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Old 03-13-2017, 04:23 AM
 
71,504 posts, read 30,040,230 times
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Quote:
Originally Posted by Chriscross309 View Post
The mall needs management that isn't short-sighted. The CTC is arguably in the best location it could possibly be in for success, it is newly renovated, it has major hotels adjacent to it, and it has great restaurants and stores. The problem is the same problem that the whole city has had. People are simply satisfied with status quo. There is never a push to do things exceptional around here. The city and Forrest City often times settled for less than excellent results, therefore the end result has been mediocre at best.
Management is forced to be short sighted as that is how the markets work. You can have a great long term plan but unless you are returning growing revenue now, Wall Street will abandon you.
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Old 03-13-2017, 11:28 AM
 
Location: 304
4,979 posts, read 6,536,971 times
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Quote:
Originally Posted by JohnNada View Post
Let this sink in...if the CTC loses Macy's a reasonable argument can be made that the Crossroads Mall in Beckley with it's anchor stores is a better shopping destination.

Unfathomable that the CTC could fall to that level. The one thing Charleston used to have going for it is being a regional shopping and dining destination that you went to so that you could shop and eat at at places that you didn't find anywhere else in the area.

If you want to go back to the original Dillard's deal from the folks I've talked to the city didn't want to take the risk of losing a million to bring them in and them not be successful. In hindsight that was a major failure not taking that risk and trying to keep the CTC upscale and fresh.

And this just in Gander Mountain is closing at Southridge. So more people out of work, less b&o and less people shopping and eating. How anyone around here cannot see how bad the situation is becoming baffles me.

And how the locals are satisfied with the status quo is tragic.
You could make that argument if Macy's was lost, but Macy's isn't lost and I'm positive JCP will remain intact. They just pumped over $2 million into remodeling their store a few years back.

I agree though, the local population is certainly satisfied with mediocrity.
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Old 03-13-2017, 12:32 PM
 
1,351 posts, read 1,050,021 times
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"The Charleston Urban Renewal Authority’s vote to defer a $13 million fee for a co-owner in Town Center Mall is raising questions about why CURA would pass on the chance to bolster its operating budget for improvement projects around the city."


"According to CURA Executive Director Ron Butlin and Charleston Mayor Danny Jones, demanding Forest City pay the fee could have proved too risky for the mall, especially in light of anchor tenant Sears’ upcoming closure. Had CURA not waived the fee, Butlin said there was a possibility Forest City would back out of plans to sell the mall, raising questions about its viability."


"Jones said he believes Macy’s was in “jeopardy” as well, and he said he’s worked for the past few months with Sen. Joe Manchin, D-W.Va., to convince Macy’s representatives to keep its location at the mall open."


“If CURA was convinced to waive that $13 million that they were entitled to because someone suggested Town Center would be foreclosed on, I would want to see the proof”



Interesting.


Charleston Gazette-Mail | Town Center fee not worth the risk, officials say
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Old 03-13-2017, 12:51 PM
 
Location: 304
4,979 posts, read 6,536,971 times
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I personally don't know how I feel about the loss of a $13 million fee. Does the loss of it benefit us in the long run with a smooth transition into this new owner? It's hard to say at this point. That money would have been nice to have, possibly for renovations to the Sears space when needed.

Here is a look at some of the other properties QIC owns in the states. Some are on par with the Town Center, but most are significantly nicer. Hopefully the new owners will continue to invest and attract new businesses. Part of the solution is having affordable rates for tenants.

http://www.qic.com.au/investment-cap...-retail-assets
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Old 03-13-2017, 10:29 PM
 
Location: Pittsburgh
106 posts, read 87,210 times
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so CURA still gets $160,000 per year from Forest City's selling a portion of their holdings? And they are owed 1.8 million long term? Easy solution. Pump that money into Dillards or Boscovs or any other major department store tenant willing to take on the necessary renovations to turn the Sears space from the bargain basement experience it has been of late into a first class department store that will attract and draw customers from the region and possibly bring other retailers that have never had WV on their map. The city of Charleston spent 1.5 billion in 2015 in retail sales while 1.3 billion was spent in hotel/restaurant sales. That is many times more than any other city in the region and nothing to be sneezed at.
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Old 03-17-2017, 08:43 AM
 
Location: 304
4,979 posts, read 6,536,971 times
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Well it appears that JCP will stay at the mall

http://www.jcpnewsroom.com/news-rele...e_closures.pdf
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Old 03-17-2017, 09:07 AM
 
9,401 posts, read 11,461,250 times
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It is most surprising to see the store in Martinsburg closing. That would lead to a conclusion that growth is not the only factor in such decisions. It would seem to be overall operating costs related to return on investment. If that's the case, giving up the $13 million fee might have been a wise decision because the Mall investors would surely factor that into rental agreements and the like.

Of course, another possibility might be that Martinsburg's growth has brought significant investment in competing stores, or in stores in nearby cities such as Hagerstown and Winchester.
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Old 03-17-2017, 12:30 PM
 
1,351 posts, read 1,050,021 times
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Quote:
Originally Posted by CTMountaineer View Post
It is most surprising to see the store in Martinsburg closing. That would lead to a conclusion that growth is not the only factor in such decisions. It would seem to be overall operating costs related to return on investment. If that's the case, giving up the $13 million fee might have been a wise decision because the Mall investors would surely factor that into rental agreements and the like.

Of course, another possibility might be that Martinsburg's growth has brought significant investment in competing stores, or in stores in nearby cities such as Hagerstown and Winchester.
I think they are consolidating into Hagerstown, because Chambersburg, PA store closed. Kind of like Clarksburg and Uniontown, PA sears all consolidated into Morgantown.
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Old 03-18-2017, 05:50 AM
 
349 posts, read 195,713 times
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Not surprising at all. There is no reason to shop in Martinsburg now unless you live immediately in and around it. This wasn't always the case. In the late 80's and early 90's Martinsburg was sort of a hub of retail activity for the area but when the Blueridge Outlets closed that was a major blow. The outlets moved to Hagerstown and took a lot of retail traffic with them. Then Winchester started booming and Leesburg did too and that was all folks. These other surrounding towns have more to offer than what Martinsburg does now and that's the problem. Even with the growth there Martinsburg has not had a focus on retail development like Frederick or Loudoun County has or even Hagerstown for that matter. Martinsburg doesn't have any unique retail really that makes folks want to go out of their way to come there like they did at one time.

And the same thing is happening with the Charleston Town Center and City of Charleston.
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Old 03-18-2017, 11:19 AM
 
Location: Pittsburgh
106 posts, read 87,210 times
Reputation: 58
thats why unfamiliar names are so important to the future of Charleston. Names like Dillards, Boscovs, Nordstrom Rack, William Sonoma, Banana Republic, Crate & Barrel, Pottery Barn, Ann Taylor, H&M, True Religion, Zara, Jack and Jill etc etc. Even a few attracted to the downtown mall will help revitalize and reinvigorate the CTC especially if the new convention center hotel comes to fruition.
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