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Next on the hit list: Virgin Megastores; all U.S. outlets to close

post #1 of 8
3/4/09 at 5:38pm
Thread Starter 
Virgin Megastores to shutter nationwide - Silicon Valley / San Jose Business Journal:
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post #2 of 8
3/4/09 at 6:31pm

Re: Next on the hit list: Virgin Megastores; all U.S. outlets to close

That's a big hole to fill in Downtown Disney in Orlando. I mean that literally, though- big store, but the prices were obscene.
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post #3 of 8
3/5/09 at 12:02am

Re: Next on the hit list: Virgin Megastores; all U.S. outlets to close

From the linked story....
Quote:
the stores in general remain profitable, but that the real-estate joint venture of Related Companies and Vornado Realty Trust, which bought Virgin Entertainment Group Inc. in 2007, determined that they could earn higher rents from new tenants in the spaces occupied by the stores.

This is just crazy. Commercial real estate is going to follow residential real estate over a cliff, with both sales prices and occupancy rates sure to follow. I'll bet there may not be any "new tenants" for these locations, much less ones paying "higher rents".
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post #4 of 8
3/5/09 at 9:22am

Re: Next on the hit list: Virgin Megastores; all U.S. outlets to close

Wow, first Pleasure Island and now the Virgin Megastore. On the upside, I'll be saving a good amount of money. On the downside, I loved shopping there. It was just such an amazing place. I didn't care much about the prices. I had hundreds of dollars with me to spend on DVDs, CDs and books. Now it's coming to an end.

Sincerely,

John Kilduff...

As long as stores like F.Y.E and Barnes & Noble are still open, I'll be okay, though.
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post #5 of 8
3/5/09 at 10:02am

Re: Next on the hit list: Virgin Megastores; all U.S. outlets to close

Quote:
Originally Posted by John Kilduff
As long as stores like F.Y.E and Barnes & Noble are still open, I'll be okay, though.
FYE has closed two of their four locations within 50 miles of me over the past few months. Seemed a little odd, as both seemed to be in high-traffic locations and I hadn't heard any announcements about FYE closing stores.
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post #6 of 8
3/5/09 at 10:47am

Re: Next on the hit list: Virgin Megastores; all U.S. outlets to close

Wow, I don't buy from iTunes, but if more of these stores go out of business that might be the only option left!
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post #7 of 8
3/5/09 at 2:16pm

Re: Next on the hit list: Virgin Megastores; all U.S. outlets to close

File all this under "e" for "economy." (Or, perhaps, "cd" for "coming depression.")
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post #8 of 8
3/5/09 at 3:20pm

Re: Next on the hit list: Virgin Megastores; all U.S. outlets to close

coming? where ya been, man?
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