Thursday, July 12, 2012

How the Mormons Make Money

Late last March the Mormon Church completed an ambitious project: a megamall. Built for roughly $2 billion, the City Creek Center stands directly across the street from the church’s iconic neo-Gothic temple in Salt Lake City. The mall includes a retractable glass roof, 5,000 underground parking spots, and nearly 100 stores and restaurants, ranging from Tiffany’s to Forever 21. Walkways link the open-air emporium with the church’s perfectly manicured headquarters on Temple Square. Macy’s is a stone’s throw from the offices of the church’s president, Thomas S. Monson, whom Mormons believe to be a living prophet.

On the morning of its grand opening, thousands of shoppers thronged downtown Salt Lake, eager to elbow their way into the stores. The national anthem played, and Henry B. Eyring, one of Monson’s top counselors, told the crowds, “Everything that we see around us is evidence of the long-standing commitment of the Church of Jesus Christ of Latter-day Saints to Salt Lake City.” When it came time to cut the mall’s flouncy pink ribbon, Monson, flanked by Utah dignitaries, cheered, “One, two, three—let’s go shopping!”... ► Read the full story by Carolyne Winter in Bloomberg Businessweek.

Photo: Bloomberg Businessweek's Mormon cover /
Comments from the Dylan Byers, "Here’s the context ... Image is from an 1898 lithograph of 'The Youthful Prophet, Joseph Smith, Jr., and Oliver Cowdery, Receiving the Aaronic Priesthood Under the Hands of John the Baptist, May 15, 1829. Recording a pivotal moment in the birth of Mormonism.'
Though in this case, the directive is: 'And thou shalt build a shopping mall, own stock in Burger King and open a Polynesian theme park in Hawaii that shall be largely exempt from the frustrations of tax.'
Me thinks some controversy is en route."

1 comment:

  1. • LDS Church responds to Businessweek's 'money' article

    ► The Church and Its Financial Independence /

    ► Criticism follows Businessweek cover on Mormon Church finances /