According to the owner, Jelmoli will definitely close in February
Published: Wednesday, Oct 2nd 2024, 10:00
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The lights are likely to go out for good at Zurich department store Jelmoli next February. According to the owner, there are no plans for a further extension.
The closure was originally planned for the end of 2024, but a few weeks ago it was announced that two more months would be added. However, this is now to remain the case. "We will finally close Jelmoli in February 2025," said René Zahnd, CEO of the owner company Swiss Prime Site (SPS), in an interview with the western Swiss business newspaper "L'Agefi" (issue of 2.10.).
In February 2023, the real estate company decided to renovate the Jelmoli building near Bahnhofstrasse and adapt it to current market requirements. The closure of Zurich's oldest department store made headlines throughout Switzerland.
CEO Zahnd recalled in an interview that SPS not only bought the Jelmoli store in 2009, but also a real estate portfolio worth CHF 4 billion. The total area of the building in Seidengasse in Zurich is 27,000 square meters. This retail space would therefore have to be reduced by creating more offices.
"This was also emphasized by the 30 or so national and international groups with whom we discussed a takeover," he said. With a smaller area, however, Jelmoli's operating result would have deteriorated further. "We have no purchasing power with a single department store," he said.
Manor moves in
As far as a shop-in-shop concept with a few luxury boutiques was concerned, he was also of the opinion that this segment was already sufficiently represented in Zurich. Zurich needs a more diverse retail offering.
Three floors in the Jelmoli building were leased on a long-term basis in July by the Manor department store group, which will build its flagship store in Zurich city center on three floors. The remaining 20,000 square meters on the upper floors are to become office space, which will be complemented by catering and leisure facilities.
Zahnd said today: "Manor, with a 100% commitment from its parent company Maus Frères to create the reference business in Switzerland, is a very good fit - in a segment that was Globus' before the Globus transformation."
The reactions to the Manor decision were positive in any case. And it was the only time he received a letter of thanks from the city council.
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