The Krämerstraße was already one of the three main streets of the Hanseatic city of Wismar in the Middle Ages and has been a commercial street since the foundation of the city. Also located here, on the corner of Lübschen Street, is the flagship storehouse of Galeria Karstadt Kaufhof GmbH, a four-story Art Nouveau building. In 1881, Rudolph Karstadt opened his first "cloth, manufacturing, and confectionery shop" with only one employee, thus establishing his future empire in Wismar. He also introduced the then unusual business policy of cash payment. The name of the Krämerstraße, with its many sights worth seeing gable houses, refers to its former and current use as a commercial street. Today, the colourful gable houses are home to various shops, individual small stores, galleries, restaurants and cafés.
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