peak Axel Arigato, Totême SEK 15,000-26,000 / 50-500 sqm local business density Performance, J.Lindeberg, Hugo Boss, sqm COS, Sephora, Samsøe Samsøe Birger Jarlsgatan Tourists, local shoppers, Gucci, Louis Vuitton, Mulberry, Prada, Livly SEK 14,000-22,000 / 50-300 sqm local business density Bottega Veneta, Moncler, Chanel sqm Götgatan/SoFo Tourists, local shoppers Weekday, Whyred, Filippa K, H&M, Gina Tricot SEK 3,000-9,000 / sqm 50-400 sqm Gina Tricot, J.Lindeberg, ACNE, Grandpa, Nudie Jeans Mall of Scandinavia Tourists, local shoppers COS, H&M, Filippa K, JD Sports, MAC, Hunter’s barber, NA-KD, SEK 10,000-13,000 / 50-1000 sqm Tommy Hilfiger, Nike, Boss, Tesla, IVYREVEL sqm Calzedonia Täby Centrum Tourists, local shoppers Apple, Guess, Hugo Boss, Lindex, Lacoste, Renault SEK 9,000-10,000 / sqm 50-1000 sqm Samsonite, Superdry, Tesla, Foot Electrical Vehicles, Locker Normal Kista Galleria Tourists, local shoppers Adidas, New Yorker, H&M, Yves M.E.E.T, Afound SEK 6,000-8,500 / sqm 50-1000 sqm Rocher, Foot Locker Tourists, local shoppers Nike, Superdry, Hollister, Foot Locker, JD Sports, Nespresso, SEK 10,000-22,000 / - Gallerian MQ, Volt, G-Star Intimissimi, Daniel sqm Wellington, Rituals Cushman & Wakefield | Stockholm | 2019 4 STOCKHOLM OUT OF TOWN SHOPPING CENTRES MALL OF SCANDINAVIA SKÄRHOLMEN CENTRUM The crown jewel of out of town shopping centres is the Skärholmen centrum (GLA 53,950 sqm) was first opened Mall of Scandinavia, opened by Unibail-Rodamco in 2015 1968 and was back then the largest shopping centre in in the northern suburb of Solna, en route to Arlanda Stockholm. For the past decade, the shopping centre has airport. Next to the new National Football Arena and been under development to meet customer needs and is accessible from central Stockholm by a 7 minute now in the midst of a major redevelopment. 30 new stores commuter train ride, the building covers around 300,000 have opened and several existing ones have expanded. sqm and in total around 224 shops, restaurants, a hotel, Some of the retailers operating in the centre is Yves event spaces, and Sweden’s first IMAX cinema. Rocher, Rituals, Holland & Barrett, Diechmann and Afound. Amongst new entrants this year is Lego. Furthermore, the centre has the region’s largest playground for kids. TÄBY CENTRUM Täby Centrum (81,500 sqm) is another out of town shopping centre, which together with Mall of Scandinavia is a main point of interest for international retailers. It originally opened in 1968 but has been extended and refurbished over the years. Täby Centrum has seen openings by retailers such as Scotch & soda, Rituals, Hollister, and Apple (their first store in the market and Thomas Sabo. Cushman & Wakefield | Stockholm | 2019 5 STOCKHOLM FOOD & BEVERAGE Stockholm continues to be a city with Prime location in Stockholm does not always make a very high standards within the Food successful restaurant. If the food is trendy, unique, and delicious, the people in Stockholm will make the trip and Beverage (F&B) sector, with many required, especially if the location is close to the seaside famous chefs and a diverse array of or waterfront. restaurants catering to all price points The fast food sector continues to thrive and a number of across many cuisines.