The following East Valley Tribune Article quotes Vestar's Executive Vice President as saying:
"Retail expansion has slowed significantly, and any stores that do close are hard to replace "
Although he is specifically talking about the Phoenix area, you can be sure Vestar's Oro Valley Marketplace will see a lot of empty spaces as well.
As such, once again, the forecasts that were so utterly disappointing for the previously opened Oracle Crossing & Steam Pump Village, will come up way short for this Market Place.
At least we won't be lining the pockets of these developers as quickly with those foolish giveaways Dick Johnson & his cronies approved during their tenure on the OV Council.
If you're interested in more gloom & doom, here's the article.
http://www.eastvalleytribune.com/story/127442
1 comment:
From the article..."We also understand the importance of balancing unique local tenants with strong, well-recognized national brands like Talbots, Chico’s, White House Black Market and Guess who have the staying power to ride out these types of cycles.”
That's right. Bargain stores like Mervyns and Shoe Pavilion lose business during a recession but upscale stores do not because the clientele who shop there are not hit as hard by a recession and will continue to shop at those stores.
Another reason why OVM should have had upscale stores, as promised. They wouldn't be dealing with empty storefronts and a lack of shoppers for the mediocre stores they WILL have.
As Art mentioned, none of the sales projections for the other malls in the area were even close to the projections. OVM will be another in a long line of failures.
I'll shop at the Westcor Mall at the opposite end of Tangerine. And can't wait for the new Steak Out Restaurant to open in Marana as well. We always have dinner there when we take day trips to Tombstone or Sonoita. Nice cowboy atmosphere, good steaks, country bands...all ten minutes from my house.
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