Steen & Strøm
A historic Scandinavian department-store and shopping-centre operator with roots in Oslo retail dating to 1797.
Last updated August 31, 2026
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Overview
Steen & Strøm is a Scandinavian retail and real-estate company whose origins go back to a wine shop and general store established by Samuel Strøm in Oslo in 1797. The business developed through several generations of the Strøm and Steen families and became one of Norway's most prominent department-store institutions. Its name was established in 1856 after Emil Steen joined Samuel Strøm Jr. in the business. In 1874, the company built what is described as Norway's first department store. That building was destroyed by fire in 1929 and replaced by a new store in 1930, designed with architectural inspiration from Paris. The company combined traditional department-store retail with ownership, management, and development of shopping centres. Its activities expanded beyond a single Oslo store as the Nordic retail property sector grew. In 1991, Agora Drift AS took over management of Steen & Strøm, together with the management of five other shopping centres and three hotels, marking a significant shift toward a broader commercial-property and shopping-centre platform. Steen & Strøm was a member of the International Association of Department Stores from 1940 until 1992. During that period, several of its chief executives served as presidents of the association, reflecting the company's historical standing within European department-store retail. The company was listed on the Oslo Stock Exchange in July 1994. It returned to private ownership in September 2007 after Stein Erik Hagen acquired the interests of the other principal shareholders. In 2008, Steen & Strøm was sold for NOK 21.9 billion to a partnership involving French shopping-centre company Klépierre and ABP Pension Fund. The transaction reinforced the company's identity as a shopping-centre and retail-property operator rather than solely a conventional department-store chain. The company is described as owning and operating ten shopping centres in Norway, Sweden, and Denmark. Its current public profile is therefore centered on Nordic shopping-centre operations, retail environments, and commercial real estate. The available reference material does not establish a complete current management roster, detailed centre-by-centre portfolio, or a current corporate website, so those fields remain unspecified here.
History
Steen & Strøm traces its history to 1797, when Samuel Strøm opened a wine shop and general store in Oslo. Following his death in 1818, the business was continued by his widow, Else Strøm. Their son, Christian Strøm, assumed control in 1829. The enterprise remained within the extended family and was reorganized in 1856, when Christian Strøm transferred it shortly before his death to his nephew and adopted son, Samuel Strøm Jr., and to Emil Steen, the husband of his adopted daughter Ovidia, born Jebe. The partnership gave the business the name Steen & Strøm. Samuel Strøm Jr. died in 1876. Emil Steen subsequently brought Augusta Strøm, Samuel Strøm Jr.'s widow, into the partnership. In 1884, the next generation entered the business, with Christian Steen, Johan Steen, and Christian Strøm Jr. becoming partners. Further family succession took place in the early twentieth century. Erling Steen and Eyvind Strøm joined the partnership in 1914, while Nils Steen joined in 1919. The three later assumed control during the 1930s. Another family member, Emil Steen, served on the board, and his son Christian Steen became chief executive in 1964. The company also played an important role in the development of Norwegian department-store retail. In 1874 it built the first department store in Norway. The building was destroyed in a fire in 1929, after which the company constructed a replacement store that opened in 1930. The new building drew architectural inspiration from Paris and represented a more modern, destination-oriented form of retailing. Steen & Strøm belonged to the International Association of Department Stores from 1940 to 1992. Several of its chief executives served as presidents of that international industry association at different times. This affiliation placed the company within the established European department-store tradition while its business gradually broadened beyond the original Oslo retail operation. A major organizational change came in 1991, when Agora Drift AS took over management of Steen & Strøm. Agora also managed five other shopping centres and three hotels, connecting the Steen & Strøm name to a wider portfolio of retail and property assets. The company's subsequent development increasingly emphasized shopping-centre ownership and operation alongside department-store retail. Steen & Strøm was listed on the Oslo Stock Exchange in July 1994. The public-market phase ended in September 2007, when Stein Erik Hagen acquired the interests of the other major shareholders and the company was delisted. The ownership structure at that time included Canica, Storebrand, Orkla, Stein Erik Hagen, and Varner-Gruppen. In 2008, the company was sold for NOK 21.9 billion to Klépierre, which held 56.1 percent of the acquiring partnership, and ABP Pension Fund, which held 43.9 percent. The transaction marked another step in Steen & Strøm's evolution from a family-founded department-store business into an institutionally owned Nordic shopping-centre platform. The company is described as operating ten shopping centres across Norway, Sweden, and Denmark. The supplied reference material does not provide a detailed account of later ownership changes, individual shopping-centre names, or current executives.
- 2008
Sale to Klépierre and ABP Pension Fund
[1]Steen & Strøm is sold to a partnership involving Klépierre and ABP Pension Fund for NOK 21.9 billion.
- 2007
Delisting and return to private ownership
[1]The company is delisted in September after Stein Erik Hagen buys out the other major owners.
- 1994
Oslo Stock Exchange listing
[1]Steen & Strøm is listed on the Oslo Stock Exchange in July.
- 1991
Agora Drift assumes management
[1]Agora Drift AS takes over management of Steen & Strøm and several other shopping centres and hotels.
- 1940
Joins the International Association of Department Stores
[1]Steen & Strøm begins a membership that continues until 1992.
- 1930
A new department store opens after the 1929 fire
[1]Following the destruction of the earlier store by fire, Steen & Strøm opens a replacement building influenced by Parisian architecture.
- 1874
Norway's first department store
[1]The company builds what is identified as Norway's first department store.
- 1856
The Steen & Strøm name is established
[1]Emil Steen joins Samuel Strøm Jr. in the business, establishing the Steen & Strøm name.
- 1829
Christian Strøm becomes proprietor
[1]Christian Strøm, the founder's son, takes over the business from his mother.
- 1818
Else Strøm takes over after Samuel Strøm's death
[1]Samuel Strøm's widow, Else Strøm, assumes responsibility for continuing the family business.
Products and positioning
Nordic department-store heritage combined with mid-to-upper-market retail destinations and shopping-centre property operations
Department-store retail · 1874
Steen & Strøm department stores
The original Steen & Strøm offer was a broad department-store format descended from the company's nineteenth-century general-store and wine-trade origins. Its historic Oslo department store became a landmark in Norwegian retail, including the replacement building opened in 1930 after a major fire. The available material does not enumerate the individual merchandise departments, but the format positioned Steen & Strøm as a multi-category retail destination rather than a specialist shop.
Shopping-centre operations
Steen & Strøm shopping centres
Shopping-centre ownership and operation became increasingly important as the company expanded beyond its historic department-store base. Steen & Strøm is described as owning and operating ten shopping centres across Norway, Sweden, and Denmark. These properties function as multi-tenant retail destinations and commercial real-estate assets, although the supplied reference does not provide a complete list of centres or detailed tenant information.
Brand decisions
2008
Sale to Klépierre and ABP Pension FundM&ABackground
The company had developed into a Nordic shopping-centre and retail-property operator with assets in Norway, Sweden, and Denmark.
Action taken
Steen & Strøm was sold to Klépierre and ABP Pension Fund. Klépierre held 56.1 percent of the acquiring partnership and ABP Pension Fund held 43.9 percent.
Aftermath
The transaction reinforced the company's institutional ownership and shopping-centre focus.
Transaction value. NOK 21.9 billion (2008)
2007
Take-private transactionM&ABackground
Stein Erik Hagen acquired the interests of the other principal shareholders, ending Steen & Strøm's period as a listed company.
Action taken
The company was delisted from the Oslo Stock Exchange in September 2007.
Aftermath
Steen & Strøm became privately held before being sold to Klépierre and ABP Pension Fund the following year.
1994
Public listing on the Oslo Stock ExchangeOtherBackground
After decades as a family-rooted retail company and a period of expansion into shopping-centre management, Steen & Strøm entered the public market.
Action taken
The company was listed on the Oslo Stock Exchange in July 1994.
Aftermath
The listing continued until the company was taken private and delisted in September 2007.
1991
Expand management activities through Agora DriftStrategyBackground
Steen & Strøm was moving beyond its historic department-store identity toward a broader retail-property and shopping-centre platform.
Action taken
Agora Drift AS took over management of Steen & Strøm as well as five other shopping centres and three hotels.
Aftermath
The arrangement helped establish a larger operating platform combining retail destinations with property and hospitality assets.
Sources1 sources
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