Tuesday, December 08, 2015

Gap Leaving Circle Centre Mall

The IBJ is reporting that Gap and Gap Kids, original occupants of Circle Centre Mall from its opening in 1995, are closing their two stores in January. A store employee told the IBJ the decision was made to close the stores after Simon Property Group gave the tenants notice of a rent increase next year. The American Greetings card and gift shop is also vacating its space at the mall.

Simon wants to spend $20 million on improvements at the mall, which it expects Indianapolis taxpayers to fund. The more than $200 million of our tax dollar already dumped into the failing mall isn't enough for the greedy Simons, who believe ordinary taxpayers only exist for the benefit of their multi-billion dollar family fortune.

The Gannett-owned Indianapolis Star, which now occupies much of the space formerly occupied by mall anchor Nordstrom under most favorable lease terms that take into account the newspaper's work writing press releases for the Simon family members and their various business enterprises and its role as an investor in the mall, will be leading the charge for yet another taxpayer bailout to continue transitioning the mall into a mixed use. It's interesting that the thousands of millennials who have moved downtown in recent years don't seem to help the mall's business. They must do most of their shopping online. The supposedly growing sports and convention business hasn't been much help either.


Downtown Indy said...

I bet a new soccer stadium would bring droves of shoppers to Circle Centre. Maybe we can try that.

Anonymous said...

So in other words, the taxpayers are funding the Gannet/Star lease. Only in In-duh-nap-luss. LOL

Anonymous said...

I thought Simon manages the mall on behalf of the city (majority owner) and a group of minority owners comprised of large corporate entites (of which Simon is one)? Has the original ownwérship structure changed?

Gary R. Welsh said...

On paper, that's true, anon. 8:06. Technically, the taxpayers own Lucas Oil Stadium, Banker's Life Fieldhouse and Victory Field. What does that ownership mean--other than picking up the tab for everything so the leaseholder can operate its for-profit business on our dime?

Anonymous said...

I think The Star is an owner of the mall

Anonymous said...

The Star is not a newspaper. The Star is a business that uses a newspaper to advance its business interests.

Think of the Star in the same regard you would hold the Cummins corporate newsletter.

Anonymous said...

The center of the city used to be a thriving vital shopping area centrally locatyed. Now it's just sports and restaurants. What small shopping concerns that are there are of little or no interest to those living in the area or around the area. They chose to go "up Nawth" to shop. Far out for many and with horrible congested streets, etc.

All anyone seems to want to do with the Mall and other buildings are to make them "Mix medias."

Raising the rent on those businesses in the Mall was a move to force them out and of course it worked.

Look at the canal. There used to be pleasant gardens for bikers and walkers to enjoy. Presumably it would not be hemmed in by buildings. Now the gardens are gone the buildings loom and recent plans ae to create more condo and restaurants with the hope of makeing it a restauarnt destination.

If there's land, green space cover with buildings. Don't let it exist.