Commercial space reaches new zenith |

Commercial space reaches new zenith

An article in the Economist Magazine issue of Oct. 25 gives lie to the statement made by Mr. Baldwin, the ubiquitous and bloviating agent/landlord, as to why Gucci pulled out of their “commitment” to the Banana Republic space.

Mr. Baldwin is quoted in the Aspen Daily News on Oct. 29: “They [Gucci] decided because of what’s going on in the world ” not because of what’s going on in Aspen ” not to open those stores.”

Now read this: The Economist Magazine reports that Domenico De Sole, the chief executive of Gucci, is “ecstatic” over the 20 percent increase in sales in Gucci in America and a 16 percent increase in sales in Hong Kong from Aug. 1 through Oct. 12, 2003. Gucci stock is soaring, and Mr. De Sole goes on to say that he is very optimistic about the future of Gucci and their other luxury brands in the American, Hong Kong and European markets.

Was Harley misquoted? Did he lose something in the translation, or, more likely in my view, was he putting some lipstick on a pig?

Taking the latter view, which I think is the most plausible, Aspen commercial space has apparently reached a new zenith ” it is TOO expensive for the third-largest retailer of luxury goods in the world.

Bill McDonough

Woody Creek

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