OD Kotva wants to convert two floors into offices

Prague - The Kotva Department Store wants to transform part of its space into offices, according to today's E15 newspaper. It is looking for tenants for more than 3000 square meters of office space, which will be created by remodeling the fifth and sixth floors. Currently, the accessible fifth floor of the department store from the 1970s only has a restaurant in operation, which, however, attracts minimal visitors, writes E15.
     The Irish investment group Markland, which has owned Kotva since 2005, already has a construction permit for the remodeling of part of the building into offices, according to E15. They are seeking tenants through real estate agents. The location in the center of Prague is one of the most sought after by companies. The opposite project at Republic Square, Palladium, also has an office section.
     Kotva has been struggling with insufficient interest in renting retail spaces for a long time, leading to low customer demand. Large retail spaces remain vacant from the second floor upward. Although the interior of the department store underwent renovations costing hundreds of millions of crowns between 2008 and 2010, Markland was unable to significantly increase visitor numbers. The owners wanted to turn Kotva into a family department store where fashion would occupy a minority of the space. Kotva aimed to avoid expensive brands that usually dominate department stores in Europe. The planned significant focus on home furnishings was largely taken over by another department store from the socialist era, DBK in Prague 4, which has also significantly focused on design after a recent renovation. A few days ago, the domestic kitchenware seller Tescoma opened its flagship store in DBK, writes today's E15.