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The Relationship Between CPI And Newport Beach

Fashion Island Parking
Photo by: Robert Mancuso
Fashion Island Parking

This weekend I moved my daughter back down to Orange County for school. She and a roommate are renting an apartment. How has the economy changed? We got a nicer apartment for $200 a month LESS. Plus $500 off the security deposit.

Her apartment is near UC Irvine, where management professor Robert Mancuso sent me a note this morning about a "telling statistic that reveals how absent the consumer is from the economic mix."

Mancuso sent me two pictures he snapped Monday evening at the expensive new parking garage at Fashion Island, a high-end shopping mall in Newport Beach.

Fashion Island Parking
Photo by: Robert Mancuso
Fashion Island Parking

"The Market is looking for evidence that the consumer will step up to cash register," Mancuso says. "However here is photographic proof that she may not be willing to do that." He says the new parking structure remains largely empty. "Capable of handling over 300 cars per floor, the numbers speak for themselves that there is still ample room for consumer involvement in this economy."

Granted, Monday evening isn't prime shopping time, but 352 empty parking spaces on the top level of one of the most popular malls for rich people in California? Mancuso says, "The higher the number (of empty spaces), the lower the CPI."

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