By FITSNews || A proposed “Mega Mall” in the South Carolina Lowcountry would cannibalize existing retail outlets, according to a report issued by the S.C. Board of Economic Advisors (BEA).
The report also found that the project would deprive state coffers of $22.5 million over the next five fiscal years.
The 280-acre, 1.5-million-square-foot “Mega Mall on the Okatie” – which saw its $134 million tax incentive package approved by the S.C. Senate Finance Committee earlier this week – has been blasted by local business leaders as a predatory retail development, a charge the BEA report seconds.
“Because the facility adds to an already well established retail sector, it is difficult to expect that the facility will create new sales, but rather will shift sales from existing retailers and not add to sales that would otherwise occur in the absence of the provision,” the report notes.
A-ha! Just as we surmised …
Of course the only problem with this analysis is that it comes from the S.C. Board of Economic Advisors, an entity that hasn’t exactly set the world on fire when it comes to economic prognostication.
“Retarded monkeys wearing blindfolds and throwing darts backward could do a better job of estimating South Carolina’s revenues,” we wrote of the BEA just last month.
Yeah …
Recently, an opinion from another low-grade moron – S.C. Attorney General McMaster – concluded that deals like the one being offered to Sembler might not pass constitutional muster, another example of blind hogs finding acorns every once in awhile.
The “Mega Mall,” which is being pushed by the politically-connected Sembler Company, faces fierce opposition in the State Senate as well as a veto from S.C. Gov. Mark Sanford.
WEB EXTRA
BEA Analysis of Sembler Mega Mall
By Mike at the beach February 5, 2010 at 6:26 pm
Earth to SC Legislature-
If McMaster gets this and you don’t…wow.
By You Can Call Me Ma'am February 5, 2010 at 8:50 pm
Might be interesting to see which candidates (and senators) have received campaign contributions from Sembler, and which ones support this boondoggle.
By SnakeMD February 6, 2010 at 3:19 am
Richland Fashion Mall is in the “wealthiest” zipcode location in Columbia and is in and out of bankruptcy.
Sandhills Mall will cause the death of Columbia Mall as it siphons off the shoppers form Northeast Columbia and those out of shoppers coming from the east. (Camden, Florence, etc.)
Dutch Square Mall will never recover since Columbiana Center Mall was built in the early 1990′s.
Do you see a pattern here?
1) every new mall pulls business from the nearest existing mall.
2) the largest and most successful mall builder/owner in the country, General Growth Properties, is in the
process of coming out of bankruptcy.
3) reports say that approximately 200 malls in the USA will be closing or filing for bankruptcy in 2010 and
2011.
We need to say Mega-No to this Mega-Mall ripoff!