ECE drops its Mainz shopping center plan
ECE has given up on its plan to build a shopping mall in Mainz. ECE CEO Alexander Otto now told the “Deutschlandfunk” radio station that “we would be happy to invest further in Mainz, but based on the current situation in the retail sector and the protracted negotiations, it would be better for us to simply build a retail building there.” ECE had tried for years to replace the Karstadt building on Ludwigsstrasse with a mall. The original plans estimated at €200mn for a sales area of 26,500 sqm shrank after citizens’ protests to 16,000 sqm. In the end, the proposal fell apart because ECE was unable to buy all the required pieces of land.
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