Word: retailer
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Dates: during 1990-1999
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Take Harvard Square, which is a hub for increasingly ruthless retail competition. This is a Square that has attracted--in the middle of a recession, no less--stores like HMV, Tower Records, Structure, The Body Shop, Origins and Learningsmith. With the notable exception of the Coop, most of these stores are not consumer cooperatives but for-profit companies, in which business decisions are made and profits kept by investors, not consumers...
...immune to the retail environment," the former Neiman-Marcus executive told The Crimson last spring. "A lot of that is a reflection of the fact that retail is down...
...square-foot retail and office behemoth, home to The Limited and British record store chain HMV, sent its developer, Ivanhoe Ltd. Partnership, into bankruptcy. One Brattle Square was sold in foreclosure auction this summer for $30 million to Sumitomo Trust, the Japanese bank that financed the building, according to John P. DiGiovanni, vice president of Trinity Property Management...
Ivanhoe had failed to rent thousands of square feet of office space and some retail space on the first floor. By the time the building opened its doors last fall, it was destined for foreclosure...
...retail spots on the first floor remain glaringly empty, and DiGiovanni believes it may be more than a decade before the project ever shows a profit. DiGiovanni did add, though, that Sumitomo has the staying power necessary to wait out the bad times...