Former Mall Owner to Close Cosmetics Store

The former owner of the Shops at Palos Verdes is closing a cosmetics store he opened in an effort to revive the ailing mall, saying he cannot negotiate a reasonable lease with the mall’s new owner.

Ron Florance, who owned the mall until last month, when Atlanta-based Cousins Properties purchased the retail center, will close Claridge’s on March 15.

Florance opened the 7,150-square-foot store in November in an attempt to capture some of the estimated $6 million in business that the makeup counters at Macy’s and Robinsons-May generated annually at the mall before they closed in 1997.

Florance said the two parties could not agree on the terms of a lease, so he has decided to close the store. “It’s unfortunate that we are unable to successfully transfer the lease at this time,” said Cousins Vice President John Hopkins.

Cousins purchased the mall last month and is planning to spend $65 million to renovate the mall and build an adjacent pedestrian promenade.