We just spoke with Stephanie Reitano, co-owner and gelato-mistress of Capogiro, about the rumored South Street store and there’s both good news and bad news for gelato lovers. The good news first - they are in negotiations for the space, although nothing is a done deal. The bad news - as usual, the banks are screwing everything up. Also, the East Passyunk Avenue Capogiro will be going into hibernation for the winter.
Reitano had no plans to discuss the store yet, since the financing is not yet in place.
“We really rely on a lot on our staff - they’re a big part of what we do and we like to tell them what’s happening first. They were pretty hurt because they didn’t even know about it yet. We had to send them an email to let them know we weren’t hiding anything. I’m kind of upset that it’s out there already, especially since nothing has been signed. The landlord asked if he could use our name to get the zoning changed and we said yes, but we haven’t even signed a lease yet. It’s not that we’re not going down there, it’s that nothing is set in stone.”
Also of note, even people with a proven record of success can’t get a loan:
“We’re having a really hard time getting financing and the South Street deal is completely contingent on us getting financing. When we were opening the Penn store, we had the financing completely done and then the banking collapse happened and they pulled the funding for that. The banks are just crazy right now - it’s so difficult.”
As for the Capogiro scoop shop on East Passyunk, Reitano says that they had a busy summer, but as soon as the weather turns to rain or gets chilly, business drops. Plans are to close sometime around Halloween and then to reopen on March 1. Employees will be located to other stores and they may rent out the space for events.