Satisfied with turnover at Thon Group shopping centres in 2022

Increase in retail, services and food sales results in excellent turnover numbers 

In a press release, Thon Eiendom has announced that total turnover in 2022 for Thon Group shopping centres has remained strong.

"There are plenty of reasons to continue to have faith in physical retail. We are very pleased that turnover remained strong in 2022, but expect consumption growth to flatten out somewhat in 2023," says Thomas E. Rønning, head of the shopping centre division in the Thon Group. 

"In addition to traditional retail, customers spent a lot of money in 2022 on services and food," adds Rønning.

The Thon Group's own figures are on par with the rest of the sector. Food service establishments, clothing and shoes, as well as various other types of services are growing, while appliances and consumer electronics and various home categories, which fared well during the pandemic, have seen a sharper falloff.

Vinmonopolet (government-owned alcoholic beverage retailer) reported significantly fewer sales in 2022 and grocery store sales have flattened out compared to sales during the pandemic years. One of the reasons for this is that customers are travelling abroad once again.

Norway's largest shopping centre operator

Eight out of the ten largest shopping centres in Norway measured in turnover is either owned or operated by the Thon Group.

The shopping centre portfolio in Norway comprises a total of 83 shopping centres, of which 49 are operated under the AMFI brand. The Thon Group also owns ten shopping centres in Sweden.

In 2022, the Thon Group had several ongoing major shopping centre projects. The re-opening of the Triaden in Lørenskog is part of a major development project that will involve the opening of even more retail businesses in 2023. A large-scale renovation project is also currently underway at the AMFI Vågen in Sandnes and the AMFI Elverum.

Shopping centres are increasingly a place where people gather and spend time. In keeping with the changes taking place in the retail sector, the Thon Group is investing more heavily in city and urban development, including building residences near or connected to shopping centres.

The group is also renting out more space to cafés, eateries and services than in the past, and is also experiencing an increase in health and wellness-related tenants.

Visitor numbers show that people are increasingly visiting shopping centres. There were 7.2% more visitors in 2022 than in 2021 and 5% more than in 2019. But at the same time, average purchase amounts per visitor have decreased slightly.

The Thon Group also sees that cross-border shopping and visitor numbers at border shopping centres have returned to pre-pandemic levels.

The Thon Group experienced continued low vacancy rates for rental spaces at shopping centres in 2022 and few bankruptcies among tenants.

While Virke expected a slight sales decrease during the annual Black Week, the Thon Group registered a growth of around 4.2% compared to last year's Black Week and 2.8% compared to Black Week in 2019.

Christmas shopping sales were also better than expected, showing a growth of 0.9% compared to 2021.

Sustainable shopping centre operator

The Thon Group has three main focus areas in terms of sustainability and social responsibility, which are closely related to the UN Sustainable Development Goals: Climate and nature, ​​​​​​​​​​​​​​​​​​circular solutions and social justice. Efforts include proactively engaging customers and suppliers in order to achieve the set goals.

Read more about the group's sustainability efforts.