Fashion shoe store closes shop

When students returned to campus and strolled along Walnut Street, there was one glaring change among the familiar sights. The Steve Madden store -- the mecca of women's shoes that delight the vertically challenged -- closed its doors on Dec. 30. The University considered Steve Madden a great tenant, Associate Vice President for Business Development Lisa Prasad said. She added that she was not aware of any financial trouble the store may have been facing. Like many others, Prasad said she is sad to see Steve Madden go, but University administrators are actively pursuing future plans for the site. However, it is unlikely that the space will be filled this semester. "We are aggressively marketing the space," Prasad said. "Now that the holiday season is over, we are poised to begin negotiations." The space will most likely be filled by another retail store because it is not equipped to handle a food-oriented business, she added. Last spring, the University conducted a comprehensive study of the needs of students, faculty and the community, and those findings will be taken into account when selecting the next tenant. Many students returning to campus after the break said that they were not aware of Steve Madden's closure, but some did have ideas for what they would like to see in its place. Wharton freshman Kelsey Schwenk, who said she was surprised by the closure, said that she would like to see another clothing or shoe store open in its place. "I would have bought more shoes there if it was still open," she said. College freshman Ashley Birnbaum said that she was not affected by the closing of the store and hopes the University will open a frozen yogurt store in that space. Prasad said she is excited because the vacancy, as well as several other vacancies on campus, provides "a tremendous opportunity to bring in exciting new retailers" that meet the needs of the Penn community. In the meantime, she does not think that the vacancy will affect the other businesses in University Square. She also noted that if some of these businesses do close, it will be because of the national economy, not the empty space. Ditra Mitchell, who manages Messages, the gift store that is adjacent to Steve Madden, said she is not worried about a decrease in business due to the empty space next door. "It is too early to tell, with the students away on vacation, but I hope it does not affect us," she said. "People always write and send gifts," so her business will hopefully avoid the current economic turmoil, she explained. University officials said they are not overly concerned about their ability to attract new businesses, even in the current economic climate. "It will be more difficult but definitely doable," Prasad said. Even if a new business is chosen for the former Steve Madden location, the new store will probably not open this semester because after negotiations are complete, it takes most retailers between 120 and 150 days to set up before opening. Steve Madden representatives could not be reached for comment.

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