Last week, it was announced that
an Apple Store will be opening where Pier One is currently located on State Street. There are unconfirmed reports that they will be paying $4.53 a square foot which pencils out to $68,000 per month for the privilege of selling MacBooks and iPods on State Street. Perhaps one of our real estate specialists can comment on how anyone could afford that...do they write it off as a loss leader and essentially have higher profit stores cover the difference?
Yesterday, I heard second-hand that Crate and Barrel is moving into the Pep Boys building. Can anyone confirm?
While the face of State Street continues to become more corporate and chain-based, La Cumbre Plaza looks to be continuing on a path which will bump their traditional demographic elsewhere to shop or in debt. Somehow, I didn't think that our report that the
ArtWalk was being canceled (and management's
response) was the end of the story.
Pacific Coast Business Times reports that
Luis Vuitton may be moving into La Cumbre Plaza where the Body Shoppe is located. Apparently, The Body Shoppe was asked to leave by the end of the month after 16-years at this location. Check out the link to the article for some choice comments from founder Anita Roddick's daughter Justine (whose mother recently passed away). Ritz Camera and Hallmark both have closing signs on their windows as well.
Labels: La Cumbre Plaza, State Street Update