When Time Out Budapest Market opens on September 20, it will be adding another layer of history to the storied landmark it will grace, the Corvin Palace. Anchoring a corner of prominent square Blaha Lujza tér at one of Budapest’s main crossing points, the Corvin Palace has seen many changes in its 99 years.
Opened as an elegant department store by Hamburg entrepreneur Max Emden in 1926, this retail mecca was over a decade in the making, having taken over the Apollo cinema, which was moved further along the Nagykörút to the Royal Hotel (today’s Corinthia).
Here’s a deep dive into the building’s history, from a modern department store through to ruin bar and its rebirth as an entertainment space after multiple wars.
The original store
The most notable creation of architect Zoltán Reiss, otherwise responsible for apartment blocks elsewhere around this heavily populated area of Pest, the Corvin Palace was neo-classical in style, decorated in statues by eminent sculptors Szigfrid Pongrácz and Ö Fülöp Beck, whose work had been featured in the early issues of seminal Hungarian cultural journal Nyugat from 1908 onwards.
That Christmas of 1926, on the adjacent corner of the Nagykörút and Rákóczi út, Hungary’s first traffic light blinked into operation, initially operated by a police officer who could control the signals by a series of ropes. The Hungarian term villanyrendőr, ‘electric police’, is still used today for traffic lights.
Inside, the store was modernity itself. Behind the ornate façade, four floors of stores and services attracted thousands of visitors from across Hungary – both Keleti and Nyugati train stations were an easy hop by bus or tram, just as they are today. Around a large glass hall, shoppers could buy theatre tickets, have their photos taken or enjoy lunch, perhaps before comparing purchases over coffee.
In 1931, Max Emden installed Hungary’s first escalator, further establishing the prestige of the Corvin Palace among its peers.
Ruins and rebirth
Hit by Allied bombing during World War II, the Corvin Palace was close to fierce fighting during the Hungarian Uprising of 1956, much of which centred upon the Magyar Rádió building nearby.
A decade later came the controversial decision to wrap the dilapidated building with aluminium covering, an inelegant solution contrasting with the original neo-classical design unveiled exactly 30 years before.
By the 1980s, Budapest had moved on, modern department stores and then malls attracting shoppers away from Blaha Lujza tér.
While the square around Corvin Palace felt left behind, a new urban scene was emerging in the nearby Jewish Quarter: ruin bars. Bringing the party to District VII, these seemingly randomly decorated drinking destinations were set up in unusual locations, mainly but not exclusively empty residential apartment buildings.
The most unusual and exclusive of all, the other side of Rákóczi út in District VIII, was opened in December 2007 atop the Corvin Palace. Corvintető (‘Corvin Roof’) nightclub and DJ spot became a summer favourite, where guests could watch the sun set over Keleti station as they sipped their drinks and waited for the DJ to start.
It was, indeed, a bizarre experience. Access was via the old service lift, a flunky in uniform opening up his large sailor’s trunk of miniatures and offering you a drink while the elevator clanged up several floors, past halls where ladies would buy their winter coats or a new frying pan.
Once you reached it, the main bar was huge, its counter the longest in Budapest, yet invariably busy for most of its length. While it ran until 2018, the pioneering Corvintető was ahead of the game, a ruin bar like no other while inferior romkocsma imitations bloomed across District VII.
The grand reopening
Its closure prefaced the complete renovation of Blaha Lujza tér. Here, where the National Theatre once stood before the metro was installed in the mid-1960s, statues were erected honouring famous performers, trees were planted, and public seating and a fountain installed. Corvin Palace was soon stripped of its post-war cladding and the elegant building of yesteryear began to take shape.
In 2023, the entirely reconstructed building welcomed the arrival of shops and offices as it regained its former glory – and its five floors, including below ground. Above,Time Out Market Budapest now brings Hungary’s finest chefs, restaurateurs, brewers and winemakers under one historic roof, with major cultural events also programmed. By late spring 2026, the once-buzzing roof will come back into play for alfresco sipping.
The opening not only marks the revival of the Corvin Palace but puts Budapest onto the same global pedestal as the other great Time Out Market cities – Barcelona, New York, Sydney and Lisbon among them.
As the roof is taking shape, Munich-based Ruby Hotels will be adding to its stylish portfolio by developing a 181-room hotel across four floors of the building, with workspaces to the fore, expected to be completed by late 2026. Customer service and urban luxury – a century after its opening, the Corvin Palace has come full circle.
Here’s everything you need to know about the brand-new Time Out Market Budapest, opening September 20.
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