Thai Investors

Berlin Cold War Shopping Icon Sold

KaDeWe-DominikButzmann-HB
Attracting foreign interest: KaDeWe, or Kaufhaus Des Westens, in Berlin.
  • Why it matters

    Why it matters

    The interest in iconic KaDeWe department story highlights a boom in Germany’s retail market, with consumers spending record amounts of money.

  • Facts

    Facts

    • Thai Central Group is to acquire a 50.1 percent stake in KaDeWe Group from Signa, which will keep the rest.
    • Central Group is Thailand’s largest retail conglomerate and plans expansion into Europe.
    • German consumer spending has surged in the past few years as low interest rates have pushed many households to save less.
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  • Audio

    Audio

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Thailand’s largest retail conglomerate on Tuesday bought control of one of the West’s most powerful symbols of Cold War capitalism, an eight-story luxury department store emporium located in former West Berlin called Kaufhaus des Westens.

The Central Group, Thailand’s largest retail conglomerate, said in a statement that it had acquired a 5o.1 percent stake a company that owns “KaDeWe,” as the department store is called by its abbreviation in German, and two other luxury centers in Munich and Hamburg.

The Thai investors did not disclose financial details of the purchase.

Central Group is owned by the Chirathivats, Thailand’s third-richest family, according to Reuters.

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