On 07 Dec, 2004, at 13:12, Dubin, Elisabeth wrote:
Somehow I missed what's been going on at the food court. Did something happen? Did they find The Anthrax there?
As the original leases have come up for renewal, the existing tenants have decided that the "rents" Penn wants are simply way out of line with income, let alone profits.
The traffic at the venue simply does not justify the "rent" charged. The stores are vacant (void of customers) roughly 4 months of the year, when the students are not on campus. The concept of "upscaling" the shopping only works if the traffic is there.
Penn's Real Estate folks are again (still) looking to maximize their income by charging the same prices per square foot that one finds at King of Prussia. Prices that KravCo established when they handled the leasing a number of years ago.
It's only the "national chains" who are used to the Terms and Conditions encountered in places like King of Prussia Mall who think they are getting "a deal" in "the shops."
T.T.F.N. William H. Magill [EMAIL PROTECTED] [EMAIL PROTECTED] [EMAIL PROTECTED] [EMAIL PROTECTED]
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