The theatre is located right off the Mag Mile, a tourist mecca. Even though the entrance to the theatre is on a smaller side street, there is plenty of traffic and a rather obvious marquee. I don't think the closing of this show has anything to do with the location of the theatre.
And it is my opinion that the show IS mediocre. I have a few friends who are not huge musical buffs that went and thought "Eh, kinda cute, but not that great." And would not recommend it to others.
PEACE.