Residents say replacing a local hill with a cineplex is not the ticket for downtown Walnut Creek. Century Theatres plans to build a more than 10,000 square foot retail complex there with 14 screens. But residents say the city is missing the big picture. All the statistics show there are too many screens for the number of public going to the movies. Locals fear the proposed Walnut Creek complex will compete with another 16-screen multiplex being built by Century Theatres just four miles away in Pleasant Hill.
Industry analysts agree there are already far too many multiplexes in the country.
In just five years, more than 10,000 new screens debuted in the United States. Industry analysts say it's also a bad time to build more theatres. Ten chains filed for bankruptcy protection last year, the victims of the multiplex boom in the late nineties. Walnut Creek residents say they're afraid they'll be left holding the bag. This building is going to be built for a movie theatre.