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Tranzit Outlet owner to operate Corvin department store

Imperial Kft, the Hungarian company behind the Tranzit Outlet discount clothing retail chain, will continue to operate Budapest?s Corvin department store in its entirety after the upcoming reconstruction. The grand opening after the overhaul will take place by mid-year. Having signed a long-term lease on the property not long ago as reported by the BBJ in February, the company has now reached an agreement with owner Capital Rt to lease the rest of the retail space in the building. The latter has been trying to sell Corvin along with the Skáka department store on the Buda side, however no potential buyer has come forward as yet, according to Imperiál marketing manager János Kolozsi. This information conflicts with earlier widely reported news that a Chinese group of investors is interested in buying both department stores. Built in 1926, Corvin was the first example of the department store concept in Budapest.