Market Analysis
Detailed analysis of the Swiss retail market
Structural Change on Bahnhofstrasse
Increasing vacancies and temporary uses signal changes in premium retail
Bahnhofstrasse 74 (Modissa)
at Premium Locations
Challenge for Retailers
Rent Price Development and Its Consequences
Bahnhofstrasse is considered one of the world's most prestigious shopping streets. Nevertheless, 2024/25 shows a new development: Several premium locations are vacant or only used temporarily with pop-up stores.
Affected Addresses:
- Bahnhofstrasse 63 (ex Benetton): Filled with pop-up stores for the next 2 years
- Bahnhofstrasse 64 (ex Les Ambassadeurs): Vacant, succession unclear
- Bahnhofstrasse 74 (Modissa): Only changing pop-ups for 5 years – currently no long-term rental possible
- Bahnhofstrasse 84 (ex Diesel/Fein Kaller): Only filled with changing pop-up stores
- Bahnhofstrasse 96 (Salt): Former flagship store vacant since 2024
Market Dynamics: Between Record Rents of CHF 3-4 Million/Year and Vacancy
In recent years, spectacular rental successes have been achieved on Bahnhofstrasse:
- Automotive & Lifestyle: Cadillac, Nespresso, Massimo Dutti pay premium rents in Brannhof
- Fast-Fashion: Zara Man, Arket also expand in Brannhof despite high costs
- Luxury Brands: Chanel rents the entire property at Bahnhofstrasse 52 and Céline moves from Storchengasse directly next to Chanel
- Tech-Brands: Genesis & Apple (formerly Franz Karl Weber) set new rental records
- Premium-Retailer: Record rents at the main station of over CHF 10'000/m² and 7-figure key money in the middle section of Bahnhofstrasse. Transfer premium plus CHF 1.3 million/year for only 80 m² pure retail space
💡 Market Observation
The globalized retail market is characterized by complex interdependencies:
- International property marketers strive for rent maximization for owners
- Global retail brands calculate location costs against brand presence
- Institutional investors evaluate properties based on short- to medium-term return targets
This dynamic can lead to goal conflicts: What increases property values in the short term can lead to structural vacancy in the long term – a well-known phenomenon in globalized retail markets.
Observation: When even premium spaces like the former Modissa location can only be filled with pop-ups for 5 years, this indicates a discrepancy between rent price expectations and market reality.
⚠️ Outlook
The accumulation of vacancies and pop-up uses on Bahnhofstrasse is unusual for this location. It remains to be seen whether the rent level will adapt to the market's willingness to pay in the medium term or whether alternative usage concepts will be developed.
Bahnhofstrasse Zürich - Marktübersicht
Aktuelle Vermietungssituation an der teuersten Einkaufsstrasse der Schweiz
Marktdynamik: Rekordmieten vs. Leerstand
Während erfolgreiche Vermietungen Jahresmieten von CHF 3-4 Millionen erzielen, bleiben gleichzeitig Prime-Lagen leer. Ein Mieter zahlt CHF 1.3 Mio. für nur 80 m² reine Verkaufsfläche.
Datenquellen & Disclaimer
Swiss Retail Market Report 2026 | Stand: 12/2026
Datenquellen
Die in diesem Bericht dargestellten Informationen basieren auf öffentlich zugänglichen Quellen, darunter Immobilienmakler-Berichte, Medienveröffentlichungen, Branchenpublikationen und eigene Marktbeobachtungen. Mietpreise, Flächenangaben und Vermietungsstatus wurden aus verfügbaren öffentlichen Informationen zusammengetragen.
Haftungsausschluss
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© 2026 The Prime Location Group | Swiss Retail Market Report 2026
Market Data Overview
Peak rents and vacancy rates of the most important Swiss cities
| Location | Peak Rent (CHF/m²/year) | Vacancy |
|---|---|---|
Zürich Where Precision Meets Global Style | CHF 13'000/m2 p.a. | <0.5% |
Genf Where watchmaking heritage meets global luxury | CHF 4'900 - 6'400/m2 p.a. | <1% |
Basel Where strategic relocations meet curated retail evolution | CHF 1'900 - 2'500/m2 p.a. | ~2% |
Bern UNESCO World Heritage Site with Vibrant Retail | CHF 1'900 - 2'600/m2 p.a. | ~3% |
Lausanne Elegance on Lake Geneva | CHF 3'800 - 4'500/m2 p.a. | ~2.5% |
Winterthur Switzerland's Largest Pedestrian Zone | CHF 1'100 - 1'600/m2 p.a. | ~3% |
St. Gallen UNESCO World Heritage Site with Vibrant Retail | CHF 1'300 - 1'900/m2 p.a. | ~3% |
Lugano Mediterranean Flair in Ticino | CHF 1'500 - 2'500/m2 p.a. | ~2-3% |
Luzern Tourist Magnet with Strong Retail Presence | CHF 2'800 - 4'800/m2 p.a. | ~3-4% |
Quellen Mietpreise: Mittelwert aus CBRE Switzerland Retail Market Report 2025 und Studio Baroni – Retail & Real Estate Consulting (LinkedIn Market Insights 2026). Alle Angaben in CHF/m²/Jahr, Spitzenwerte für Primärlagen.