Munich City Commerce Chambers Query: "Who's Benko?"
Revamped Conversation: Munich's Heart with Wolfgang Fischer
AZ: Hey, Mr. Fischer! You seem to wear several hats in business. About how many ventures are you part of?WOLFGANG FISCHER: Approximately 200, spanning a multitude of sectors. I'm talking retail, food and beverage, legal, hospitality, healthcare, real estate, you name it.
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You said that in percentage terms as well? It's hard to pinpoint exact numbers, but among the key players in those industries, we easily pass the majority mark. Many traditional retailers are in our fold.
Munich: Before and Beyond Corona
Times have been tough for businesses worldwide, especially during the pandemic. How drastic was the impact on Munich's city center?munich-before-and-beyond-corona
Pre-war, Munich's city center followed a steady upward trend, with only minor fluctuations. It's safe to say none could have anticipated the effects of Corona. The city center was like a scene from a dystopian film, deserted and uncertain.
Rents for retail spaces peaked before the pandemic. How did that change with Corona? Some retail spaces in prime locations - especially the smaller ones - saw rents exceeding 300 euros per square meter. However, it's essential to remember that this varies greatly. Traditional companies, whose lease agreements predate the digital age, have much lower rental costs.
Even the Kings of Jeans Fell
Which businesses shocked you the most during these tough times?undoubtedly, the dual blow of Corona and the online shopping wave even brought the stalwart Jeans Kaltenbach down. I attended university in Munich myself, and in the '80s, students flocked to that store for their denim needs - myself included. I've known Norbert Kaltenbach personally.
Renovated Ruins: The Benko Saga
Speaking of the mighty, René Benko made his mark on Munich too. Have you ever met him? I've only interacted with him remotely. I've heard nothing but positive stories about his personality and conversational skills.
In hindsight, would you say he was a great bluffer? A massive bubble.
Would you have wished his building projects all to succeed? On paper, yes! The idea of introducing the public to the inner courtyard of the Old Academy, making this magnificent building accessible to all Munich residents, was brilliant. Unfortunately, it's currently more of a crumbling site.
Side Note
From Statistician's Nest to Shell of a Building: The Old Academy's EvolutionPrior to serving as the Statistical State Office, the Old Academy was home to huge servers and other state institutions that required high-security measures. The area - located in the heart of Munich's busiest pedestrian zone - remained largely untapped. Personally, I've always dreamt of an outdoor seating area at the Richard-Strauss fountain.
Side Note
Former Hertie Building: A Piece of Munich's HistoryHertie was a beloved department store in Munich, providing everything from food to sportswear. It closed after the company's bankruptcy, and the building has since been the subject of regeneration plans. Unfortunately, as of my knowledge, there have been no significant updates regarding the building's future.
Construction Woes: Central Station and the Benko Legacy
Another iconic Munich monument: the Central Station. Are you optimistic about its completion? Technically, the completion of the Central Station is scheduled for 2037. In principle, this development is encouraged, as it will rejuvenate the city's core. However, the ever-extending timeline is concerning.
The 2040 Olympics: A Breath of Fresh Air?
Do you believe the 2040 Summer Olympics could help revitalize Munich? Our hope is that, should Munich secure the 2040 Olympics, it would provide a much-needed boost to urban planning, ultimately benefiting both residents and businesses in the city.
Munich's Heart: Where Business Thrives
What gives you confidence in the city center's future? In terms of foot traffic, Munich's city center is unparalleled, with over 30 million passers-by per year at the Michaelskirche alone. I believe this enticing environment would attract interested investors.
Shifts in Shopping Habits: Online vs. Physical Stores
Despite the rise in online shopping, do you believe there's a move back towards brick-and-mortar stores? have-you-seen-the-latest-trendAs you know, online shopping became more popular during the pandemic, but gradually, there has been a renewed appreciation for physical stores. Customers are beginning to value personalized advice and the experience of shopping in stores, as opposed to the impersonal nature of online shopping. However, the city center has yet to reach its pre-pandemic levels.
Challenges Ahead: Access and Congestion
You mentioned that Benko is not the biggest concern for Munich's city center. Can you elaborate?Benko certainly posed challenges, but our major concerns revolve around accessibility and traffic congestion.
Any ideas for addressing these issues? Improved coordination between the public and private sectors regarding infrastructure development is key. Sadly, we often learn about closures very late, making it difficult for businesses to adjust. Additionally, investing in public transportation infrastructure and ensuring seamless connections between train lines would greatly help.
Bright Spots: Renewal in Munich's City Center
Can you share any success stories of renovated properties in Munich? One such example is the renovated Karstadt Sport, which Accumulata has taken over. The former Signa property on Rosenstraße is also in the works, with a lawyer as the new owner. Demolition began in January, and construction is progressing swiftly.
Despite the ongoing construction, are there signs of growth in the city center? Absolutely! The Sendlinger Straße has seen increased pedestrian frequencies, as the demolition of the Oberanger parking garage and the labyrinthine U-Bahn construction site at Sendlinger Tor are now complete. The prospective revitalization of these areas is exciting.
Are there any specific areas in Munich you believe could use a facelift? The walk from the main station to Marienplatz could benefit from a cosmetic upgrade. There haven't been many new additions or renovations in that area, so it lacks the vibrancy found in other parts of the city center.
Last thoughts on Benko, who forever changed the city center landscape? While Benko undeniably had an impact, I prefer to focus on the potential for renewal and growth that Munich offers. Every challenge is an opportunity to create something great.
- The business ventures of Wolfgang Fischer span across multiple industries, including retail, real-estate, legal, hospitality, healthcare, food and beverage, and more, making him a key player in these sectors.
- In Munich, the impacts of the pandemic were profound, especially on the city center, which resembled a scene from a dystopian film during its worst moments.
- Despite the trend of peak rents for retail spaces before the pandemic, traditional companies with lease agreements pre-dating the digital age have much lower rental costs, showcasing the diversity within the retail market in Munich.
