Manor moves into Jelmoli building

PRESS RELEASE

Zug, 09 July 2024

• Long-term rental contract concluded with the Manor Group for around 13 000 m² of retail space across three floors in the Jelmoli building
• Almost half of the rental space in the Jelmoli building has been let, with handover scheduled for 2027
• Attractive concept for a Manor flagship store with well-known brands and large restaurant area
• Boost to city centre, making it more attractive with prominent tenants

Swiss Prime Site has concluded a long-term rental agreement with established department store group Manor for three floors of the Jelmoli building following the repositioning.

In February 2023, Swiss Prime Site decided to redevelop the Jelmoli building near Zurich’s Bahnhofstrasse and make it more sustainable. The aim is to adapt the retail floorspace to the current market demands and to add new types of use to the building to make it fit for the future. In Manor, Swiss Prime Site has found a long-term tenant for the retail space who can ensure that the building and Bahnhofstrasse below remain attractive for years to come.

Manor is set to rent a space of around 13 000 m², taking over the ground floor, basement and first floor in 2027. It will subsequently be opening a flagship store, with shop spaces that can be accessed directly from Sihlstrasse and Seidengasse, right in the heart of Zurich. Roland Armbruster, CEO of Manor, stresses that, «The new Manor flagship store in the centre of Zurich promises an inspiring shopping experience, with a variety of curated products on offer in fashion, beauty, and home and living, with an attractive international brand portfolio as well as the competitively priced Manor in-house brand. A wide range of restaurants completes the services on offer».

In this way, Zurich will be enriched with shopping and recreational spaces for everyday life, which should ensure that the Jelmoli building remains a draw for the public. After the conversion, office space will be the centrepiece of the additional 20 000 m² on the upper floors, becoming the new top city-centre address with its own stand-out entrance, supplemented by a wide range of restaurants and recreational facilities. New spaces for even more restaurants will be created on the newly designed roof terrace.

Swiss Prime Site and Manor are concluding a long-term rental agreement. Manor is also investing in the modification of buildings to create attractive retail floor space. Ongoing rental agreements remain in place during and after the modification, particularly with fitness club Holmes Place, which will remain open to customers during construction. Around half of the space has already been let to Manor and Holmes Place before construction has even begun. 

René Zahnd, CEO of Swiss Prime Site, says, «Our main priority from the outset has been to turn the Jelmoli building into a unique destination and open meeting place. The planned move of department store group Manor and its long-standing tradition will breathe new life into the Jelmoli building for Zurich and its inhabitants – radiating far beyond the city limits».

Manor is the largest department store group in Switzerland. It is represented in all parts of the country and employs around 7500 people. The Manor Group includes 59 Manor department stores, 27 Manor food supermarkets and 23 Manora restaurants. The company is also pursuing an omnichannel strategy by integrating its online shop and services. Manor operates profitably in a sustainable way and belongs to Maus Frères Holding, which also includes leading lifestyle brands such as Lacoste.

If you have any questions, please contact:
 
Investor Relations, Marcel Kucher, CFO
Tel. +41 58 317 17 64, marcel.kucher@sps.swiss
 
Media Relations, Patrick Djizmedjian
Tel. +41 58 317 17 42, patrick.djizmedjian@sps.swiss