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Old 08-18-2015, 04:50 AM
 
349 posts, read 195,274 times
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Bigger than Penn Station. It's a national chain that has been struggling for years. Food has gotten pretty bad and pretty expensive too. Wasn't shocked to learn this. Does have a regional partner. Not sure what it means for them or how they do. Wondering now if their costs will go up since transport will be based on one location... regardless it's another loss for the tax base. Good location but it might sit empty too like Texas Steakhouse even with Chipotle on it's parking lot now. But thank goodness there is a new hot dog place going in.
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Old 08-18-2015, 05:31 AM
 
Location: 304
4,976 posts, read 6,535,031 times
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Your leading me to think its Red Lobster or Olive Garden, yikes! or Longhorn?
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Old 08-18-2015, 07:38 AM
 
1,575 posts, read 1,794,150 times
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I'm not out at Southridge enough to really gauge how each restaurant is doing, but I would venture a guess that the existing restaurant in question is TGI Friday's, Quaker Steak, or O'Charley's. Maybe that's because of those three, I've been to Quaker Steak once and that's just my limited experience.

Quote:
Originally Posted by CRWMSPPGH View Post
Cheese Cake Factory, PF Changs, Joes Crab Shack, Bone Fish Grill, Whole Foods, Trader Joes, Harris Teeter, all glaring absences in the Charleston market.......move Sears up to SR from CTC and replace it with a better department store (Belk Dillards etc) which would help to attract more retail to both CTC and SR.
YES. I'm not one to shop at Sears much anyway, and I don't really care what would take its place. The company is struggling nationwide and every now and then rumors of bankruptcy pop up. I'd be fine with Belk, Dillard's, Nordstrom, etc., but the real prize, to me, would be getting rid of the Sears Auto Center. That is a pall on the redevelopment chances of the area and demolishing it would go a LONG way to creating a much more thriving area between the Municipal Auditorium, Civic Center, and the rivers. You have those draws, but the area between is littered with fast food (and Shoney's), a handful of small services in sub-par buildings, two auto shops (including Sears), the FBI building with its not-so-welcoming fencing and security (Which is obviously understandable but still not the preferred land use. I will say that it's better there than its original proposal on the Holley site), and the godforsaken CASCI building and sea of parking. That could be so much more, as many of us here have dreamed.
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Old 08-19-2015, 12:41 PM
 
617 posts, read 362,088 times
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All this talk of the Sears Auto Center issues got me curious so I did some research and bent a few ears. I was surprised by what I was told. Sears has been bleeding money to the tune of 1.5 billion per year but it looks like the worst is over as future forecasts show the loss being nil in 2016 and only about .5 billion in 2015. Much of that has to do with the guy in charge who is spinning off divisions and selling some of them.

There were 37 Sears Auto Centers in that division and Sears in 2014 made plans to close 31 of them, 12 closed in 2014. I have no idea if any have closed so far in 2015, but one has to assume some have. It would be hard to believe that of the 6 that are planned to remain, one would be in Charleston - BUT - it is not uncommon for Charleston locations to be in the top of performing outlets in any given chain. I have no idea if the Charleston Sears Auto Center is like that.

The couple of sites I accessed for the data was Sinking Alpha and Forbes.

There was a comparison between the major retailers on PNL and liquidity rations. Sears was doing pretty bad but all such numbers are lagging 2 years in these studies and do not reflect any changes in the last 2 fiscal years. The best performer ware Dillard's, Target, Best Buy and Home Depot. The worst were Sears, J C Penny and Macy's. Guess which three anchors are in CTC? Yikes!

I will say this though, J C Penney is not performing well but it is very efficient and is turning a profit. Macy's is just a bloated hog that is hard to steer and has a long lag when a course change is signaled. Sears looks like it is breaking even so at worst, no change. But I do expect the Auto Center to disappear.

Sears has been trying to sell them to a competitor in the business but there have been no buyers. They are also trying to make them some sort of Wi-Fi Hotspot center. I never did quite grab that concept in the write up. Sort of like a Wi-Fi Starbucks is how it was described.
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Old 08-20-2015, 05:54 AM
 
Location: 304
4,976 posts, read 6,535,031 times
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I doubt the Town Center could get a replacement department store if in the event that any of the three current tenants decide to pull out. That would be a massive blow to the mall, and I don't see it recovering from. The good news is, the mall could then use the empty anchors to either tear down and build something new there, or convert to convention space that the Town Center could use. Hopefully that won't happen!
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Old 08-20-2015, 03:57 PM
 
617 posts, read 362,088 times
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While I really do not think any of those three chains are going any where nationally or at CTC, even if they did there are always options. The managers of CTC could convert J C Penny's & Macy's into separate stores on each level, possible tenants would be; Anytime Fitness; Toys-R-Us; Men's Warehouse, Walgreens or maybe an entire store taken over by a combination restaurant owned by the same corporation, such as Red Lobster and Olive Garden. Whole Foods or maybe one of the new Wal-Mart Marketplace Stores could take over the Sears building. They may not be elegant solutions, but there are always solutions.
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Old 08-20-2015, 08:59 PM
 
Location: Pittsburgh
106 posts, read 87,115 times
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yeah I think Belk would eventually jump at the chance to be in the states most prestigious mall......they have outlets across WV but none in Charleston. Every time they have expanded in WV its been due to extenuating circumstances......they bought the Motown and Parkersburg locations from Proffitts Department Store.......the Beckley and Bluefield locations were added from another strategic venture. Belk will do even better in WV by adding stores in its 2 largest cities Charleston and Huntington. I can't see CTC adding a grocery store unless they add a high rise condo/apartment complex to the mall. There is simply not enough people living in downtown Charleston after 5:00 to support it but hopefully that is changing with all the recent loft/apartment developments announced. Seriously the best thing for CTC would be to see Sears vacate the space and move to SR and let a higher end department store such as Dillards or Belk take the space. They would also bring with them additional high end retailers that would make CTC even more upscale and appealing to national retailers......Crate & Barrel, Pottery Barn, Banana Republic, Diesel, H&M, Armani Exchange, Tumi, Williams Sonoma etc
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Old 08-20-2015, 09:37 PM
 
617 posts, read 362,088 times
Reputation: 283
I was not saying that those stores on my list would be a good fit. I was saying that there is always an option if an anchor moves out, even if it is not a prestigious one. Frankly I think CTC is a dump. I have always thought it was poorly managed by Forest Cities and that the people that run, especially Lisa are doing it on the cheap and that they have a really bad vision for the prime Mall in the state.

CTC opened with the cheapest terracotta tile in the world on every floor and Forest City did not change out those tiles until the winter of 2014/2015 and what do they replace it with? Peel and stick tile squares! Granted it is pretty high quality peel and stick carpet, but it is still peel and stick carpet. Other malls in major cities do a renovation every couple of years and they do it with inlaid marble and granite. CTC has been on the best and often the best performer in the Forest City group on a sale per square foot basis. Either they are milking West Virginians or they are just really bad at running malls.

Every time I go to CTC, which is not often now, I see nothing but questionable activity by people obviously not shopping in the mall and looking very much like they are involved in something illegal. No one who is any one shops there unless they have too. If the only store in the area is CTC like Penny's or Sears, I will not go there, I will order online instead, I dislike CTC that much.

But through about the mid 1990s, I was there every day it seemed.

I love having a mall downtown but CTC gives me the vibe of a junk car that still has a good body but under the hood it is a busted wreck. It will never be more than it is until a new Owner comes in and Forest City will never sell because the best bang for the buck with an effort that involves them doing the least to get it. That is lazy management.
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Old 08-20-2015, 11:05 PM
 
Location: Pittsburgh
106 posts, read 87,115 times
Reputation: 58
would kill to see Simon buy the mall from Forest City.......they would attract new stores, restaurants hotels....etc and constantly be renovating and upgrading the property.....they've done that everywhere they have malls.......Forest City has always said Charleston is of no importance to them.......I don't know why they just don't sell it to someone interested in doing great things with that property and give Tom and Lisa the boot!!!!
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Old 08-21-2015, 04:49 AM
 
349 posts, read 195,274 times
Reputation: 187
I love that mall. But it's a love for a mall that exists in memory only. If I need something I'll go there sometimes for a quick lunch or to Macy's but that's about it. Not comfortable taking in the family and constantly on guard watching my kids to make sure that they don't bump into the wrong person. Way too many dubious characters in there these days. If we need something for the kids that requires a mall we go to Barboursville. Much more relaxing and you don't feel like you are on edge there. The flight of the middle class and Charleston being unwilling to help out creating affordable modern housing is a very bad thing for the city in many ways.
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