A Case in POINT Stacy Roper had wanted to open a ladico' fashion boutique on pooh Park Avenue since moving to the neighborhood five years ago. The tree-lined shopping area comprised four blocks of unusual boutiques, jewelry shops, craft stores, and European-style restaurants. The shopping area was so busy and successful that openings for new stores were rare. When a vacancy did occur, the lessor would simply contact the next person on a long tenant waiting list. When Stacy learned that the old movie theater on the busiest block was to be con- verted into a three-story complex of small stores, she contacted the developer. The developer's plan provided for 18 store spaces of approximately 800 square feet each. The developer was hoping for a balanced tenant mix of specialty retail stores and food services. The idea was to have a restaurant, a gift shop, an apparel store, and three other stores on each level. This would ensure a good traffic flow throughout the com- plex. Stacy leased the ground-floor apparel space, just inside the entrance. She had carefully scrutinized the shops across the street, and they all seemed to be very suc- cessful. Stacy was confident she had made a good decision. During the nine months that it took to remodel the theater, Stacy planned an exciting presentation. She bought her inventory from the leading apparel designers and con- sulted with top professionals on store layout. The finished store was truly eye-catching. It had the latest in display pieces and mannequins, elegant color-coordinated decor, and a sophisticated sales checkout system. The Colony Theater Shopping Galleria opened with great fanfare. Of the 18 spaces, 15 opened on time, and the initial reaction was enthusiastic. Stacy was very pleased with the first month's receipts, but during the second month the pace was inconsistent, traf- fic seemed to thin, and sales leveled off. Some days were so busy it was hard to keep up, and others were so slow there might as well have been a barrier in front of the building. Business across the street continued at its usual hectic pace. continued A year later Stacy contemplated closing. Six of the original merchants had already moved out. Four had been replaced, but the new tenants were not of the same stature as the orig- inal stores. Meanwhile, businesses on the other side of Park Avenue continued to prosper. Think Critically 1. Examine Figure 8-5. Can you Identify some of the reasons why the Colony Theater Shopping Galleria had difficulty attracting shoppers? 2. Based on your knowledge of the importance of convenience, what could be done to help the stores in the Galleria? 3. Do you think Stacy should close her store? A Case in POINT Stacy Roper had wanted to open a ladico' fashion boutique on pooh Park Avenue since moving to the neighborhood five years ago. The tree-lined shopping area comprised four blocks of unusual boutiques, jewelry shops, craft stores, and European-style restaurants. The shopping area was so busy and successful that openings for new stores were rare. When a vacancy did occur, the lessor would simply contact the next person on a long tenant waiting list. When Stacy learned that the old movie theater on the busiest block was to be con- verted into a three-story complex of small stores, she contacted the developer. The developer's plan provided for 18 store spaces of approximately 800 square feet each. The developer was hoping for a balanced tenant mix of specialty retail stores and food services. The idea was to have a restaurant, a gift shop, an apparel store, and three other stores on each level. This would ensure a good traffic flow throughout the com- plex. Stacy leased the ground-floor apparel space, just inside the entrance. She had carefully scrutinized the shops across the street, and they all seemed to be very suc- cessful. Stacy was confident she had made a good decision. During the nine months that it took to remodel the theater, Stacy planned an exciting presentation. She bought her inventory from the leading apparel designers and con- sulted with top professionals on store layout. The finished store was truly eye-catching. It had the latest in display pieces and mannequins, elegant color-coordinated decor, and a sophisticated sales checkout system. The Colony Theater Shopping Galleria opened with great fanfare. Of the 18 spaces, 15 opened on time, and the initial reaction was enthusiastic. Stacy was very pleased with the first month's receipts, but during the second month the pace was inconsistent, traf- fic seemed to thin, and sales leveled off. Some days were so busy it was hard to keep up, and others were so slow there might as well have been a barrier in front of the building. Business across the street continued at its usual hectic pace. continued A year later Stacy contemplated closing. Six of the original merchants had already moved out. Four had been replaced, but the new tenants were not of the same stature as the orig- inal stores. Meanwhile, businesses on the other side of Park Avenue continued to prosper. Think Critically 1. Examine Figure 8-5. Can you Identify some of the reasons why the Colony Theater Shopping Galleria had difficulty attracting shoppers? 2. Based on your knowledge of the importance of convenience, what could be done to help the stores in the Galleria? 3. Do you think Stacy should close her store