What: The iconic destination department store in Zurich will undergo major restructuration in the coming years.

Why this is important: Even though Jelmoli managed to grow from 2021 to 2022, even though it did not reach 2019 levels, the decision is very significant and raises questions about the new positioning aimed by the owning company.

The owner of the iconic store Jelmoli in Zurich, The Swiss Prime Site company, is planning to refurbish and redevelop the Jelmoli building in Zurich. The goal is to update retail spaces and introduce new uses to the building, starting in 2025.

The lower floors will have reconfigured retail spaces and a portion of the upper floor will be offices and public spaces like fitness and dining, and the refurbishment aims to maintain the building's status as a shopping destination. The company has been conducting market surveys due to the changing retail landscape and has decided to close the Jelmoli department store at the end of 2024, with a new market position in 2027.

The company will not manage operations itself. The employees and business partners will be given support and time to adjust to the changes. Nina Müller, the CEO of Jelmoli, will be handing over management to Reto Braegger, current CMO, by the end of June 2023.

Jelmoli will close for 3 years to rebuild and reposition itself