Rick Caruso gets grief for swapping Barnes & Noble for CVS

Encino residents deliver an open letter, via Facebook, to the billionaire L.A. developer for his decision to lease the bookstore space to drug store giant CVS. I'm not sure what these folks expected Caruso to do, since Barnes & Noble had announced plans to vacate the space - and there can't be any other bookstore chains waiting in the wings. (Also keep in mind that Caruso is one of the most accommodating landlords when it comes to the concerns of nearby residents.) From letter:

We are angry at the change of character of the center. We as a community see financial profit as the primary motivation, outweighing our community's need for a gathering spot and literary center for our children. Our community uses this center as a place where families and friends congregate. It is a "destination center" which will be lost upon such a change of business.

Financial profit as the primary motivation? Why I'm shocked that Caruso would take such a position!


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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
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