Tesco building sold

The department store will be renovated but is a protected landmark

The Tesco building at Národní třída has been sold and will be renovated. The MY Národní building was bought by Amádeus Real. Details of the purchase were not disclosed. The store should remain in operation during the renovations.

Renovation work should start in 2020 and last two years. The building is a protected cultural landmark, so changes will have to respect the character of the building. There is no danger that the building will be significantly changed or torn down.

A report published last year in the Commercial Register valued the building at Kč 171 million after deductions for liabilities. Tesco then spun off the store into a separate company, and as a result Amádeus Real was able to acquire 100 percent ownership of the building.

Starting in June, Tesco will operate just a supermarket and a small grocery store in the department store, and the new owner will rent out the rest of the space in the building.

British-based retailer Tesco has long been considering reducing its holdings in Central Europe due to poor performance.

The building opened as a shopping center called Máj during the communist era, and is still popularly called Máj. The original design included a plaza, which has been built over to create the Quadrio shopping center.

Máj department store was built on the site of the neo-gothic Šlikovský palác, which was demolished in 1938 and replaced with a wooden pavilion.

The department was designed by architects John Eisler, Miroslav Masák a Martin Rajniš and built between 1972 and ’75 based on neo-functionalist principles. It was built by Swedish firms SIAB and ABV Stockholm in an unusual example of cooperation with western companies.

In 1993 it was operated by K-Mart before being purchased in 1996 by Tesco, which has operated it since.

When Tesco first floated the idea of demolishing the building in 2006, a group of architects and preservationists pressed for it to become a landmark, as it achieved international fame in architecture circles when it was built and is a prime example of its era.

It was last renovated in autumn 2009 and changed his name to MY, which sounds similar to the original Máj. It has seven above-ground floors and a sales area is 12,000 square meters.

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