Owner Sahle Wohnen wants to demolish the property and is planning a new building without Galeria Karstadt Kaufhof.
(Photo: dpa)
Dusseldorf Jan Philipp Sahle makes a clear statement. “We plan without Galeria,” says the co-owner of the real estate company Sahle Wohnen the Handelsblatt. The company wants to tear down its property on the Zeil in Frankfurt, which still houses Karstadt today, and build a new one as quickly as possible.
Mixed use with retail, apartments and maybe a hotel is planned for the new building. “A new Karstadt is not coming in,” Sahle clarifies. Like his father, Albert Sahle, he is of the opinion that the large department stores are no longer a customer magnet for the inner city.
Like Sahle, more and more landlords of Karstadt and Kaufhof locations are losing faith that the department store operator offers them a future. They have already prepared alternative concepts for their properties, which usually only provide for significantly reduced retail space. And that has fatal consequences for the planned renovation of Galeria.
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