Wednesday, December 05, 2007

Taking the money and running

An Irish consortium called Duke House bought the old Municipality Building in Vilnius in 2004, completely renovated it (only the outside walls were left standing) and popped in a posh shopping centre, with shops like Marks and Spencers and Bodyshop. Now it would appear they are trying to sell it - probably they think they have made as much money out of it as they can.

This is the worst kind of investors, no? Taking no interest in the continued development of the centre, or in Vilnius, just out for a fast buck.

Not sure how well this shopping centre is doing. Vilnius, unlike other capital cities, is relatively deserted on the weekend, and these shops are at the expensive end for Vilnius incomes. Visiting it a day or two after it opened I found it quiet, and never since then have I found it busy either. I haven't bought any clothes at M&S since they have a reputation for drabness, and those who can afford to buy expensive clothes in Vilnius are the young ones who would not buy this stuff. M&S also have a food section, but it's all food that keeps, and a small packet of muesli does not do anything for anyone.

It'll be interesting to see what will become of the centre....


Helene said...

What a disappointment. And there was I thinking Vilnius would be a first for M&S food, which really is rather good, despite its reputation for being expensive.