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Fight against vacancies: How are our inner cities doing?
The article highlights the worrying vacancy rate in Austria's city centers and the planned redevelopments, such as the luxury department store on Mariahilfer Straße, which could revolutionize the retail landscape.
Fight against vacancies: How are our inner cities doing?
The redesign of Mariahilfer Straße in Vienna's city center is taking shape. The Signa Group plans to convert the former Leiner branch on Mariahilfer Straße 18 into a high-class luxury department store by 2023. This will offer a range of 24,000 square meters based on the renowned department stores KaDeWe in Berlin and Alsterhaus in Hamburg. Hannes Lindner, an expert at the consulting firm Location and Market, comments on the ambitions and challenges of this project and emphasizes that there are many questions regarding the positioning and target group of the new department store, which could include both international luxury brands and more affordable brands, such as the COURIER reported.
Urban development and vacancies
The discussion about vacancies in Austria's city centers is also prominent. Hannes Lindner warns of an alarming increase in vacant business premises. In many cities, vacancy rates have risen to up to 20 percent, posing a serious threat to the retail environment. This development is reinforced by factors such as bureaucracy and high costs. While the large cities are doing more or less well with a vacancy rate of less than five percent, smaller cities, especially in Styria and Lower Austria, are struggling with serious problems. Lindner advocates measures to increase the attractiveness of these areas, such as improved shopping experiences and better connections to public transport ORF reported.
However, Mariahilfer Straße could receive a fresh impetus from the new luxury department store. The hope of attracting wealthy customers is viewed positively by both Lindner and experts from the Chamber of Commerce. The project could not only help to revitalize local shops, but also create an exciting new attraction on the traditional shopping street. In addition, Mariahilfer Straße will expand the parent stores with new brands and stores, such as the British sports fashion chain JD Sports and the Swedish fashion chain H&M, which could further increase the attractiveness of the location.