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FRIDAY, JUL 13, 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 churchâ€™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 Tiffanyâ€™s (TIF) to Forever 21. Walkways link the open-air emporium with the churchâ€™s perfectly manicured headquarters on Temple Square. Macyâ€™s (M) is a stoneâ€™s throw from the offices of the churchâ€™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 Monsonâ€™s top counselors, told the crowds, â€œEverything that we see around us is evidence of the ...

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