The Question:
According to McKinsey:
Innovative malls are incorporating value-added elements that attempt to recast the mall as the new downtown, including concerts, arts centers, spas, fitness clubs, and farmer’s markets. These services provide a level of leisure and entertainment that can never be satisfied online..

With Regard to Providence Place Mall:
Sales tax revenue and occupancy continues to slide
FYE 6/19 10,849,000
FYE 6/18 12,300,000 itself a 14% drop
Given COVID, it is unimaginable how low sales tax receipts will be in FY 6/20 Additionally, Anchor stores are in trouble or leaving (Macy’s) Nordstroms

QUESTIONS:
Given the burden the Mall continues to present to a nearly broken Providence, will the State avoid these deals in the future, where sales are largely shifted from one retail sector to another, with the State giving up millions in sales tax revenues in order to subsidize private venture construction

Has the State of Rhode Island engaged in any contact with Brookfield Properties to discuss the Malls rapidly declining fortunes?

Does the future involve lowering sales tax and restaurant tax to invigorate downtown small merchants, as well as State financed private public partnerships?

Secretary Pryor Engaged: Citing the oft voiced, never substantiated claim that Malls, as well as other Public/Private Partnerhips create jobs, rather than merely shift economic activity to a different venue. That the Raimondo Administration Main Street Initiative, as well as Commerce Corp sponsored loan programs represent significant opportunities for the private sector.And that communications with Brookfield Properties had taken place. We will be documenting our followup questions shortly

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