The rent before the shirt
Galeria · The accounts: rent ÷ sales · Read the study: maxnoble.com/study/0015
For the class
1What is the rent-to-sales ratio, and what did it show for Galeria's store on Hohe Straße in Cologne?
2How much did the German state put into Galeria, and what happened to it?
3Which law does the study say Galeria proves, and why?
Answers · for the teacher
No. 0015 · The rent before the shirt
1What is the rent-to-sales ratio, and what did it show for Galeria's store on Hohe Straße in Cologne?
Rent divided by sales: of every €100 at the till, how much goes straight to the landlord. In Cologne the rent was reported at €18 million a year, about 32% of sales, against about 13% at KaDeWe in Berlin.
In the study: Screen: The tool
2How much did the German state put into Galeria, and what happened to it?
€680 million (about DKK 5.1 billion) in 2021 and 2022 through the stabilisation fund (WSF report 2024, p. 3). The fund wrote off its silent participation in full after the 2022 filing and recovered €116.1 million from collateral.
In the study: Screen: The moment
3Which law does the study say Galeria proves, and why?
Law No. 18, Give the Shop and Its Landlord Different Owners. Until 2024 Galeria's majority owner also owned 18 of its store buildings, and in some of them rent reportedly took up to a third of sales. When one owner sits on both sides of the table, nobody is paid to argue for the shop; in 2026 rent was still a named test for the 33 stores under review.
In the study: Screens: The tool; The law it proves
Hand out page 1 after the reading. Page 2 holds the answers. Every answer is in the study; nothing new is added.