Zurich: Comeback for Löwenstrasse
According to the real estate consultancy CBRE, Zurich's Löwenstrasse is currently on the upswing. This is supported by the fact that several retailers will be relocating to the shopping street this year.
The most prominent example is probably Franz Carl Weber. The specialist toy shop is opening this year at the entrance to Löwenstrasse at Bahnhofplatz 9, leaving its traditional location on Bahnhofstrasse.
The store of the fashion chain Bernie's, which went bankrupt in 2015, in the so-called Glass House at Löwenplatz will be reopened in the summer - by the American sports and streetwear company Foot Locker.
The Gallery, Clarins and Holy Cow are coming
Also opening this summer at Löwenstrasse 40 is the concept store "The Gallery", which will offer high-quality women's fashion, including brands such as Guess, Liu Jo and Marina Yachting, in staged fashion worlds over 500 sqm. The tenant is the Bollag-Guggenheim Group. CBRE was entrusted by the private landlord with the consulting and marketing of the space.
At Gerbergasse 16, the French luxury cosmetics chain Clarins will open a sales outlet and a skin spa beauty salon. The opening is also planned for the summer. Like the neighbouring building at Löwenstrasse 40, the store, which was previously home to a Russian gallery, has a generous, overheight shop window area. CBRE was also commissioned by the owner to market both the retail space and the office space above. The building was fully let in a very short time.
The burger chain Holy Cow wants to open next to McDonald's at Löwenstrasse 51. The building permit procedure is currently underway.
Vacancy rate at three percent
Michael Dressen, Head of High Street Retail at CBRE in Zurich, is very positive about the future of Löwenstrasse: "Löwenstrasse has awoken from its slumber," he says. Tenants with long-term leases have given up their shops or gone bankrupt due to the difficult overall market situation in the retail trade in Switzerland. This is certainly very painful for the companies and their employees. However, the vacated shops quickly found new tenants who are now revitalizing Löwenstrasse with modern shop spaces, concepts and products that are in demand there, so that footfall is increasing.
According to a survey by CBRE, the 562-metre Löwenstrasse is characterised by a good mix of international and national chains, as well as small specialised and owner-managed shops. Around 60 shops and restaurants are located on Löwenstrasse. The very diverse tenant mix features a high proportion of restaurants at 13 percent. The service sector is also well represented with 15 percent, dominated by hairdressers. According to CBRE, the vacancy rate for retail space is only three percent. A large number of ground floor spaces are currently under conversion or building permit procedures are underway for new uses. (ah)
