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Troubled Korinza Shopping Mall Unlikely to Get Its $1 Million

Date Posted: 2000-04-14

Okinawa City is considering investing up to Y100 million or nearly $1 million for rejuvenating the troubled Korinza shopping mall. Okinawa City Assembly is thinking about the plan presented by Okinawa City Mayor Masakazu Nakasone. Korinza Mall was created to boost the sagging fortunes of the Park Avenue area of Okinawa City. The mall is a joint venture owned by Okinawa City and private companies with a lot of the building costs coming from city coffers. However, the mall has been in trouble almost from the day it opened. The tenants have accused the owners of not to living up to their promises and many have left. The owners have retorted that the tenants are not trying hard enough and expect handouts. The rejuvenation plan was originally discussed in last month’s assembly meeting where a proposal to earmark Y350 for the project was voted down. Assembly members accused those in favor of the plan, mainly the current city administration, of poor or non-existing planning and just wasting taxpayers’ money. This time the administration slashed their request to Y100 million, hoping that would be more palatable to the majority of the assembly. That may be an uphill task, though. Computer simulations of the mall’s prospects commissioned from an outside consulting firm, constantly show that the mall’s long-term prospects are dim. The assembly is scheduled to vote on the request June 13.

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