As we reported yesterday, large crowds gathered on Kungsgatan when Power opened the doors to its 29th store in Sweden. Now it is clear that the electronics chain generated 16 million Swedish krona in sales on opening day. This makes the store the fourth best opening day in the chain's history, measured in turnover.
The result was achieved in a city concept with a store area of 800 square meters, which is significantly smaller than the company's traditional department stores. The investment for the establishment was 10 million Swedish krona.
That a city department store of 800 square meters ranks among the best opening days in our history – that says it all about the strength of the location and the welcoming of Stockholmers. We are enormously proud, says Magnus Kreuger, CEO of Power Sweden.
Sales are driven in line with the chain's stated strategy going forward. In two weeks, the company will open another store in Halmstad, and a total of 30 new department stores are planned in Sweden over the next five years.
The goal for 2026 is clear: double profitability and gain market share. Kungsgatan shows that we are on the right track, says Magnus Kreuger.
Competition and Congestion on the Street
The store opening also affected traffic and accessibility in Stockholm's city center. On the other side of the street, competitor Elgiganten chose to meet Power's launch with a similar event. This resulted in queues stretching over several blocks, which affected both pedestrians and vehicle traffic on Thursday morning.
Customers who spent the night on the street reported a sometimes chaotic situation when the doors finally opened. Vincent Canfora, who joined the queue at 11 pm the night before, bought a phone, watch and household appliances after seven hours of waiting.
There was way too much jostling and crowding, sour faces. But now it's over, he told TV4, but stated that the prices made it worth the effort.
Mario Abdelmalak, who had been queuing since 10 pm, gave a similar picture of the morning hours.
The atmosphere last night was great but in the last few hours people started pushing.
According to police reports, however, no formal disturbances have been reported in connection with the stores' events.