Film-Tech Forum ARCHIVE: Loew's Closes 18 Month Old, 20 Million Dollar Pittsburgh PA Megaplex

This is topic Loew's Closes 18 Month Old, 20 Million Dollar Pittsburgh PA Megaplex in forum Ground Level at Film-Tech Forum ARCHIVE.

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Posted by Jonathan M. Crist (Member # 413) on 07-03-2001, 09:15 PM:

Opened in November 1999 the brand new, 20 screen, 87,000 square foot, 4,100 seat North Versailles megaplex was located less than three miles from a Destinta megaplex which had opened just 6 months earlier. This was crazy because anyone who has lived in Pittsburgh will tell you it never in its history has been a big moviegoing town. And if that wasn't enough, six months later Loew's opened an even bigger Premium (valet parking, liquor bars etc) Megaplex known as the Lowes Waterfront (which was less than 5 miles from the North Versailles).

AND TO THINK THEY PAY PEOPLE HUGE SALARIES AND BONUSES TO MAKE THESE DECISIONS. AINT AMERICA GREAT!

Posted by Paul G. Thompson (Member # 655) on 07-04-2001, 07:37 PM:

IMHO, some of the big theater chain execs are idiots. They don't seem to do a very great job in their homework before the committment is made.

Looks like it is another example of Chapter 11.

Posted by Charles Everett (Member # 889) on 07-05-2001, 11:44 AM:

Here's a link to the story in the Pittsburgh Post-Gazette.

The closing is related to Loews' Chapter 11 filing.

Posted by Jesse Skeen (Member # 586) on 07-05-2001, 11:50 AM:

So how much do they wanna sell it for?

Posted by John Pytlak (Member # 331) on 07-05-2001, 12:08 PM:

What I couldn't (wouldn't?) do with $20 million!

Pharmacies seem to be on the same kind of building spree. Must be that large companies do their demographic surveys at the same time, and all decide to build their "megaplexes" or "super stores" in virtually the same location, based on the numbers. Not only do they kill the well-run existing businesses, but they cannibalize each other. "Survival of the Fittest" in its worst sense.

------------------
John P. Pytlak, Senior Technical Specialist
Worldwide Technical Services, Entertainment Imaging
Eastman Kodak Company
Research Labs, Building 69, Room 7419
Rochester, New York, 14650-1922 USA
Tel: 716-477-5325 Cell: 716-781-4036 Fax: 716-722-7243
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Posted by Bob Maar (Member # 763) on 07-05-2001, 12:34 PM:

Since I was involved with the construction and building of this theatre, I had also designed the screens and sound systems and I also thought this was a winner...a little piece of me died today.

Posted by John Pytlak (Member # 331) on 07-05-2001, 12:39 PM:

Sorry Bob.

If it's not speaking "out of class", what data was used to make the decision? I suspect the problem is that several circuits look at the same demographic data, and it's a few years before they realize their competition had the same plan.

FWIW, the article does praise the theatre as being well designed and equipped. Shame it didn't work out.

Posted by Bob Maar (Member # 763) on 07-05-2001, 01:51 PM:

We need an icon with a tear.

John, When I first joined Loews's in 1997 this project was posted on the list of up coming projects. The site that this building occupies is the site of a Single Screen "Drive in Theatre" that the owners had retired and a developer was building a regional shopping area.The Loew's was built as a free standing structure on the western side of the development. The demographic studies that were done in 1995 and 1996 showed substantial a population growth in the area. However in 95' and 96' the Destinta Theatre had not been built. The other theatres in the area of demographics were old and not playing first run. Committments were made and the land was cleared over a period of time and the theatre was built. It was truly a manificient building.

I don't like to see any theatre close. Including the older ones. In NYC when theatres are threatened with closure, including the ligitimate Broadway Theatres we try to have both the inside and Outside landmarked to preserve for future generations.

Posted by Jonathan M. Crist (Member # 413) on 07-05-2001, 11:37 PM:

Bob, there is simply no justification for any theater company to canablilize its own locations. The final nail in the Versailles coffin was the opening of the Lowe's Waterfront.

Many recent build decisions by all of the majors have been driven not by whether an area needs another plex but by the ego driven desire to keep the competition out - if we don't build it, our competitor will & we will lose control of the market. Any company which lets a competitor control its strageic planning decisons deserves to be in Bankruptcy.

By the way, didn't Jack Karp get 3.4 million in salary and bonuses last year?