Word: levitan
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...leases will not be renewed. The arcade will then be renovated, and when it reopens, it will consist almost entirely of university-related shops and services. Some private stores that "complement" the Harvard ones will also occupy the arcade, according to HPRE Director of University and Commercial Properties Scott Levitan...
When viewed strictly financially, this decision is understandable. According to Levitan, the kiosks and stores have only been earning 27 percent of what is expected of them...
...kiosk leases are valid for the short time period of three months, a fact Scott Levitan stresses. However, every single merchant I talked to said that no businessperson is going to accept such a lease and make an initial investment unless he or she gets the strong impression that there is long-term potential for his or her business. Licorish, J.B. Jain, who owns the Watch Works kiosk, and Doina I. Contescu '89, who co-owns the My Dog kiosk, all said they were told that they could renew indefinitely as long as they did well. (Mr. Levitan denies that...
...shops were a financial boon for the University, that would be one thing. But "the arcade has not been the financial success that was originally anticipated," said HPRE Director of University and Commercial Properties Scott Levitan...
...Tuesday meeting with the Committee to Save The Shops by Harvard Yard, Levitan reaffirmed HPRE's decision not to renew the leases of the kiosk vendors...