Didn't know about the Burberry's at Plaza Frontenac. I had moved away from the St. Louis area. I think "failed" might be a strong description though. Gucci was also at PF. I've heard mismanagement of Plaza Frontenac years ago caused a lot of stores to leave.bonwich wrote:A Burberrys store that opened in Plaza Frontenac in 1989 failed in 1993.
By Joe Whittington
SPECIAL TO THE POST-DISPATCH
07/10/2008
COLORFUL ADDITION: High-fashion accessories store Hermès will open a 1,700-square-foot store in Plaza Frontenac in the fall of 2009.
Sources and a Davis Street Land Co. (which owns the mall) leasing map show the new tenant will go in where the Crane & Co. Paper Makers is. Workers at Crane's have only heard rumors of that.
"We are always talking with Crane, who has been a longtime tenant," said shopping center General Manager David Freeburg, who indicated he was not familiar with the leasing layout in question.
There are only 25 of these stores in the United States, and they are in such high-end shopping meccas as South Coast Plaza in Costa Mesa, Calif.; Beverly Hills, Calif.; Bal Harbour, Fla.; the Ala Moana Center in Hawaii; and Americana Manhasset on Long Island.
Among other new tenants coming to the shopping center in 2009 are specialty retailers MAC cosmetics, Crewcuts children's clothes by J. Crew, Juicy Couture and Kate Spade.
http://online.wsj.com/article/BT-CO-201 ... 20430.html
A.D. Pruitt
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--General Growth Properties Inc. (GGP) said Tuesday it is under contract to buy Plaza Frontenac, a 500,000-square-foot luxury mall in St. Louis.
The property, built in 1974, had been put on the block by Perlmutter Investment Co.'s Davis Street Land Co. and Verizon Communications Inc.'s (VZ) pension fund.
General Growth's chief executive, Sandeep Mathrani, said during the company's earnings call that it plans to form a joint venture with an institutional investor who will own a 45% stake in the mall.
"This transaction is consistent with our philosophy to own the best malls in the market," Mathrani said. He didn't specify the pricing details, but disclosed the company sold a 26% stake in its Galleria mall in St. Louis and used the proceeds to buy Plaza Frontenac.
The mall is only one of nine in the country that is anchored by both Saks Fifth Avenue and Neiman Marcus department stores. The property had been on the market since May and generates tenant sales of $500 a square foot, according to Dave Doupe, a broker with Jones Lang LaSalle who represented the sellers. He noted that is slighlty below the sales volumes generated before the recession.
