Local mall operator says it's at risk for default

Wow - it is hitting everyone.

When they evolved the Natick Mall to Natick Collection - I am not sure they looked at the reality of the local demographics to figure out exactly who would be collecting. A recent ad in the Globe Magazine with boxes of advertiser's showed one shop featuring a designer hand-bag for 5 grande. I believe the new wings of the Natick Collection is largely a fantasy stroll for the majority of shoppers down the "Things I Can't Afford" section of the Mall. Granted, "the rich folk" from Weston, Dover, Brookline, the city - may be purchasing - but - wow - that's not too many shoppers to support the sqaure footage on high end boutique stores. With consumer spending down, folks out of work, and just the health of the economy, makes you wonder when Happy Days Will Be Here Again. I feel for General Properties - I dont thing those days will be here for a bit of time.

what do you expect when you attempt to expand endlessly based on the idea that consumers will always be there, forever dishing out hundreds of dollars for worthless products, fast food, etc. etc.? everything comes to an end and our economy simply cannot expand endlessly, especially at the rate it was going and under all of the false pretenses. values of assets need to come down and people need to start saving again - and revamping our society by not basing merit on whether or not you have HD TV would be a good start toward ensuring this "crisis" doesn't happen again.

Isn't bankrupcy just another means of refinanacing for Corporate America?

Cool, I am psyched, in every downturn there is a buying opportunity. I guess I can go to Williams-Sonoma and get all those cool kitchen gadgets at liquidation prices!

That section of the mall is total crap!!!! A bunch a snobby stores with a snobby atmosphere. Greatest part is, only tumbleweed has populated it since it opened. I'm glad it's going down. American's have finally learned the hard way that being a "consumer society" by trying to value your worth by the things you own..(or in most cases the things the bank or credit card companies own), will only come back to bite you. Pay cash America, wake up!!!! If your on the news saying that you need help because you're house is being foreclosed on, then why are you wearing $160 sneakers. Why help any of these people! they're idiots for not doing the math and

yea....I'd have to say we are in deep doo doo for a while!!!!

The entire "Natick Collection" premise was risky when it first began to be planned earlier this decade. There was an expectation that consumers would continue to spend foolishly based on the fantasy of television and entertainment marketing influences. Two years ago, it became laughable as the economic handwriting was on the wall. After September of this year, the Natick Collection and many, many other useless retail ventures were as good as dead. I'm surprised it took this long for the house of cards to collapse. Conspicuous consumption is long, long gone and the market correction has kicked in.

I could never afford to shop at any of those expensive places.
but I did visit a few. and said to myself. this wont last, money
got to get tight. A billion in the hole, petty change, for this company.
do I sense a bailout of some sort? lots of influencial friends
I would imagine. I wonder if the little store, in my town, could
get a bailout, hard working, honest people, always willing to
let you slide till next payday, plus they actual know your name. Naw,
too american

This is the High Risk part of the High Reward tradeoff. Worst case, you can't pay debt, you lose what you have. It's why we live in a smaller, less expensive house than the mortgage lenders approved us for, and drive 2001 and 2004 autos with 111,000 and 95,000 miles, and only have a mortgage payment that is less than 25% of my take home pay. But, boy, that big screen TV looks tempting as the prices fall. Someone will pick up that real estate on the cheap if they default.

Comment #4 is correct. There should be only one bailout, and that is for taxpayers, for EVERYONE, poor and rich. Imagine for the next 4 years everything we pay as state and federal taxes are halved..and a third of our tuition or debt on school loans are waived..and a government backed mortgage refinance program to give homeowners a chance to stay in their homes to pay their debts. 4 years would be enough time to stop the hemorrhaging and turn the tide to jump start the economy on spending again. Lending practices will be tightened so only legitimate and qualified amounts are approved. Let ALL private sector companies fail and fall where they should with no government help.. Jobs will be lost, but other creative entrepreneurs and businesses will rise to substitute. Americans need to face reality that nothing is forever, and we need to retool and adapt to the global economy. We suck at adapting because of our corrupt political officials and government..look what happen to the $700 billion bailout for the financial industry..with all the pork added in.

The Natick Mall story is very sad since this mall was just fine "before" they renovated it into an overwhelming shopping plaza. I always shopped there in the late 90's and the Mall was fine the way it was. I'm not sure why developers think bigger and more expensive will bring in shoppers. People today live more casual lives and do not always need 20 designer outfits to get through the week. I feel bad for the developer but the Mall is way to big. I stopped going there since by the time I got to the stores I wanted to shop in I felt like I needed a walking break. I'm only 43 and what about the people 70+. They must need golf carts to travel the Mall. I found Nordstrom to be overwhelming helpful. I think at least 200 employees try to help me when I enter. It is just to much!!

How can companies that pay their chief executives all kinds of $$$$and allow them to get so much in debt? And then give them huge bonuses . I guess financial failure is good.
Also, it looks like everyone is getting in line for government handouts. Looks kind of TRENDY to fail.
I am fed up. I do not intend to file my taxes this year. I think I'll ask the Gov't. for bailout money.

How can companies that pay their chief executives all kinds of $$$$and allow them to get so much in debt? And then give them huge bonuses . I guess financial failure is good.
Also, it looks like everyone is getting in line for government handouts. Looks kind of TRENDY to fail.
I am fed up. I do not intend to file my taxes this year. I think I'll ask the Gov't. for bailout money.

How can companies that pay their chief executives all kinds of $$$$and allow them to get so much in debt? And then give them huge bonuses . I guess financial failure is good.
Also, it looks like everyone is getting in line for government handouts. Looks kind of TRENDY to fail.
I am fed up. I do not intend to file my taxes this year. I think I'll ask the Gov't. for bailout money.

No surprise to me. I commented to my wife when the Natick Collection opened
"just what was someone thinking". I've been on Rodeo Drive and this is where these stores belong. Last Christmas while a pianist in a tux played a white grand piano with a Lamborghini nearby these stores only attraced the curious not anyone out looking to make a purchase.

You would never suspect that the Natick Mall is in such financial trouble by the fact that you can NEVER find parking there on the weekend! I guess all those people are just window shopping....

Tourism will save Faneuil Hall, they should cut that loose and sell it. The world is happy to come to USA to shop. Local malls are doomed anyway....folks are moving toward online shopping and the malls are just hangouts for teenagers and trouble.

Not to worry everyone. The Federal Government is in "Bailout Mode" so they'll probably bail these greedy owners out as well.

While the comments on the Natick Mall are accurate, its success or failure has no impact on a company the size of General Growth.

The buzz I've heard (from a reliable source) is that Needless Markup... um, Neiman Marcus, at the Natick Collection is already pulling out of the mall. It's that bad.

It should be noted that the City of Boston owns Faneuil Hall Marketplace, General Growth leases it from the City and operates it, so should things go completely down the tubes for General Growth, Faneuil Hall will be fine (maybe this will give the City a chance to lease it to a more scrupulous operator).

I, like others posting here, never thought the Metrowest area could support the Natick Collection (I still think the name is unfortunate and reminds many of us of the town transfer station - i.e., the local dump). I shop at these stores very infrequently and could always make my way into Boston when needed. This was a poorly thought out decision, and I believe the state of the economy is simply hastening a failure that would have happened over a longer period of time.

I go to the Natick Mall for 4 reasons: 1. To purchase a few items I may need that are on sale. 2. To do my usual people watching. 3. To get a good laugh while browsing in stores selling hideously overpriced merchandise to people who are either very rich or really stupid or both. 4. To grab a quick burger and fries or slice of pizza and do more people watching. Since I never spend very much I consider it to be relatively cheap entertainment. Of course with the Holidays coming up I'll skip the burger and fries and shop online.

I think it's poetic justice for a company that handled things so badly from a good neighbor perspective during the expansion process. I would love nothing more than to see them lose a lot of money on this, but I doubt that will happen with the bailout atmosphere these days.

and yet, the building at the Natick Collection continues! As we speak, they are adding a two story "American Girl" right in the front ... maybe they should be trying to fill the empty storefronts inside (ie Eddie Bauer ...) before they keep adding to this Frankenmall.

Faneuil Hall Marketplace was designed, developed, and constructed by Baltimore's legendary Rouse company, a family operation with a stellar reputation. The entire redevelopment the area was James Rouse's idea and vision, and was the first project of its kind in the nation, now known as "festival marketplaces." The trouble started when General Growth Properties acquired Rouse in 2004. In retrospect, that turns out to have been an enormous mistake. And where is the Natick Mall? I can't seem to find it anymore!

A

Greedy owners - I am getting so tired of this refrain - like Obama's "excess profits" refrain for Exxon et al - 51% of XOM is owned by institutions. What are excess profits anyway, is that like extra money, because that doesn't exist . That is YOUR 401K plan, and YOUR defined benefit pension plan. 96%!!!! of General Growth is held by institutions. This is 5 standard deviation event, an apocalyptic credit crisis that was caused by Greenspan's Fed, BOTH political parties and the quasi-governmental institutions pandering to the bottom 95% of earners to turn great apartment renters into lousy homeowners so pols could get re-elected. Every time home ownership in the US has exceeded 62-63% a financial crisis has followed. Its 69% now.

ABK,

Brookline residents have too much taste to shop at the Natick Collection's nouveau riche boutiques.

ABK,

Brookline residents have too much taste to shop at the Natick Collection's nouveau riche boutiques.

I visited my mother last summer and the North Shore Mall in Peabody was literally constructing space for new stores. I couldn't believe it - apparently the mall isn't already big enough to accommodate everyone's "needs". . .

I visited my mother last summer and the North Shore Mall in Peabody was literally constructing space for new stores. I couldn't believe it - apparently the mall isn't already big enough to accommodate everyone's "needs". . .

I visited my mother last summer and the North Shore Mall in Peabody was literally constructing space for new stores. I couldn't believe it - apparently the mall isn't already big enough to accommodate everyone's "needs". . .

I visited my mother last summer and the North Shore Mall in Peabody was literally constructing space for new stores. I couldn't believe it - apparently the mall isn't already big enough to accommodate everyone's "needs". . .

I visited my mother last summer and the North Shore Mall in Peabody was literally constructing space for new stores. I couldn't believe it - apparently the mall isn't already big enough to accommodate everyone's "needs". . .

natick mall new addition closing , nieman marcus pulling out ? good !!! maybe the snotty owners will put in what the people can afford . i went into nordstrom with my wife & saw a pair of jimmy choo little tiny slippers for women for $500. i hope they all close . i feel sorry only for the emplyees . learn your lesson and put in what we all can afford . a shopper that is happy with kohls & macys .

Maybe they can revert back to a day old bread outlet.

natick mall new addition closing , nieman marcus pulling out ? good !!! maybe the snotty owners will put in what the people can afford . i went into nordstrom with my wife & saw a pair of jimmy choo little tiny slippers for women for $500. i hope they all close . i feel sorry only for the emplyees . learn your lesson and put in what we all can afford . a shopper that is happy with kohls & macys .

This is a non-story and irresponsible journalism. The fact of the matter is that General Growth has some debt coming due. Sorry to disappoint you, but the company will not be disappearing and the Natick Collection is not "closing".
It's pathetic to see folks venting and giving their irrelevant opinion of a retail development. If you don't like it, don't go there. Period.

The absurd socialist and otherwise ignorant views expressed here are exactly why Obama won...

natick mall new addition closing , nieman marcus pulling out ? good !!! maybe the snotty owners will put in what the people can afford . i went into nordstrom with my wife & saw a pair of jimmy choo little tiny slippers for women for $500. i hope they all close . i feel sorry only for the emplyees . learn your lesson and put in what we all can afford . a shopper that is happy with kohls & macys .

What part of "DO NOT HIT THE SUBMIT BUTTON MORE THAN ONCE!" is giving you folks trouble?

As a sales professional with a finance background and someone who works in the Natick Collection, I must say that all your commemnts where quite entertaining to say the least. It is quite clear that the mass of you don't fully understand what you are trying to speak about. The Natick Collection, is and will still be a great mall. If a Chpt 11 fiing of GGP were to occur, all it does is allow them to re-organize and sell off some of their properties to other investment firms; for example, Simon Properties. The mall will not just suddenly close one day. The majority of the hardship being felt by the company is the condo's not being purchased. In reality, I feel that if a hotel and conference center was designed to go wth the mall rather then condo's...you would be reading a different story right now.
As far as the previous comments about the stores in the new "high-end" collection, its really never as bad as everyone makes it out to be. Yes, there may be some retailers pulling out, but overall...business is pretty strong in this section of the mall. If many of you as consumers would bother to walk into a few of the stores, you would see more sales then you think. The harsh reality is that...as much as there are a few very "high-end" stores, the majority of the new collection is very "shoppable" and much of the product is the same product that has been sold for years in stores such as Filene's, Macy's...etc.
As far as parking, there are over 10,000 spaces...that is more then enough space. What has been happening is that consumers have been parking in all the same spots they have been parking in for years...the garage in-front of Sears. Next time your out at the mall, try picking a new garage, there are many new parking garages behind and under the mall...just ask a security gaurd and they will show you.
In the end, I hope that clears up some of the confusion that many of you have about this mall and its current status.

Stop shopping.. Save money during this rought economy!!

I haven't been to the Natick Mall since they put up those stupid apartments and started construction on the new wing....No place to park!

Faneuil Hall was great until it turned into an urban mall...now you can go there and shop at the same stores you can at Burlington or NorthShore. La de Freakin' da. It was more interesting when all the off the wall and local shops were in there.

And I know it's not the same company, but we were just in Burlington Mall in the new wing with Nordstrom's...There’s some crappy stores there. “Anthropologie”?? What the heck is that? And there were ladders and construction equipment and sawdust all over the floor, it didn’t even look finished yet, but it appeared to be part of the décor.

currently we do business in a couple of GGP locations. They are horrible landlords and nothing but heartless blood sucking, money hungry, selfish jerks. The management of their properties do not care about their tenants or making the facilities better, They only worry about how much money they could nickle and dime from their tenants.
................ part 1

In one property, they replaced some an "anchor store" (example, Sears, Circuit City, Macy's) with another anchor store (Steve & barry-which is no macy's or Sears) and they bumped tenant's rents by 10%. Most tenants pay between $8000-15000 Per month already. But they did not do anything for the tenants when only half the mall is occupied, or two of the resturants in the mall closed, or even when 2 anchors closed (one of them being Steve & Barry).
They do no marketing to drive traffic into their centers and i am sitting in a ghosttown at one of their centers currently.

Well with quotes like this (from the Globe article related to this one):

"It's been quiet. Even if you have money, you may not have taste. We have to educate our customers on style. It's hard. I thought it would be easier in Natick." - Betty Riaz, owner of trendy boutique Stil

No wonder the place is in trouble! Perhaps someone should tell Ms. Riaz that insulting her potential consumer base, many of whom most likely read the Globe, is not the way to increase sales. Yeesh that attitude may fly on Newbury Street but I doubt it will be tolerated in the Suburbs.

^^^ By the way^^^

I did not mention the fact that GGP did not bill the 10% increase till 3 years later. They sent all the tenants legal letters informing them that they owe 3+ years of back rent for the 10% increase. Which means business owners owe more than $40,000 each.
Maybe they were aware of their financial problems already.

reindeergirl - leave it to someone from Brookline to whine over an innocent posting. I don't care if you go to Boca or trendy Cambridge - I think most folks here got my point . From recollection, Brookine is perceived as high income in the state - and thus my rationale. Forgive me for forgetting the frugility and snobbery comming out of your buro.

NrthShrResident:
OK, so you're right that the mall may be sold to someone else. However, to say that the main problem is that condos were not purchased is to brush aside the cause: why not enough consumers/not enough home buyers/not enough cash for owners to pay the bills?
Most people don't have enough money to support this kind of development anymore, and maybe never did!

Companies (and property owners) leveraged to unhealthy ratios, people consuming and living beyond their means due to easy credit, making complex investments built on air due to lack of regulation: if incomes haven't increased to support all this, it will eventually all crash. GGP is not alone in missing this before proceeding with development, but now everyone sees the pattern, and that's why folks are here venting.

GGP has (had) assets of 40 billion and overleveraged to buy expensive properties at a bad time (they own malls all over the country). The condos that are attached to the Natick Mall are an insignificant burden to the company and caused them no hardship here. It's all about cash due to creditors for huge investments made at a bad time.

Are some of you people so miserable that you are "glad" to see a mall suffer, and that makes you feel better? Are you also glad that some banks no longer exist and that GM could potentially go under as well???? Why is it that people get so fired up because someone wants to spend a bunch of money on overprices shoes or clothes? So what, that's their choice. If it makes them happy ,so be it. Some people spend way too much on lottery tickets, cigarettes, etc. Who cares.

Sure, this mall opened at a lousy time and it looks like a bad decision now, but it will survive. It may go through some changes, but it's not going away.

I love the Natick Collection. I love Nordstrom especially. No, I don't want a Macy's or Kohls. There are PLENTY of those stores everywhere else in America. Yes, many of the stores in Natick Collection are expensive, but um, it's designer stuff. I don't think they were ever misleading to people - Nordstrom is a store that caters to a certain client. It's not trying to and never has tried to be a Target. It's Newbury St. quality for Metro West. I don't understand the hostility quite frankly. The people on here sound bitter because they can't afford to shop there. Just because you can't doesn't mean the stores have no value. I'm a single, middle class guy, not wealthy -but I like nice clothes and like to dress well. I can afford to do so in my budget. I love Natick Collection because it's so much easier then going to Newbury St. and dealing with parking and walking around in the cold, rain etc. I love being able to park and hit all the stores I like in Natick. So what if I like $200 shoes? If I can afford them, and I like them, it doesn't make me a bad person. You like to 'Grab a burger and Fries and watch stupid people shop over priced stores.' Read that and see how YOU sound like a typical dumb american that craps on anything they don't like. You make me cringe. So very proud of stuffing the unhealthiest food imaginable in their mouths while mocking someone who can actually appreciate the value of something that wasn't bought at Walmart. Yea, you're so much better then me. Typical sour grapes mentality. I'm a bad person because I buy something you won't. Classic masshole.

Surprise, surprise. This is now a forum for bitter shoppers and tenants.

I think some of you rubes protested when Shopper's World was torn down and replaced. You'd prefer to pick up some stale bread from the Wonder factory and nibble on it while you wandered around the two story outdoor Shopper's World mess circa 1982. Wake up. Times change even though your paycheck may not.

And for the tenants who don't like the rent increase GPP imposed: Move out!

That's good news! I tried to find a toilet-bowl brush one day. Not a one to be found!

Its as if no one remembers the early 1980s- much worse than this and like now, fewer shoppers. Unlike then, there is so much more media helping us worry. Maybe Obama will be another Reagan . Now the pendulum swings to other other side. Everybody cut costs. We are still fat with room for improvement. All of the west Boston metro area remains out of wack. For such educated people, its incredible to hear the complaining.

Personally, I love the new wing of the Natick Collection. The old mall was getting pretty stinky and blah. I'd love it if the new wing became the direction malls go in. It's beautiful & serene - not just the sterile & ugly typical mall experience. People (even teens) seem to behave better when they set foot in it.

We don't spend tons of money at the mall but we do go there for dinner, the chocolate store with great coffee, & a few quality items here and there. I don't do much shopping in the old section anymore.

If you can afford to spend blissfully on overpriced things, go right ahead. But, Brian, I think big spending irritates people because they watch people spend money like they have it when they don't. Then those who are responsible get to hear the collective boo-hoos from americans who are thousands of dollars in debt and defaulting on their mortgages and cause problems for all of us. All we want to do is yell smarten up people, and it comes out as bitterness.

I agree with all the comments here. As a cost conscious customer WITH tasts I could never understand why paying $1000 for a belt would make someone "feel good". Perhaps its the collective lack of self worth and self confidence that marketers convert into $s ... quite a business model if you ask me!

Now my only fear is that the vast Natick Collection should not become an urban mess with retailers pulling out ... do you see $1 Stores and perhaps thrift shops filling those vast hallways? Perhaps not ... maybe time to convert it into a giant indoor park! We know our kids need some warm place to play in the winter :)

To JChristian,
I agree on your views on the bigger picture of why developers, such as GGP are in the situation they are in. A few of us, i.e. you and me both...know that the market economy adjusts itself every 7-8 years, this is one so-called adjustment. In my previous career, I do recall seeing leveraged company stock portfolio's as some of the most popular choices, this in addition to the mid-cap finacials...and we know where they went the last year. Unhealthy investment practices are for sure the big picture here and the Condo's are not the only factor, but they are one that is hard not to mention.
I appreciate your insight.

The Natick Collection will become like the Worcester Galleria, a giant empty carcass that nobody wants to shop at. "If you build it, they will come" only works in movies. Sorry I can't write more now, I gotta go run to Target and buy some generic underwear.

The problem with the Natick Collection is the traffic situation, most people I know avoid shooping there because it is pure logjam traffic during peak hours. I live a few miles North, and it is actually quicker for me to get into Boston.

I agree with a lot of the posts. When the collection wing first opened, I was in disbelief, simply for the area that it opened in. But as time went on, I got used to it. The new wing is in fact beautiful and differs greatly from the typical mall stroll experience. I am glad those new stores are there. They bring about new style and new trends. A majority of the american people dress kind of....plain...and to see a little bit of spice and european flair injected into our accessories and clothes is refreshing. Of course, I wish I had the kind of income that allowed me to purchase designer clothing constantly, but not yet. I do not believe that we should badmouth those who can afford such a lifestyle. Just let them be.

I guess they could always generate revenue by charging admission, and us ugly proletariat Americans can drool over the stuff like we are at a museum or something.

Who in the world would want to buy a condo at a shopping mall? All the constant traffic, trying to navigate rte. 9, speen st., and rte. 30 all the time? I hate to even drive down any of those roads because of the traffic. The "collection" is way too big. There is no reason to try and get from one end to the other, because there is nothing you want at either end. I miss Filene's, Macy's is no replacement. Don't want the old days back, but some normalcy instead.

I love the Natick Collection. I love Nordstrom especially. No, I don't want a Macy's or Kohls. There are PLENTY of those stores everywhere else in America. Yes, many of the stores in Natick Collection are expensive, but um, it's designer stuff. I don't think they were ever misleading to people - Nordstrom is a store that caters to a certain client. It's not trying to and never has tried to be a Target. It's Newbury St. quality for Metro West. I don't understand the hostility quite frankly. The people on here sound bitter because they can't afford to shop there. Just because you can't doesn't mean the stores have no value. I'm a single, middle class guy, not wealthy -but I like nice clothes and like to dress well. I can afford to do so in my budget. I love Natick Collection because it's so much easier then going to Newbury St. and dealing with parking and walking around in the cold, rain etc. I love being able to park and hit all the stores I like in Natick. So what if I like $200 shoes? If I can afford them, and I like them, it doesn't make me a bad person. You like to 'Grab a burger and Fries and watch stupid people shop over priced stores.' Read that and see how YOU sound like a typical dumb american that craps on anything they don't like. You make me cringe. So very proud of stuffing the unhealthiest food imaginable in their mouths while mocking someone who can actually appreciate the value of something that wasn't bought at Walmart. Yea, you're so much better then me. Typical sour grapes mentality. I'm a bad person because I buy something you won't. Classic masshole.

Posted by Dave Stejna November 12, 08 10:38 AMSurprise, surprise. This is now a forum for bitter shoppers and tenants.

__________________________________________________________
Dave, my elitist friend!

You're missing the point that most people are trying to make. The Natick Collection was over before it began. The owners mistakenly thought there would be enough shoppers like you to support the business. They are finding out that there are not! Let them go down the tubes, and you can go to your Newberry St. shopping. The owners took a wrong risk and are going to pay for it. I love the posting from the sales associate who speaks in glowing terms of this the mall. Must be through some rosy colored glasses.

The success of the ColIection has nothing to do with people' s taste...I have good taste but choose not to spend my money on items that cost thousands of dollars just becasue they are designer or the in thing to have. GGP missed their mark....they should have talked with the people in the area and done their homework a little better......they would have learned that wearing $200 jeans with a pair of $350 shoes and carrying a $5K Prada bag to go to Stop and Shop, pick the kids up from school, hit the dentist office and then stand on the soccer field is just not what this area is all about. As my wise 13yo daughter said to me once, "just because people have money, doesn't mean they are going to spend it on these kinds of things" Nordstroms and the restaurants are great....when Neimans and all the designer stores go out, they should offer those spaces to all the renters in the old part of the mall, at their current rent, and tear that ugly part down.

>> "...There’s some crappy stores there. “Anthropologie”?? What the heck is that?"

That's how you bring women to a specific part of the mall or to a specific avenue corner. You first bait the Anthropologie with a small piece of bohemian ware, and then you set it at the location where you want them to come, and wait.

(I'm mystified about the condo at the shopping center too. Some kind of mall-living lifestyle thing I suppose. But like a new basketball arena as an anchor for shopping and condos, I shouldn't really question it. I'm sure the developers know what they're doing.)

I agree. I have good taste in clothing too, but don't see in going "all out". This is the wrong area for the Collection, bad decision for sure. If you want to spend the cash on high end clothing, go downtown Boston. There are stores that do well down there. A lot of people shopped at Natick before this happened because what they found fit in their lifestyle and the mall was close. Some stores were never meant to be there.

I can't believe this is actually a suprise! Most of these stores (or least the products found in them) were already on Newbury St and the Copley Mall. Also, has anyone been to the Burlington Mall lately? Many of the same stores have opened up there too. Also, the two malls are only about 15-20 minutes away from each other. No way the Boston Metropolitan area has enough people in the high-end shopping category of customers to keep all of these stores busy. I'm sure this looked great on paper circa 2004 when it was originally planned....but like many things that looked great back then, it ended up failing.

Too much, too close: Those of us who cannot afford Natick Collection love to point fingers. It isn't the shameful expense of those items, it is that you can't open an upscale mall in a less than upscale neighborhood 15 minutes away from the other upscale stores (Chestnut Hill
In the 95 South belt there will be a new center in Dedham, Foxboro, Sharon, Westwood, Mansfield, and expansion at Walpole...who do they think will go to these stores often enough? Each with high prices restuarants, as well.

Look, the chips are down. This is where the rubber meets the road.

There's no better time for General Growth to do what it does best.: GROW!

ABK - Money does not equal taste. Brookline residents have taste; some have money (and I don't live there, btw).

NrthShrResident ,

10,000 parking spaces? Wow, what a great addition to our air supply!

Our economy is based on a free market... that cuts both ways. Or as a friend once said, pruning can be an invigorating experience. That goes double for GE, the big three or anyone else! Wall street whining is beyond comment. Where is W. Edward Deming when you need him?

Now I shall dance as the palaces burn!

Its not just the Natick Mall...they also own the Swansea Mall and Silver City Galleria in Taunton...both of which cater to working class folk. Walk around these places....no one is there!

I was led to believe that these "high end" stores were recession proof. Then I read in the paper about this and how the fat cats aren't even buying lobster any more for dinner. I guess this must be a depression we are experiencing.....cool.

You got Jimmy Choo slippers for $500? Damn I just paid $750....

Seriously , never been to the mall and never intend to. I know the difference between wants and needs....

I blame the current retail downturn mess on that rock-n-roll music the kids are listening to, especially that Elvis fella and those foppish Beatles!

Does this mean the York Steak House will be making a comeback? I'd like to see the fountain return too.

LOL Thanks for the laugh, DudeGuyKidDudeGuy, among all the jealous comments. I appreciate that. :-D

I heard Zayres & Bradlees are making a big comeback, they will be the new anchor stores at The Natick. All the retail space in between will be turned into hourly rate motel space, for all of the suburban housewives who will have to "Ho" themselves out to pay those credit card bills they ran up for the last 8 years.

I bet Sarah didn't like comment #82 as much as she like #79! >:P

I hope the economy turns around and in a few years, all of us posters are at the Collection buying Armani suits and Jimmy Choo shoes.

Well Brian (#84), I hope the economy stays crappy; then I can have Mr. Armani and Mr. Choo both personally working in a sweatshop in my basement! In every crisis there is an opportunity.

I have good taste in clothing too, but I can't afford it, because I don't make any money because I lost my job, which isn't supposed to happen in Massachusetts because Massachusetts is immune to any and all recessions because we have universities and hospitals.

Natick (#86), what are you complaining about? This is MA, where a high school dropout can make $70k+ as a toll-taker as well as other lucrative state jobs; you just have to be related to someone named: Sullivan, Fitzpatrick, or some other Irish (or possibly Italian) last name.

I would take no great joy if these stores were to close. Personally, I would prefer to swallow ground glass than shop there, but that's me. I don't understand that mentality at all. I make a good living, but I must admit, I see no reason to spend it on an $800 shaving kit. My track 3 works just fine thank you. But if that's what you need to do to get you through the day, by all means, knock yourself out. Buy $200 shoes, what do I care. Not to mention, that I'm sure there are plenty of people you work at these store, who can not afford to shop there. I see no pleasure in seeing them become unemployed.

Well, when I went to that part of the mall in June I didn't see many people there and I wondered how the area could support it. I don't have a problem with people having money to buy expensive things, but I do have a problem with them living lives of hideous waste and gluttony. Someone is paying so that they can live their lavish, over-the-top, selfish lives. That mall is a symbol of that mentality and I personally can understand why people would be happy to see it experience financial difficulties. The middle class suffers so that the fat cats can get richer and spend their money foolishly. Well, it's no wonder the middle class is spewing hate that the rich are getting they're "just rewards" now in this recession. They brought it on themselves. Those with more to lose hit the ground hardest. At least one would hope so if there is any justice in this world (and they don't get bought out so that they can repeat the process). We all lose in the end because of this kind of behavior.

By the way I am highly educated and have excellent taste, thank you very much! The difference is that I have something called "VALUES" - I think that's a concept that a lot of people don't get anymore, sadly.

Sorry, "their", not "they're"..... :-P

reply to #54 Devbarakal O'Patrickbama

Its not as easy as moving out. There is a lease and contracts. They find ways to nickle and dime their tenants. We deal with the Simon Property Group,and they are not nearly as horrible as the GGP people. GGP runs their business in a non-ethical manner. I wish I would just leave my lease cause I would move out. Because of the mall rent hikes in the last 5 yrs or so, we have declined them in many of their mall locations. So it isnt a matter of them bumping up new leases. The problem is that they BACKED BILLED 3+yrs of rent that they say they said was an "oversight".

It is karma they go out of business because they do not care about anyone else they rent to. It does feel like they want to put their tenants out of business. Payback is the bitch!

But it does suck another large corporation is going down. This eeconomy is going down hill really fast. The recent job cuts announced by CC, GM, and a few other large companies. And the closings of large stores like CC & Linen & Things isnt a good thing. For those people who are happy about the bargains, I want to tell you to becareful because you wont be happy for long/

They say Cloris Leachman's over the hill.....but she'll never be over the hill, not in the car SHE drives

Just and FYI to most of the people that have posted something here. GGP is the second largest mall operator in the country. The Natick Mall is performing very well and is one of GGP's better investments. GGP's problem is that they have to refinance a lot of debt over the next few months and into 2009. They mismanaged their liabilities by taking out too much short term debt. They now have to refinance that debt in one of the worst credit environments in history.

Just and FYI to most of the people that have posted something here. GGP is the second largest mall operator in the country. The Natick Mall is performing very well and is one of GGP's better investments. GGP's problem is that they have to refinance a lot of debt over the next few months and into 2009. They mismanaged their liabilities by taking out too much short term debt. They now have to refinance that debt in one of the worst credit environments in history.

I weep for Apple enthusiasts.

What, 25 years of tax cuts for rich people and deregulation of Wall St. hasn't trickled down to these malls? Very unpatriotic I'd say. Everything would be fine if all the whiners would just go out and spend.

What, 25 years of tax cuts for rich people and deregulation of Wall St. hasn't trickled down to these malls? Very unpatriotic I'd say. Everything would be fine if all the whiners would just go out and spend.

The strange thing about this is that there are new mega-malls being built as we speak in Dedham, Westwood, Sharon and Mansfield. Also, Bob Kraft's Foxboro shopping area is expanding also. My reaction three years ago (When times were, ugh, good), was, "Who needs all of these extra shopping venues?" Now, I think I know the answer.
Let's face the facts. Americans over-consume and it has been proven that consumption does not bring happiness. Marketing is evil - it basically is the art of making people crave materials items they do not need.
So, my advice, fellow Americans - wake up! Become frugal and start enjoying fee hikes in the woods, free bicycling trips, and inexpensive pleasure of life. We do not need all of this over-consumption and it also ruining our lovely planet. Food for thought. Oh, and sorry Mr. Mall Developer, I have sooo much sympathy for you!

This does not surprise me. I went to Natick Collection earlier this year for the first time & wasn't impressed. How many shopping centers do we need?
I live on the upper cape and in the last few years, these shopping centers have been built within 15 minutes of where I live: Shops at 5 in Plymouth, Colony Place in Plymouth, Wareham Commons in Wareham. I also should mention that the following large shopping centers already existed and are within 15-20 minutes: Cape Cod Mall in Hyannis, Mashpee Commons in Mashpee, Independence Mall in Kingston. I realize that this is one of the fastest growing areas in the state but, c'mon, do we really need all these shopping centers!?!

My God the rich are judging the average and the average are even worse with their opinions. Why are you all so wrapped up in what other people do? Why would you care if someone buys a thousand dollar belt or look down on someone who cannot? Seems you all, rich and poor, have way too much time on your hands.

I think this has very little to do with the demographics of the area and a lot to do with the current state of the economy. Is there a base of people in the area who are well off enough to shop at and support Natick Collection? Definitely; GGP wouldn't have embarked on such an endeavor if there wasn't. Are those people out spending the kind of money they do when the economy is running at its usual capacity? Nope. Look around... The Prudential Center & Copley (the only comparable set of stores in the region) is pretty quiet lately, too.
Oh, and the likelihood that Natick Collection would close is slim to none. GGP owns hundreds of properties, and this is its flagship. It would be the last they'd abandon and the first with a long list of buyers.

QUOTE:
but I do have a problem with them living lives of hideous waste and gluttony. Someone is paying so that they can live their lavish, over-the-top, selfish lives. That mall is a symbol of that mentality and I personally can understand why people would be happy to see it experience financial difficulties.
QUOTE

"....hideos waste and gluttony." HUH? It's just a mall, honey. Get real. Why not dispense some of your anger toward an issue that matters.

Wow. You people are a judgmental bunch. So what if someone wants to spend $500 on a belt? Me..well, I'd rather spend that on an iPod or something, but, it's really no one's business how anyone spends their money.

I'm sure the Natick Collection will catch on at some point. I mean, come on, where else can you visit an Apple Store, the Gap, Neiman Marcus, a North Face store, AND eat at McDonald's in the Food Court all at the same place???

Devbarakal O'Patrickbama - apparently one of the problems is many of the tenents took your advice and DID MOVE OUT. How's that working out for the landlord? Apparently they forgot the wise business mantra that it is easier and cheaper to keep a CURRENT customer happy than to find NEW customer.

Call me liberal, call me stupid, or poor. Whatever. When I can't find a single bookstore in a place the size of the Natick Corruption, I just don't go there anymore.

I remember when Shoppers World was an outdoor mall, and the Natick Mall was run-down physically (go back TWO rebuilds!)

I don't shop for fashion, I shop for value. Don't most people do the same? I'm not poor. I'm just smart.

Steve S., if I weren't already married I'd propose, LOL.

Dan, I am real and I assure you I understand economic cause and effect. If you think that the earning and spending behavior of the very rich doesn't affect all of us , then YOU are the one living in a la la land. The middle class is going to be (as usual) the ones who pay the most for all the the wanton expenditures of the Rich when the financial house of cards they helped create caves in on us, which it is rapidly doing more every day now. We are the ones who end up losing the most relatively speaking when the economy tanks. The poor already have nothing and are taken care of by the state. But the middle class gets reamed up the you know what. They will lose everything they have and then get told they don't qualify for federal aid for one reason or another. Don't think it's possible? Wake up, it's happening even now!

And yes, this situation is the fault of the Rich, sorry to say. They don't give a rat's you know what about how any of the rest of us fares as a result of the situation that they helped to create. They lead us into it like sheep to slaughter, encouraging us to spend more money than we have all the time, so that their pockets would be lined at our expense. And to boot, they will still have money when the rest of us are on skid row. Don't think it's possible? Then you're the one who needs to get real, Mr.! You haven't done enough research on the Great Depression. This is going to be even worse! Stick your head in the sand, why don't you?

Alot of you sound very angry and alot of people can and will continue to shop there. If its too expensive go somewhere cheaper. Its funny bc half of these people writing ignorant comments here r leaving there computers and going out and buying cigarettes. With all that money u can go out and buy something nice for yourself at Natick Mall.

I hope Caldors and Ames returns. I still have their shopping carts in my bedroom as bureaus!

I hope Caldors and Ames returns. I still have their shopping carts in my bedroom as bureaus!

Well, it finally came true General Growth is bankrupt ! I have to say standing in the luxury shaving store in the Natick Collection about a year ago I saw this day coming. The million dollar condos right next to the Natick Collection are next, if not already, to go.