After running up $27 billion in debt, General Growth Properties has decided to sell Providence Place Mall to take care of its obligations.  General Growth Properties isn't doing well, but according to the article below, Providence Place certainly is.  It reportedly averages $525 per square foot in sales.

     On a related note, please check the link below from the Providence Journal's blog.  The comments and attitudes many Rhode Islanders have toward the mall never cease to amaze me.  One of my favorites is the parking criticism.  People get really annoyed about having to pay $1 to park, and say they would never shop at Providence Place because of the fee.  I might be wrong, but if someone is willing to spend $200 for a pair of shoes at Nordstrom, the dollar probably won't affect them.  Then, we hear about how Providence didn't need a mall.  Well, no one needs a mall, it is something that is built to attract people and add convenience.  Providence Place is successful on both fronts, and as the article states, it is also a financial success.

     Providence Place has been a huge plus for Providence.  It is aesthetically pleasing, it attracts millions of visitors each year, and its presence has probably contributed to a great deal of development in the area.  Even in the current financial environment, I expect Providence Place to continue its success under its new owner, whoever that may be.



http://newsblog.projo.com/2009/01/providence-plac-4.html#435357