Embroidery Market

The head office of “Union Bank of Switzerland” and the embroidery market was constructed between 1889 and 1891. Unlike most other commercial sites of the embroidery period it wasn’t built on green land but on the ground of the medieval historic district of St.Gallen.

History: The threads of successful textile business activity came together in the embroidery exchange. Every Wednesday and Saturday, manufacturers and merchants, embroiderers and finishers met and exchanged information about the market situation and fashion trends, orders and ownership rights to goods. The building was nicknamed the “Schwarzbörse” and “Schwatzbörse” because of the clothes worn by the merchants and the lively verbal exchanges. The “Schweizerische Unionbank” was also located in the building. In 1896, it merged with the “Basler Bankverein” and the “Zürcher Bankverein” to form the “Schweizerischer Bankverein”. This merged with Union Bank of Switzerland in 1998 to form UBS Group AG (Union Bank of Switzerland), which had its branch in the building until 2021. Architecture: The opulent, magnificent building consists of baroque forms. Copper figures adorn the main façade of the palace. Hermes, the god of merchants, travelers and thieves, watches over events in a reference to Greek mythology. The rich interior decoration disappeared during a renovation in the 1960s. Current use: After extensive renovation in 2023, the building shines in new splendor. Today it houses the GLOBUS department store.