Good prospects for three of four Galeria branches in Munich, fears for the building on Rotkreuzplatz: Officially, the new owners of the department store group Galeria Karstadt Kaufhof (GKK) want to clarify by the end of the month which of the 92 remaining branches will be retained. But as the SZ learned from company circles, it is assumed internally that the department stores on Marienplatz, Münchner Freiheit and in the Olympia shopping center will be retained. From a retailer perspective, they say they would also like to continue the branch at Rotkreuzplatz. But there the problem with the rental agreement is still unresolved.
The department store property is owned by a now insolvent subsidiary of René Benko’s Signa Group, which previously also included GKK. As in many other locations, the Signa real estate division also demanded high rent at Rotkreuzplatz from the department store belonging to the same group. Intensive discussions are currently underway in the background as to the extent to which the provisional insolvency administrator Torsten Martini and the creditors behind the Signa property company will accommodate the Galeria Group when it comes to rent.
It also plays a role whether the property should be sold to an investor who would plan a new use without a department store – or whether an investor can be found who will continue to plan with the department store. There is also talk that the new Galeria owners could themselves take over properties from the Signa insolvency estate. There is no official information about this. A spokesman for insolvency administrator Martini makes no comment, citing confidential internal discussions. Galeria’s southern regional manager, Philipp Kretzer, who is responsible for Munich, does not currently want to comment in detail on the future prospects of the four branches.
In general, he sees the takeover of GKK by the consortium around the Canadian retail entrepreneur Richard Baker and his German partner Bernd Beetz as positive. “This is a day of departure,” says Kretzer. “It’s no longer just going on like it did after the bankruptcies of the last three years.” The Signa Group’s primary concern at Galeria was always to make the best possible use of the property. “Now we have owners who are interested in the department store business and want to continue working with our teams.”