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Keystone
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1.4
The traditional name on Bahnhofstrasse goes abroad.
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Keystone
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2.4
The Migros subsidiary Globus is reportedly being sold to an Austrian-Thai group.
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Keystone
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3.4
The purchase price is estimated at around CHF 1 billion – in advance for Globus properties.
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Keystone
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4.4
Globus should advance into the luxury segment among the new owners.
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The decision has been made; after around six months of searching, Migros has found buyers for its department store subsidiary Globus. As has been speculated for some time, half of the traditional house Globus will go to the Austrian Signa group owned by investor René Benko and half to the Thai Central Group. This is reported by the “Tages-Anzeiger”.
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Signa Holding is a European real estate giant that started as a two-man business in 2000. Central Group belongs to one of the richest families in Thailand and is active in the luxury segment. The two industry experts took over the German department store chain Karstadt in 2014 and the KaDeWe department stores in 2015. Central Group also owns Italy’s luxury department store chain La Rinascente and Denmark’s Illum. Central is about to go public in Thailand. Together, the companies turn over around CHF 18 billion.
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The purchase price for the Globus retail business and the seven properties – including Bahnhofstrasse – is estimated at around CHF 1 billion. According to insiders, the department store business is no longer worth much. The real estate is raised in advance by the purchase price.
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First Swiss luxury department store chain
It is expected that Globus among the new owners will be transformed into a luxury department store modeled on the department stores that are already owned by the new owners.
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Through the sale, Globus enters an environment that has little to do with the Migros culture. Through the integration into the Signa Central Group, Globus will have access to luxury brands that were previously unavailable to a Swiss company.
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It is questionable what will happen to Globus locations in medium-sized towns such as Baden, Aarau or Schaffhausen. “The Central Group and Signa are likely to double-check each location before deciding on the future of the branch network,” says the “Tages-Anzeiger”. (KES)
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