Grossman, who is considered one of the smartest and richest shopping-center men in the country, may have finally outsmarted himself.

Without I. Magnin, his big killing will probably fall through. And he has already invested so much money in the luxury location that there is no other department-store chain that can touch the property.

Maybe he can entice one of Sam Walton's stores to fill the spot. But that is unthinkable. The domino effect would drive away all the affluent lady shoppers and cause the demise of every French restaurant for miles around.

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