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News Release

Prague

Czech retail market witnessing a revival of department stores

According to Jones Lang LaSalle’s latest Prague City Report


Prague, 10th February 2010 - According to Jones Lang LaSalle’s latest Prague City Report launched today, old department stores are now witnessing a revival in the Czech Republic, with completed refurbishments in Prague and planned renovations in the regional cities for 2010.

Sylvie Samadi, Head of Retail at Jones Lang LaSalle, commented: “The trend of a revival of department stores is now in full swing. After the complete refurbishment of Tesco’s “My” concept and the ongoing reconstruction of Kotva in Prague, projects have been announced across the country. Although the renovation of the Prior stores and Bilá Labuť in Prague are currently on hold, the regional cities of Olomouc and Chomutov should already see completed refurbishments of their city centre department stores Galerie Moritz and OC Chomutovka in 2010. The competitive advantage that the department stores have on the retail market is, undoubtedly, their central location. For this reason, if their refurbishments are carefully executed, then in the regional cities department stores may actually serve as a replacement for a non-existent high street.”