Prada may be the highest bidder, but what is it's economic contribution? Isn't priority should be reserved for long term anchor tenants?

Updated 12:24 PM Oct 17, 2012

MILAN – McDonald’s has sued the city of Milan for €24 million (S$38 million) in damages over being kicked out of a tourist-packed shopping arcade, the Galleria Vittorio Emanuele II, after the American fast-food chain had rented the space for 20 years.
A second Prada store will replace McDonald’s in the 19th-century marble-floored shopping mall as a result of a public tender whose terms McDonald’s called “unfair.”
To celebrate the last days of one of its busiest restaurants in Italy, McDonald’s offered free burgers, fries and drinks to over 5,000 people from noon to 4pm yesterday.
“We wanted to say goodbye to the Galleria with a smile,” said Mr Paolo Mereghetti, head of communications at McDonald’s in Italy.
Losing the spot in the Galleria, which links the city’s historic Duomo cathedral to La Scala Opera house and is close to the chic Montenapoleone shopping street, would cause a €6-million loss in missed annual sales, said Mr Mereghetti.
“No jobs will be lost as a result,” he said.
In a show of affection, 1,500 people left messages on a Facebook page set up in early this month to comment on the closure.
“I will miss it because from now on I can no longer eat my favorite Miami fries admiring the spectacular Vittorio Emanuele arcade,” Ms Catia Fiorentino wrote on the website. REUTERS

Author: Gilbert Tan TS

IT expert with more than 20 years experience in Apple, Andriod and Windows PC. Interests include hardware and software, Internet and multimedia. An experienced Real Estate agent, Insurance agent, and a Futures trader.

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