Did this flick spend time in development hell?

My TV guide listed this movie's production date as 2002. As soon as it started, the visual quality made me question that date. Then it went on and on, everything feels so decidedly late 80s to early 90s - the music, the haircuts, the clothes; the lead actress has her blouse tucked into a waist-high pair of jeans, for crying out loud!

I decided to look the movie up on the TV channel's website, where it said 2003, which is also the year it is filed under at IMDb. But I am still not convinced. Is it possible that this movie has spent some 10 years in post-production stage or something? Quite honestly I think it would have been a daunting task in 2002/2003 to produce a movie that feels so 90s. Also the plot doesn't seem to call for it.