Luxury Mall Hits the Wall (Atlantic City)

The Pier Shops at Caesars, a 300,000-square-foot mall, was developed on an Atlantic City pier by Taubman Centers Inc., one of the country's largest retail landlords. Taubman targeted scale retailers like Gucci and Tourneau with hopes of repeating its success with high-end shops in Las Vegas.

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Even in better times, high-end retail never flourished in Atlantic City, according to Faith Hope Consolo, the head of Prudential Douglas Elliman's retail division. The Pier Shops at Caesars "looked like luxury stores on Fifth Avenue and that is absolutely not the customer there," she says.