A series of investments currently underway are transforming Prague’s downtown high street. Taken individually, none of them by themselves would be a huge story. But by 2028, the cumulative effect of investments completed since the pandemic will be remarkable. Masaryčka, 100 Yards and the reconstruction of lower Wenceslas were just the beginning. Today construction or planning work is already underway on upper Wenceslas, the commercial leasing of Trinity Palace Na Příkopě 33 and finally the redevelopment of Nám. Republiky 3 Hybernia Palace.
Prague’s high street has always been bursting with potential. But for long periods of time, you had to squint to see it, with improvements arriving in fits and starts. The 1996 completion of Myslbek marked the beginning of Na Příkopě modern era, providing Prague 1 with its first huge chunk of modern office and retail space. The reconstruction of Slovansky dům in 2000 was another important sign of progress. But it wasn’t until Palladium was completed in 2007 that the future shape of Prague began to emerge.
And it was right around the same time (2006) that the city came up with its vision for the redesign of Wenceslas Square. But deliberate obstructions and the city’s decrepit planning system blocked any progress on the country’s most important public space until the 2020s.
In the meantime, investments began to fill in the gaps. Florentinum showed what was possible on the Florenc-edge of the center. But overall, it’s been a slow, building-by-building process.
Until after the pandemic, long-planned projects finally began coming to fruition. In 2023, Masaryčka opened up after a decade of planning work, replacing an unsightly brownfield with high quality retail, office and urban space.
Last year, work completed on the reconstruction of the lower half of Wenceslas Square. By getting rid of parking (and cars looking for parking) the space has opened up for a pedestrian zone, benches and a ground-level water feature popular with little kids.
Work has since gotten underway on the upper half of the square, which will include the re-introduction of trams and make better use of the public space. It’s no wonder that major retail brands are positively noticing the change. Central Europe’s largest Nike store is due to open at the corner of Wenceslas and Na Příkopě in the Koruna building. Just a few dozen meters along Na Příkopě, next to the Beneton store, a new Arket store will open by second half of this year.
The 100 Yards development is another game-changer, says Jan Kotrbáček (Cushman & Wakefield), since it brings nearly one-quarter of Na Příkopě under single, unified management. The scheme will feature seven units, including a Boss. “Each new brand raises the level,” he says.
Next to the Powder Tower is the prominent Trinity Palace building, whose bottom two levels should see high-quality retail open for trading sometime during 2026.
One of the biggest surprises is what’s happening at Nám. Republiky 3, with project Hybernia Palace. This is the building next to the Hybernska theater across across the square from Palladium. Not all of the details are public yet, but the investor Eco-Invest reportedly has a construction permit for the creation of a 7,700 sq.m scheme designed internally to accommodate flagship-size units for a selection of international brands.
“We are in advanced negotiations with some of the biggest global retail groups,” says Kotrbáček. “It’s going to be the major catalyst for this location, due to its size, stunning location and 150 meters of corner frontage from 3 directions.”
At the moment, the Hybernia theater across from Obecní dům acts as a sort of barrier between Na Příkopě and Palladium on the far side of Nám. Republiky. This new project will connect the square with Na Příkopě and V Celnici street. Reconstruction of the building and the surrounding public space should seriously enhance the quality of the location’s environment.
For Kotrbáček, the main significant of Hybernia Palace will be to make large-scale, downtown retail units possible, something he insists will help everyone. “Palladium is going to benefit because it only has 40,000 sqm of retail, which is not enough. They will never be able to accommodate the biggest fashion anchor tenants. This has always been difficult to find downtown because there was only space on Na Příkopě and Vaclavske nam.”
Ultimately, improvements on either ends of this improving zone will continue to add commercial value. But progress remains piecemeal. Novy Máj, the Drn building and even the Pilsener Experience are signs of progress along the Můstek / Národní Třída axis, while Kotva’s reconstruction and Palac NR7 ( Nám. Republiky 7) should help further spur improvements, not just on the square, but along Revoluční towards the river.
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