Ventura County Business

The year 2005 seems much longer than a mere 5 years ago. Mired in economic uncertainty since the latter part of 2007, concerned, overworked and underpaid people around the globe long for a simpler time just a few years in the rear view mirror. It was 2005 in which Town Center opened in Simi City, CA, located in Ventura County’s southeast sector, taking advantage of the calm, well-tempered climate both atmospherically and economically. The open air mall and shopping center had been in the works for nearly two decades with the final product spanning over 600,000 square feet, prominently displaying high end shops, retailers and boutiques and a selection of chain and local restaurants. The Town Center was envisioned to serve as a new source of jobs, projected to offer 1,200 to the community, and a 2.5 million dollar sales boost to boot. At the time of its opening, the Town Center was valued at 350 million. Today, the once prized locale is up for sale, reflecting the troubling economic times that have engulfed even the most well-to-do southern California communities.One of the major concerns for the Simi City Town Center, and its inhabiting stores, is the top-drawer nature of the mall. In a time when discretionary income is down across all sectors of the population, the first purchases to be cut are nonessential luxury items. With a more strictly budgeted clientele base, it only follows that Town Center’s brand name retailers will turn less profits than originally envisioned. With that said, occupancy in the facility remains high, currently 86 full with a total of 90 tenants setting up shop in the available space. Economic downturn is by no means the only factor in the decision to sell. Competition from surrounding retailers and outlets, many of which do in fact offer cheaper alternatives, was said to be perhaps the largest consideration in putting the Town Center on the market.