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Global Economy

Galeria Karstadt Kaufhof: About 60 branches before the end – that's the current status

According to a report in the Suddeutsche Zeitung, Galeria Karstadt Kaufhof has to close around 60 branches. Experts see clear indications of which locations are affected.

    According to a report in the Suddeutsche Zeitung, Galeria Karstadt Kaufhof has to close around 60 branches. Experts see clear indications of which locations are affected.

At Galeria Karstadt Kaufhof, almost half of the branches are apparently facing closure. According to information from the Suddeutsche Zeitung, the company plans to close 60 of the 131 branches.

Galeria boss Miguel Mullenbach had already announced in November that at least a third of the branches would have to be closed.

The company still does not name any specific branches that are to be closed. However, it is becoming increasingly clear which locations will ultimately be affected.

Some branches are already closed

At some locations it has long been clear that the branches will soon disappear. The rental agreement in Halle and the building at the Marktkirche in Hanover expires at the end of January 2023.

In Berlin-Wedding, the closure is planned for the end of 2023. In Hamburg-Wandsbek, the lease only runs until May 2024, and in Esslingen, the landlord Galeria has also terminated the contract.

Three department stores also have to give way to new buildings. This applies to the department store on Breite Strasse in Koln as well as the one on Frankfurt's Zeil and the store on Stuttgart's Eberhardstrasse.

Benko department stores and Galeria 2.0 with good chances

All branches that have been converted according to the Galeria 2.0 concept have a good chance of continuing to operate. From the Galeria side, it is said that the new strategy at these locations is showing "demonstrable success". The branches in Fulda, Kassel, Euskirchen, Oberhausen, Koblenz and Kleve are therefore probably not affected by a closure.

And those who belong to the 22 stores owned by the Signa Group, Benko's company, also have better chances.

This includes, for example, the galerias on Munich's Marienplatz, on Kurfurstendamm in Berlin, on Frankfurt's Zeil, on Hohe Strasse in Koln or in Stuttgart's Konigstrasse.

According to SZ information, the branches in Aachen, Bonn, Braunschweig, Bremen, Dresden, Mannheim, Ulm and Wurzburg are also considered safe.

The branches in Wismar, Luneburg, Magdeburg, Dortmund, Aschaffenburg, Darmstadt, Heidelberg, Erlangen, Heilbronn, Karlsruhe, Augsburg, Rosenheim and Constance are not quite certain but have good chances.

Above all, double locations are at risk

In about 60 cities, however, a closure is likely. These are often cities in which there are already several Galeria department stores. There are five branches in Hamburg alone. According to a report by the Handelsblatt in November, the house on Monckebergstrasse and the newly renovated branch in the center of Alstertal will probably remain in place. The other three branches in Hamburg are potential prank candidates.

There will also be closures in other cities with several branches. In Saarbrucken, the department store at St. Johanner Markt will probably have to give way. The property of the department store at Bahnhofstrasse 82, on the other hand, is owned by Karstadt's parent company Signa and should therefore be retained.

In Regensburg, the branch in the Danube shopping center will probably have to close. In Nuremberg, where there are three branches, there could even be two closures. Only the department store in Konigstrasse was able to stay there. The branch at the Lorenzkirche, on the other hand, was already on a cross-off list in 2020 and is now facing final closure.

Locations with only one branch such as Bielefeld, Leonberg, Singen, Dortmund, Goslar, Potsdam as well as Chemnitz and Leverkusen are also on the said list. Galeria Kaufhof could disappear completely from these cities.

Sources used:

Suddeutsche Zeitung: Which Galeria branches are now getting tight, Handelsblatt.com: Which branches are closing due to the renovation – and which are not

    Suddeutsche Zeitung: For which Galeria branches it is now getting tightHandelsblatt.com: Which branches are closing due to the renovation – and which are not

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