Pardon me if you’ve already read it, but I just got around to finishing D Magazine‘s profile of Highland Park Village owner Ray Washburne. The part of the piece that sticks out is that Washburne is, for the most part, quadrupling tenants’ rent.
“When we looked at the quality of tenant we have and their sales per square foot, I realized that our competition isn’t in Dallas,” Washburne told reporter Joseph Guinto. “It is not Inwood Village, and it is not Preston Center. Our competition is Worth Avenue in Palm Beach, Rodeo Drive in Los Angeles, Americana Manhasset in Long Island, and SoHo in New York. And, in those places, rents are $150 to $200 a square foot or more.”
Assuming a few Highland Park Village patrons are reading this, do you think this tactic will hurt or help the shopping center? Or will it have no effect on your shopping experience whatsoever?