For those who say Penn Sq. has a waiting list of high end tenants. I no longer buy that when you see some of the cheesy local tenants they allow in the mall. I can't remember the names of some of the places, but nonetheless there is some cheese in Penn Sq. Thankfully it's getting better all the time.
You obviously don't understand the retail market when it comes to malls and leasing space. Penn Sq. has a VERY long waiting list of high end tenants The problem isn't tenants that are interested in the mall, but finding the right space, and timing. Most of the "cheesy local tenants" you refer to are on short term leases and are interim tenants, and that's the case with any mall. Take the "Honey's Handbags and More" store. That space is so small, and in such a weird area, that retailers on the waiting list simply aren't interested in the space. Most of the retailers have spaces in mind, and are simply waiting for those spaces to come available. As we saw with Windsor, that retailer had actually put money down on the old Walden Books space to claim that space away from Walden Books. For example, Forever 21 has wanted to put a store in the mall, especially a flagship XXI forever store, but the space simply isn't there current to accomodate them.