The long-planned renovation of Prague’s Kotva department store has been delayed once again.

Generali Real Estate, which owns the landmark building on Náměstí Republiky, has moved the expected completion date of the reconstruction to 2028, extending the timeline by at least a year.

The company initially announced that the extensive modernization, which began in February 2025, would finish by the end of 2027.

“The rehabilitation of such a large and technically complex building is a long-term process that demands careful coordination and patience,” said Jana Vrábelová from Generali Real Estate. “We appreciate the cooperation of authorities, experts, and the public throughout this stage.”

The next step involves selecting a main contractor for the full-scale reconstruction, which will include modernizing the interiors, expanding commercial and office space, and restoring the building’s architectural character. Plans envision six floors dedicated to retail and services, along with two floors of offices.

While the façade will be replaced, Generali intends to preserve Kotva’s distinctive brutalist design, including its hexagonal concrete structures and communication towers. The building’s honeycomb-like grid, inspired by architectural structuralism, remains one of its most recognizable features.

Kotva, designed by architects Věra and Vladimír Machonin, opened in 1975 as a symbol of modern Czechoslovak retail. At the time, it was one of the largest department stores in Europe, representing luxury and progress.

Over the decades, however, it struggled to compete with newer shopping centers such as Palladium, located just across the street.

The department store was first closed to the public in 2024, fifty years after its opening, marking the beginning of a major overhaul. Despite initial optimism, the project has faced multiple delays due to technical challenges and the complexity of preserving its protected architectural elements.

Ownership of the building has changed several times. In 2005, it was acquired by the Irish company Markland, which planned a major renovation before the financial crisis derailed the project.

In 2016, the property was owned by Czech businessman Václav Skala’s real estate group. Four years later, Generali Real Estate purchased Kotva with the aim of reviving the site as a modern, mixed-use space.

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