Gap closing has more to do with Gap faltering than Circle Centre itself [Circle Centre losing three tenants, including two originals, IBJ.com, Dec. 8]. All of their brands have been on a downhill slide for years, and they have been unable to recapture the momentum of the swing dancing ’90s.
Of course, that doesn’t mean Circle Centre is all peachy, but the doom and gloom for this is frankly unwarranted.
What really needs to happen is the deal needs to be renegotiated so that Simon doesn’t need to get approval from the 20 entities that poured money into it to get it built.
The reason Simon doesn’t give a hoot about it is because they only own 15 percent. If they owned more or all of it, I bet they would work harder to make it work.
Give them more control, and if it doesn’t work, it is on to plan B.