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Monday, May 6, 2024 |
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Will CBL's Towne Mall become "Middletown Village"? |
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arwendt
MUSA Official Joined: May 17 2007 Location: United States Status: Offline Points: 588 |
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Not sure if I mentioned this but a few weeks ago I was on the roof of our building which overlooks the mall to the north and Target and Kohl’s and that mess to the south. I noticed there were more cars in the parking lot of Target than in the entire mall parking areas combined. If the area is so repressed why do people shop on the south side of 122 and not the north? |
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Pacman
Prominent MUSA Citizen Joined: Jun 02 2007 Status: Offline Points: 2612 |
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arwendt you been in the mall lately? What is there to shop for on a regular basis, they have run everyone off.
I won't be surprised if that mess on the South Side doesn't change either.
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Josh Van Cleave
MUSA Immigrant Joined: Oct 29 2007 Status: Offline Points: 47 |
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The mall is a sad state of affairs, and unfortunatley it is going to take a lot of money to fix the situation, or a miracle, so probably the money is our best hope...
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Pacman
Prominent MUSA Citizen Joined: Jun 02 2007 Status: Offline Points: 2612 |
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Retailors are cutting back left and right and predicting a bad Xmas season. Many retailors have closed stores across the country. Looking at Middletown and its current make up and financial state I see little reason why any Mall developer would sink any money into Middletown at all at this time. Would you?
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Pacman
Prominent MUSA Citizen Joined: Jun 02 2007 Status: Offline Points: 2612 |
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Check out this link to see what is happening in the retail world:
Middletown Retail is in even worse shape than the rest of the country. I would not be counting on a New Mall or even a remodeled one at this point. Even if they remodeled it, who would sign a lease to open a store there? I wouldn't.
U.S. Retail Store Closures Flirting with Six-Year HighJun 25, 2008 12:32 PM Bankrupt home furnishings retailer Linens 'n Things' disclosure this week that it plans to dispose of 120 locations is the latest burst in the retail sector's growing flood of store closings this year that has the industry's real estate disposition firms scrambling. On Monday, Linens Holding Corp. announced it had hired DJM Realty, LLC, a New York-based real estate consulting firm, to dispose of its under-performing stores located in 31 states. Also, the Clifton, N.J.-based chain telegraphed it was preparing to shutter as many as 80 more of its 589 stores in the near future, says Andy Graiser, co-CEO of DJM Realty. The disclosure comes as the sector struggles with retailers' jettisoned expansion plans amid a seemingly unending string of store closing announcements. Home Depot recently said it would shut 15 existing stores this year and reduce the number of new store openings by almost half to 55. Then the Hilco Organization and Gordon Brothers Group, new owners of Sharper Image, announced that they will close all 86 of the chain’s remaining stores. And, Gap Inc. plans to close an unspecified number of stores while downsizing many of its remaining locations. “You are going to see a lot more closings; we are not even close to the end,” says Graiser. “There are a few thousand more stores” coming on the market. In addition to the Linens ‘n Things contract, DJM just got the assignment to dispose of 69 leases on behalf of Goody’s Family Clothings, Inc., a Knoxville, Tenn.-based chain that sells affordable family apparel. In its April 16 report “Retail Real Estate Business Conditions” ICSC revised the number of expected store closings for this year to 6,500 from 5,770. Overall, that accounts for about 1 percent of all existing stores, according to ICSC. That figure would also be the highest number of closings since 2001, when retailers shut the doors at 7,041 stores. “There has been a decent amount of store closings recently, but not a crazy number like at the beginning of the year," says ICSC research analyst John Connelly. "Unfortunately, the thing about closings is that sometimes they come in spurts. You get bombarded with a few within a short period of time.” Excess Space Retail Services projects that the number of store dispositions it will handle this year could rise 30 percent above last year’s levels. Previously, the Huntington Beach, Calif.-based real estate disposition and lease restructuring firm had projected a 20 percent increase in its disposition portfolio for 2008. DJM also raised its disposition estimates for this year to a 50 percent increase over 2007 from 20 percent. As the leasing environment is becoming even more challenging for landlords, Excess Space principal, Alvin Williams, points out that some retail sectors are still growing, including grocery chains and drug stores, which are benefiting from consumers’ unwavering need for food, prescriptions and other necessities. Discounters and big box operators are also seeing an uptick in business. On the flip side, the slowdown is hitting apparel retailers hard. With 803 stores shutting down, apparel chains accounted for 38 percent of the total 2,122 closures during the first quarter. The home entertainment sector, with 649 closings, or 30.6 percent of the total, was next on the list. Non-classified retail (chains including Rent-A-Center, which specializes in rent-to-own furniture, electronics and appliances), ranked third with 293 closings, followed by jewelers, with 105. The rankings represent a change from 2007, when the home furnishings sector accounted for 26.7 percent of all closures, 1,228 in all for the sector. This year home furnishings have only accounted for 60 closings. “Anything that relies on non-core or luxury items as its primary focus of sales” is in trouble, says Williams, who adds restaurant chains have started to close more locations as people have relegated themselves to eating at home in the wake of the skyrocketing food and gas prices. The upside to disposing of a struggling retailer's shuttered locations is that healthy chains are sitting on the sidelines waiting for an opportunity to secure coveted spots. Graiser says he has already received inquiries regarding some Linens ‘n Things locations in markets with high barriers to entry. Linens ‘n Things stores average between 30,000 and 40,000 square feet. Williams adds the number of store closings is so high this year because in contrast to past economic downturns retailers are more proactive about managing their real estate “We are in an environment where retailers really take a good look at that bottom 5 percent to 10 percent of their stores and that includes not just managing your disposition, but also taking a hard look at your lease terms when you sign lease renewals,” says Williams. “For a healthy retailer, that’s a healthy thing to do.” --Elaine Misonzhnik |
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Middletown News
Prominent MUSA Citizen Joined: Apr 29 2008 Location: United States Status: Offline Points: 1100 |
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Things are very scary right now. If GM or Ford go under, retail as we know it, is dead. Everyone will move to the lowest cost solutions to survive. Many, like US News and World Report, will move their merchandise into web only solutions.
Are malls so last century? Will all our things be bought on-line during the next century?
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Middletown News
Prominent MUSA Citizen Joined: Apr 29 2008 Location: United States Status: Offline Points: 1100 |
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A cluster of restaurants with a little retail could do quite well in that space.
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Pacman
Prominent MUSA Citizen Joined: Jun 02 2007 Status: Offline Points: 2612 |
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"A cluster of restaurants with a little retail could do quite well in that space."
Jonathan isn't that what we have across the street, akthough whoever designed the area where Applebees and Cracker Barrel, Holiday INN etc sits needs to have their eyesight checked and design ability also. One of the most convoluted areas to get around I have ever seen.
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Pacman
Prominent MUSA Citizen Joined: Jun 02 2007 Status: Offline Points: 2612 |
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I don't know about buying online as the future, sooner or later something is going to have to give there as far as shipping goes as both FEDEX and UPS are going to have hefty increases in rates come January this year. |
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arwendt
MUSA Official Joined: May 17 2007 Location: United States Status: Offline Points: 588 |
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With the news that both Best-Buy and Circuit City will be closing hundreds of stores I wonder if anything is safe. |
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“Sell not virtue to purchase wealth, nor Liberty to purchase power.” Benjamin Franklin - More at my Words of Freedom website.
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HereIam
MUSA Resident Joined: Oct 29 2007 Location: United States Status: Offline Points: 108 |
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Not so surprised about the retail slow down. You can only expand so far before the market is saturated and then it begins to decline. Do we really need a Starbucks every 2,000 feet? |
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Pacman
Prominent MUSA Citizen Joined: Jun 02 2007 Status: Offline Points: 2612 |
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Circuit City Filed for Bankruptcy protection today.
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Josh Van Cleave
MUSA Immigrant Joined: Oct 29 2007 Status: Offline Points: 47 |
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I was unaware of Best Buy closing stores also.
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HereIam
MUSA Resident Joined: Oct 29 2007 Location: United States Status: Offline Points: 108 |
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Here is the latest list on retail closings between October 2008 and January 2009 (source NPR Radio Website/USA Today/Security Exchange)
Ann Taylor - 117 Stores
Bombay Co - All 388 Stores Cache - All StoresCompUSA - 103 Stores
Disney - 98 Stores Eddie Bauer - 27 StoresEthan Allen - 12 Stores Fashion Bug - 150 StoresFoot Locker - 274 stores
GAP - 85 Stores
Home Depot - 15 Stores
KB Toys - 356 Stores Lane Bryant - 150 StoresLevitz Furniture - All 76 Stores
Linens n' Things - All 120 Stores
Macys - 9 Stores
Movie Gallery - All Stores
Pacific Sunware - All Stores
Pep Boys - 33 Stores Piercing Pagoda - All StoresSprint/Nextel - 133 Stores Talbots - All 78 StoresAnd this list will grow - very scarey!
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Pacman
Prominent MUSA Citizen Joined: Jun 02 2007 Status: Offline Points: 2612 |
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Be wary of gift cards this year from retailors and restaurants as it is my understanding if they go under you get nothing. |
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John Beagle
MUSA Official Joined: Apr 23 2007 Location: Middletown Status: Offline Points: 1855 |
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Current List of Stores in the Towne Mall per their website. Sister Gift Shop 324 513.424.1954
Bath & Body Works 444 513.420.9911 Beeper Vibes K50 513.424.6050 Beeper Vibes (Dillards) K30 513.423.1831 Beyond Tan 100 513.424.8266 Chick-fil-A 424 513.422.6047 Cincinnati Bell Wireless 360 513.425.9695 Cincinnati Nails 364 513.423.8452 Claire's 436 513.424.9702 Cricket 513.217.6525 Dillard's 3455 513.424.7251 Dillard's Hair Salon 3455 513.422.1587 Dresses, Inc. 104 513.217.6050 Dunham's Sports 228 513.425.0853 Elder Beerman 3459 513.424.8008 Family Christian Stores 216 513.424.1593 Fazoli's Outside the Mall 513.705.9571 Finish Line 404 513.423.6954 Funke Monke 312 513.705.0435 GNC 416 513.424.7003 Gold Star Chili 412 513.422.0401 Kay Jewelers 332 513.420.9409 Kentucky Fried Chicken Outside the Mall 513.424.1110 Krissy B's 124 937.397.5108 MasterCuts 338 513.727.1333 Middletown Coin Connection 408 513.217.5639 Miracle Ear 148 513.422.7809 RadioShack 108 513.423.8468 Reborn Fashion & Home Decor 460 513.424.8101 Roger's Jewelers 432 513.423.9268 The Salon At Elder Beerman 3459 513.425.0728 Sears 3457 513.424.4051 Sears Automotive 3457 513.424.4090 Sears Optical 3457 513.424.4078 Sears Portrait Studio 3457 513.424.4076 Shoebilee! 112 513.422.8790 Twisted 428 513.705.6603 Vitamin World 328 513.423.1024 Wireless Accessories 513.423.4600 Wireless Choices PK60 513.423.4600 Worthmore Men's Clothing 220 513.422.7762 |
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John Beagle
MUSA Official Joined: Apr 23 2007 Location: Middletown Status: Offline Points: 1855 |
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Dillard's has been closed for how long?
Wonder what else is on their current list that is not current?
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Pacman
Prominent MUSA Citizen Joined: Jun 02 2007 Status: Offline Points: 2612 |
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Fazoli's fizzled and now is a Bank or soon to be. |
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MadisonMom
MUSA Citizen Joined: Dec 09 2008 Location: MadisonTownship Status: Offline Points: 298 |
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Yeah, it's a bank alright. Go figure with the bank troubles nowadays.
I liked Fazoli's. Drive thru even. |
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Josh Van Cleave
MUSA Immigrant Joined: Oct 29 2007 Status: Offline Points: 47 |
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The Fazoli's in WestChester went out of business as well, I guess they gave away one too many bread sticks...
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Middletown News
Prominent MUSA Citizen Joined: Apr 29 2008 Location: United States Status: Offline Points: 1100 |
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With the high point of retail over, retailers at the mall have no incentive to re-up any expired leases in this mall.
No advertising, no support, no sales effort to bring in quality tenants.
Unseen in untold is unsold.
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MadisonMom
MUSA Citizen Joined: Dec 09 2008 Location: MadisonTownship Status: Offline Points: 298 |
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There is a huge space between Dec 07 and May 08 on this thread. Why is that? I'm still trying to learn my way around this forum.....So I would imagine that the City had no talks with CBL during this time. Or is that when the city told them NO help would come financially?
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swohio75
MUSA Citizen Joined: Jun 13 2008 Status: Offline Points: 820 |
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Good, relevant article from the Wall Street Journal:
Recession Turns Malls Into Ghost Towns By KRIS HUDSON and VANESSA O'CONNELL On the low-income east side of Charlotte, N.C., the 1.1-million-square-foot Eastland Mall recently lost a slew of key tenants, including a Dillard's and, next month, a Sears. Sales per square foot at the venue fell to $210 in 2008 from $288 in 2001. Death of an American Mall As the recession alters American spending habits, traditional shopping malls like Eastland Mall are deteriorating at an accelerating pace. The With their maze of walkways and fast-food courts, malls have long been an iconic, if sometimes unsightly, presence in the American retail landscape. A few were made famous by their sheer size, others for the range of shopping and social diversions they provided. But the long recession is helping to empty out the promenades. Some analysts estimate that the number of so-called "dead malls" -- centers debilitated by anemic sales and high vacancy rates -- will swell to more than 100 by the end of this year. In the 12 months ended March 31, The industry's woes are worsening. Thinning customer traffic, and subsequent hits to tenants' sales and profits, prompted Standard & Poor's Corp. last month to lower the credit ratings of the department-store sector. That knocked Macy's Inc. and J.C. Penney Co. into junk territory and pushed others deeper into junk. Sears Holdings Corp., a cornerstone tenant at many malls, is expected to close 23 stores this month and next. General Growth Properties, which owns more than 200 The severity of the recession is turning some malls that were once viewed as viable into potential casualties. "Any mall that's sitting on life support is probably going to get its plug pulled" as the economy stalls, says Michael Glimcher, chairman and CEO of Glimcher Realty Trust, which owns 23 How the One industry rule of thumb holds that any large, enclosed mall generating sales per square foot of $250 or less -- the "This time around, because of the dramatic changes in consumer spending practices, we're very likely to see more malls in the death spiral than we've ever seen before," says Failing malls didn't get into trouble overnight, and most began their descent long before the tough climate. Typically, a mall begins to suffer due to job losses and other pressures in the surrounding neighborhood or because a newer mall opens nearby. The loss of key tenants -- such as the wave of department-store closures over the past three years -- hastens the demise. Also sapping malls' vibrancy: the increased preference among consumers for big-box stores, such as Wal-Mart Stores Inc. and Target Corp., which rarely operate in malls. Developers, in fact, have been moving away from the enclosed-mall format in favor of big-box centers anchored by free-standing giants such as Wal-Mart or open-air shopping centers with tiny parks and outdoor cafes sprinkled among fashion stores. Only one enclosed mall has opened in the These pressures, coupled with landlords' difficulties refinancing debts in the bone-dry capital markets, signal tough years ahead for retail-property owners -- even after consumer spending begins to rebound. "The shopping-center bankruptcies and the REIT bankruptcies are the ticking time bomb that people aren't talking about," says Burt P. Flickinger III, managing director of Strategic Resource Group, a research firm. Four months ago, executives at J.C. Penney headquarters in "We started to see things heading south," says Penney CEO Myron "Mike" Ullman III. It was important, he notes, to "get ahead of this" mall problem by reviewing Penney's new store strategy to determine whether it might relocate existing mall stores. Over the past 18 months, Penney's weekly sales have been trending better at stand-alone stores that aren't attached to traditional malls. Shoppers watched ice skaters on the central ice rink of Eastland Mall when the Hundreds of other anchor stores -- generally two- and three-story department stores that drive mall momentum -- are pulling out of properties. Several anchor chains, including Gottschalks Inc., Goody's Family Clothing Inc. and Boscov's Department Store LLC, filed for bankruptcy protection in recent months. Goody's ended up liquidating its 282 stores, as Gottschalks is now doing with its 58. Boscov's closed 10 locations. As mall-based chains face the prospect of a much smaller market, more closures are likely. So far for 2009, monthly sales declines at upscale retailers such as Saks Inc., Nordstrom Inc. and Neiman Marcus Group have registered mostly in the double digits, compared with results a year ago. Saks CEO Stephen Sadove is talking with mall owners about closing a few of the retailer's For towns and cities that are home to dying malls, the fallout can be devastating. Malls hire hundreds of workers and are significant contributors to the local tax base. In suburbs and small towns, malls often are the only major public spaces and the safest venues for teenagers to shop, hang out and seek part-time work. Commonly, "the mall will be a meeting place, or, in some cases, like a city center," says Carl Steidtmann, chief economist at Deloitte LLP. The deterioration of a mall can spawn broader problems, he notes. "It can become a crime magnet." The gradual fade-out of marginal malls has prompted a thriving Web culture dedicated to sharing information about dead or dying properties. Sites such as Flickr.com, Deadmalls.com and Labelscar.com are drawing traffic from mall employees, shoppers and other mall mourners who swap stories, photos and predictions about the status of centers on their way out. "So sad!" wrote Edith Schilla, 45 years old, of Independence, Ohio, in an April 3 posting on Labelscar.com following her visit to a Sears liquidation sale at the Randall Park Mall in North Randall, Ohio. "I was able to peek into the mall and was so overtaken by the vast emptiness," she wrote, recalling it as previously "so busy." After the Sears closes next month, Randall Park will be left with only a few remaining tenants, including an During past economic cycles, dead malls were frequently redeveloped into mixed-use space that includes apartments, offices or parks. Repurposing mall space today will be more difficult. Lenders and investors are moving away from commercial real estate as property values decline and delinquencies rise on debt used to acquire or develop properties. Retail real estate has been hit especially hard, as declining retail sales and store closures hammer mall landlords. In Faison Enterprises Inc. opened Eastland in 1975 as the city's second regional mall. Shoppers crowded four-deep around its skating rink to see local dignitaries kneel gingerly on the ice as a Presbyterian minister blessed the structure with prayers. In the early years, shoppers flocked to the mall's Miller & Rhoads and Ivey's department stores, among others. "It was just a great place to go and be seen," said Mary Kate Cline, a 51-year-old who frequented the mall in its early years but can't recall the last time she entered it. Eastland's reign lasted roughly two decades. Its market began to erode when the area around Eastland fostered low-income housing. Meanwhile, the A string of major store exits at Eastland began with Penney's departure in 2002. Belk Inc. closed in 2007, along with several national specialty stores. The closures gained momentum amid the recession last year, when stores including New York & Co., Genesco Inc.'s Journeys, Finish Line Inc. and Dillard's Inc. pulled out, leaving behind empty, gated storefronts. A handful of retail holdouts -- stores for Footlocker Inc., Burlington Coat Factory Inc. and several local merchants, many paying reduced rents -- are reluctant to leave, even as sales dwindle. "I've made my business here," Luz Pavas said, while manning her kiosk of health and beauty aids. "I don't want to move to another mall. I want Eastland Mall to be like it was eight years ago." Boarded-up stores near the mall languish as reminders of departed retailers, including Mega Food Market, Uptons department store and Harris Teeter Inc. Neighbors and community leaders want Eastland razed and replaced with developments such as upscale housing to attract a new demographic. But the mall's current owner, Glimcher Realty Trust, the Columbus, Ohio-based owner of 23 malls, is keen to sell Eastland rather than spend the hefty sums needed to redevelop it. A better investment, says the company, "would be to put money into assets that were doing well," according to Glimcher spokeswoman Lisa Indest. "No one's kidding themselves that this is an easy real-estate deal," says Charlotte City Councilman John Lassiter. "It wasn't easy when the market was good. Now it's much harder." |
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Hermes
Prominent MUSA Citizen Joined: May 19 2009 Location: Middletown Status: Offline Points: 1637 |
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I believe malls are like everything else,they depend on the local economy,job growth & trend. Trend would tell me that malls are on the way out,they have lived their span. I for one will not miss them as I do not shop at malls. I prefer the open air markets or main street feel of shopping.
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No more democrats no more republicans,vote Constitution Party !!
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Middletown News
Prominent MUSA Citizen Joined: Apr 29 2008 Location: United States Status: Offline Points: 1100 |
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I hope your wrong about malls otherwise Monroe will be in allot of trouble. Their mall is opening in August 2009.
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