What’s in a name? A lot, according to German-based KGAL. Among other major innovations at the property, it’s changing the name of Charles Square Center to Karlák Shopping Square. The thinking that went into this significant shift in tone must have been multi-layered. Charles sounds rather serious and formal. Karlák is the short, friendly nickname Czechs use for Charles Square instead of the long-winded, multi-syllabic Karlové náměstí. (Even foreigners can say Karlák!)
This seems tied to a broader repositioning of the property, which comprises offices (with tenants like Phillip Morris, Cisco, DIOR, Commerzbank and Moët Hennessy) and a shopping gallery that traded as Atrium Nakupni Centrum. The function and the location are now crystal clear. KGAL’s customer analysis suggests that its main customers live and/or work nearby. Karlák will be unveiling exciting new retail tenants, including not just not just Fruitisimo and Don Pealo but also McDonald’s. When’s the last time the “Golden Arches” opened a new restaurant near the heart of Prague?
The office portion of Karlák will have its own brand and KGAL has already modernized the office entrance. This fits in with an overall attempt to make the building easier to read for visitors, also by unifying the style of the logos that are displayed and the signage. “The goal is to calm the visual aspect of the building’s public space while supporting the visibility of the entrance to the center, primarily to its retail portion,” according to the press release. “The entrance to the office space is intentionally repressed.” The large, classy capital “K” at the beginning of the name appears designed to signify both the retail and the administrative components of the asset.
“Office buildings in the center of Prague are always attractive because of the location,” says Pavel Novak (Savills). “In the case of this building, they also appreciate the services on offer in the shopping gallery and direct access to the metro…These and other factor led to the extension of leases with long-term tenants.”
“The owner is planning to redo the center’s façade during the reconstruction. The design respects the existing shape of the building and is based on the simplicity of its architecture,” says Anna Pospíchalová from CBRE’s Building Consultancy division.
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