Shoe Industry in Drammen: Stable and Growing Market with High Profit Margins

Drammen has a stable and growing shoe industry with 16 registered companies in 2025, even though there are 19 companies in the municipality overall. The industry shows positive development in sales and profit margins, with EBITDA margins of 8–10% for most companies. Some companies, such as Engebret Sko As and Morris Gulskogen, experience negative EBITDA, but there are no bankruptcy registrations in the industry. Drammen is an important node in Norway's shoe industry, with a mix of established chains and local players.

Sales and Employees in the Shoe Industry

The shoe industry in Drammen has experienced growth in sales from 2016 to 2024, with a peak of 149.2M NOK in 2024 before a decline of 3.8% in 2025. The number of employees has varied, with a decline from 2016 to 2022, but an increase since 2023. EBITDA margins range between 8–10%, indicating strong profitability in the industry.

Key Companies in Drammen

The most well-known companies in Drammen are:

• Magnussen Eurosko Gulskogen (12 employees, 43.6M NOK in operating income)
• Euro Sko Torget Vest (11 employees, 21.8M NOK in operating income)
• Magnussen Spesialsko Holmen (11 employees, 40.5M NOK in operating income)

Most companies are organized as AS, with 14 companies in Drammen. Some companies, such as Skechers Retail Gulskogen, have high sales growth (36% in 2024), while others, such as Engebret Sko As, experience negative results (EBITDA -27% in 2025).

Distribution of Activity in the Municipality

Drammen is the main hub for the shoe industry, with 12 companies and 101 employees, while Krokstadelva has two companies with lower sales but higher EBITDA margins (9%). Drammen has a stronger presence in central areas such as Gulskogen and CC Senteret.

Stability and Challenges

There are no bankruptcy registrations in the shoe industry in Drammen, indicating a stable industry. However, data shows that some companies have negative results:

• Engebret Sko As (EBITDA -27%)
• Morris Gulskogen (EBITDA -1%)

These challenges may be due to high bankruptcy risk or poor cost management. However, there are no major sanctions or operational shutdowns in the industry, indicating general stability.

Outlook for Entrepreneurs

The shoe industry in Drammen shows growth potential, especially with high EBITDA margins (8–10%) and stable sales growth. Drammen has a good business environment with several well-known chains and central locations. Entrepreneurs should, however, be aware of competition from both local and national players, as well as the challenges highlighted in data from companies such as Engebret Sko As. SmartGrunder can help find optimal locations in Drammen for new shoe stores.

Comparison with Broader Sector

Creative, arts, and entertainment activities in Drammen have 266 companies, indicating a much larger sector than the shoe industry. Sales in this sector had a decline of 31.8% in 2025, which may indirectly affect the shoe industry. Peer companies in the sector include chains such as H&M, Lindex, and Kappahl, which compete directly with shoe and clothing stores. EBITDA for these companies ranges between 1.9–2.5M NOK, indicating competitive profitability.

The shoe industry in Drammen has stable and growing development with high profit margins, but with challenges in terms of competitiveness and local sanctions. Drammen is an attractive location for new entrants, but it is important to differentiate from both local and national chains. SmartGrunder can help find optimal locations and strategies to succeed in this competitive market segment.