The market in Holešovice will be managed by Výstaviště Praha from July 2022

Prague – The Prague Market in Holešovice will be taken over by the municipal joint-stock company Výstaviště Praha, which manages the nearby Bubenec Exhibition Grounds. From the beginning of July next year, it will be responsible for the management, development of the area, and all contractual relationships, including contracts with tenants. The city expects more efficient management and faster repairs from this change. All employees of the market will transition to Výstaviště. This was announced to journalists today by Deputy Mayor Pavel Vyhnánek (Prague Sobě), Chairman of the Board of Výstaviště Praha Tomáš Hübl, and Program Director of the Prague Market Michal Tošovský.

"The way of management, as we knew it so far, was very demanding and significantly inefficient. Until today, it was shouldered by only a few officials from the property department of the municipality. Even though the program director of the market and a few others joined them, their number was insufficient for such an extensive area," said Vyhnánek. According to him, the municipal department is not sufficiently prepared to manage such a large area with several dozen tenants.

Výstaviště is gradually taking over all the agendas. "The company (Výstaviště) is not just a manager, but also creates programming activities, so we are ready to fully take over the market as well. We are currently delving into all the complexities of the situation, both from a construction and economic standpoint. We need to process a financial analysis; the cash flows are currently going in so many directions that we first need to settle this," said Hübl.

The change is expected to bring better management of the area and speed up repairs of individual halls and the area as a whole. "So much work has been done at the Exhibition Grounds in the last three years, for which the municipal department would not have had the capacity. If we can assign these people (from Výstaviště) to the market, I am convinced that the impact will be noticeable in terms of speed within a few years," said Vyhnánek. Moreover, the vast majority of the money collected from rent will be reinvested back into the area. In the past, according to the deputy, the money went to other property portfolios of the city.

Prague's leadership considered establishing a contribution organization or a new company, but ultimately backed down as it would be financially demanding compared to placing the area under Výstaviště. The city only decided to proceed with the transfer now considering that Výstaviště had to first address numerous tasks, including the restoration of the area. "The management method at Výstaviště has proven effective, as it has not only a financial department but also a commercial department, technical expertise, and all the know-how," said Vyhnánek. According to Hübl, about ten people who have been dealing with the market will join the employees of Výstaviště.

The market will continue to remain the property of the city, which will finance its restoration. The management and progress of repairs will now be the responsibility of Výstaviště. The municipality will still complete the renovation of the former stock exchange, while further reconstructions will be handled by Výstaviště Praha.

The change will not significantly affect the operation of Výstaviště Praha. The company has integrated employees from the market into its structure. The increase in the number of employees will be in the single digits. The city will increase the amount it provides to the company for investments each year.

The change should not fundamentally affect tenants. Current contracts will be terminated, and new ones will be signed with Výstaviště. "I expect that we will continue to count on the overwhelming majority of tenants. Continuity is important to us; we want to retain what has been good," said Vyhnánek. Výstaviště is currently taking over all contracts and signing new ones with an indefinite duration and notice periods.

The capital city intends to invest two to three billion crowns into the renovation of the Prague Market over the next 15 years. The area will fulfill cultural, commercial, and gastronomic functions. There will also be offices, a supermarket, and a lookout tower created. Access will be expanded, new greenery will be planted, and rainwater will be collected into underground tanks.

The area, originally the Prague slaughterhouse, was established in 1895. It operated as a slaughterhouse until the 1980s when it began to transform into a market. The area has been designated as a cultural monument.