Many changes have been accelerated by the pandemic. After the reopening of shops and restaurants on Wenceslas Square, according to information from the E15 daily, the Blažek men’s clothing store and the Coloseum pizzeria will not open. However, there can be more changes.
It will also depend on how long the current situation lasts and when tourists and other customers will return. Already last year, it closed its branch at the top of Burger King Square, a year earlier it gave up its attempt to sell in one of the busiest places in the country, Swedish IKEA.
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Traders are trying to keep on Wenceslas Square even during the coronary crisis, believing in the potential of one of the most prestigious places in the Czech Republic, which is normally visited by 36 million people a year. That is why there are three dozen “flagship stores”, ie the most important or largest stores of the merchant in the country. An example is the Luxor Book Palace bookstore.
“Wenceslas Square is one of the largest shopping, cultural and social destinations in the Czech Republic. We will find about seventy thousand square meters of retail space, including restaurants, which is comparable in size, for example, to OC Nový Smíchov, “describes Jan Kotrbáček, head of the retail space rental team for Central and Eastern Europe consulting Cushman & Wakefield.
Wenceslas Square is attractive for traders as a whole, but the lower part, which is adjacent to Na Příkopě Street, ie one of the twenty most expensive streets in the world in terms of rental of retail space, has remained much more attractive to them. The upper part around the statue of St. Wenceslas is now gaining in attractiveness.
According to the consultants, the reason is the Flow Building, which was recently built on the site of the demolished house No. 47. “The new building acted as a catalyst for change in the upper part of Wenceslas Square. We are registering an increased interest of traders in the premises in its vicinity, “says Kotrbáček.
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The adjacent Opletalova Street, on the corner of which the Flow Building stands, has also gained attraction. The building offers over 14,000 square meters of offices, where hundreds of people will work, who have to eat somewhere all day. Thus, not only entrepreneurs targeting tourists or passers-by are interested in retail spaces. An example is the new bakery, which opened on the site of a former exchange office.
The first clothing store in the Czech Republic, Primark, is about to open its first store in Flow Building. This should attract additional purchasing power. Part of the Czechs have so far bought goods of this brand in Primark in Dresden, Germany, and we can expect the transfer of this clientele to the center of the metropolis. According to Kotrbáček, this makes the surroundings of the building even more attractive.
The change will bring a tram
The entire Wenceslas Square will now be reconstructed. “This is an opportunity to improve public space and also to modify the square to meet the current needs of its inhabitants,” says Marek Vácha, a spokesman for the Institute of Planning and Development of the Capital City of Prague. “The lower part is already undergoing a transformation and Praguers can look forward to, for example, wider sidewalks or greenery. For the upper part of the square, a project of subsequent modifications is currently being prepared, including the connection of the Museum Oasis and Vinohradská Street with a new tram line, ”he adds.
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According to real estate consultants, the moment the tram will run to the upper part of the square, the surroundings of the statue of St. Wenceslas will become even more attractive for traders. The following Vinohrady Avenue will also be evaluated.
Another strong impetus for the transformation of Wenceslas Square and the business that takes place there will be the completion of the Savarin Palace, which is being developed by the Crestyl development company for about ten billion crowns. The complex will include shops, restaurants and offices. With reference to the tradition of Wenceslas passages, the building will newly connect Na Příkopě, Jindřišská and Panská streets.
However, moving to Wenceslas Square is far from taking place only in retail stores. During a pandemic, a large number of offices on the upper floors of some buildings remain empty. Komerční banka, for example, which has decided to rent several thousand meters, is not used for part of its headquarters on the corner of Štěpánská Street. For example, employees of the Czech Trade Inspection Authority are to sit in them.
Older buildings need to be rejuvenated
Although office buildings on Wenceslas Square are attractive for companies and, after the coide is over and people return to work, real estate companies will be interested in them again, new administrative areas are beginning to benefit in the locality – for example in the aforementioned Flow Building or Savarin Palace. On the contrary, for some older buildings, including Komerční banka, tenants are harder to find. Reconstruction or reconstruction of real estate on the square is usually extremely demanding.
“Nevertheless, there are several buildings on Wenceslas Square that have the potential for redevelopment of an office building,” points out Radka Novák, Cushman & Wakefield’s Office Leasing Team Leader for Central and Eastern Europe.
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The development company Sekyra Group of billionaire Luďek Sekyra has embarked on such a transformation. Last autumn, she bought Stýbl’s house from four private individuals for 450 million crowns. For 850 million crowns, it will be completely renovated and create space for shops, services and offices. He will also build luxury accommodation in part of the space.
Real estate holding Českomoravská Nemovitostní recently became the owner of a building in the upper part of Wenceslas Square. He wants to reconstruct property No. 62, which he bought from real estate magnate Václav Skala.
Some hotels are also undergoing reconstruction. In 2019, the Art Nouveau Hotel Evropa changed owners, which was bought from Julius Meinl by the founder of the Exim Tours travel agency, Ferid Nasr. It is currently transforming the building into the “most luxurious hotel in Central Europe”, which will be operated by the worldwide Marriot chain through its W Hotels brand.
Last autumn, Pytloun Hotels also opened its first Prague branch on Wenceslas Square. He chose the First Republic House on Wenceslas Square 779/16.
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