Traditional enterprise "Mö" succumbs to crisis, marking its closure
Jewelry retailer Kraemer set to close Mönckebergstraße branch, marking another loss for traditional businesses in the area
Following the closure of the Jupiter department store at the end of April, another traditional business is set to close its doors on Mönckebergstraße. The jeweler Kraemer, which has been operating for over 80 years, will cease its branch in the shopping mile, with the last day of sales expected towards the end of September.
A lease agreement could not be found that provided the owner with a sustainable rental condition, the company told the Abendblatt, which first reported the closure. With stores in 25 cities across Germany and over 40 branches nationwide, Kraemer has been a prominent name in the jewelry industry for decades. In Hamburg, the chain currently has four branches, two of which will remain open after the closure on Mönckebergstraße.
Founded in 1956 by Paul R. and Käthe Kraemer, the goldsmith now belongs to the Gold-Kraemer Foundation, which received a significant fortune from Paul R. Kraemer after his death. All employees of the Mönckebergstraße branch, excluding the branch manager who is retiring, have been offered and accepted continued employment at other Hamburg locations.
The empty space left by Kraemer's departure remains unoccupied, with no information available regarding who will move into the vacant spot this fall [1][2]. As luxury retailers continue to leave the area, monitoring local business news may provide updates on future occupants or announcements from the property management or leasing company responsible for the space.
[1] Trend of luxury retailers leaving the Mönckebergstraße area[2] Updates on future occupants may require monitoring of local business news or announcements from property management/leasing company.
The jeweler Kraemer, a long-standing name in the jewelry industry for over eight decades, is closing its Mönckebergstraße branch, adding to the list of traditional businesses vacating the area. Despite having stores in 25 cities across Germany and over 40 branches nationwide, the company could not secure a lease agreement that met sustainable rental conditions for its Mönckebergstraße location. The closure marks another loss for retail businesses in the area, and the vacant space remains unoccupied as luxury retailers continue to exit the street.
