The building is one of the most prominent historic buildings in Essen, serving as a landmark directly opposite the main railway station.

Designed by Carl Moritz and Werner Stahl in a monumental Neoclassical style, it was built between 1911 and 1912 to serve as a grand gateway for the rapidly growing industrial city. It was a pioneering reinforced concrete building faced with natural stone. and has been a protected historic monument since 1985. The illuminated sign on the roof of the building is a landmark of the city of Essen. It was installed in 1950 to promote the city as a major retail destination.