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Old 06-30-2020, 03:50 PM
 
29,875 posts, read 20,517,135 times
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Quote:
Originally Posted by Retriever View Post
Something that continues to boggle my mind is the tendency to build new strip malls only a mile--or less--from another strip mall that is mostly vacant.

Every strip mall seems to follow the same formula:
Take-out Chinese food, pizza, dry cleaners, sub shop, maybe a Dental office, and maybe a cell phone store. How many essentially identical businesses do these strip mall developers think can be viable within a very tightly-defined area?

In my neck of the woods, the strip mall that has existed for the longest period of time is perpetually ~ 1/3 vacant. And yet, some "genius" developer chose to convert an old industrial building next to that strip mall into--you guessed it--another strip mall. So far, the conversion has taken over 2 years, and it appears that construction was halted a few months ago, undoubtedly as a result of Covid. And, only about 3/4 of a mile away, there is yet another strip mall that has been under slow-motion construction for over one year, with no indication of when--if ever--it will open.

All of these strip mall vacancy problems were evident long before the Era of Covid, and IMHO, they are only destined to get worse.
I hate that too. I went to a store closing sale at Bed Bath and Beyond years ago in Mays Landing, but they were actually just leaving the strip mall they were in and moving to a new 1/2 mile down the road.
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Old 06-30-2020, 07:35 PM
 
9,260 posts, read 7,875,437 times
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Quote:
Originally Posted by G1.. View Post
All Malls are in trouble.
I dont know about this. As long as they dont over stretch themselves with heavy financing, and they offer something besides window shopping there is a chance.

People need somewhere to go. The biggest malls are in southeast Asia. They include an ice skating rink in many places. Its also very humid outside, so people need indoor entertainment.

In America there are places where being outside is not all that comfy like the eastern seaboard in the summer. Humidity can be oppressive. Before climate change Midwest, and northeast winters were quite harsh, driving people indoors.

I believe that is why malls invented in the first place. California with its great mild weather still has outdoor malls. I went to Irving Spectrum once. They have adult arcade, restaurants, theatre, and a simulator ride, and I think a ferris wheel.

I think malls of future will copy Mall of America format and be a one stop all encompassing entertainment center. Kind of like Las Vegas Casinos. They have shops, eateries and theatres, plus gambling.
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Old 06-30-2020, 07:38 PM
 
2,348 posts, read 990,474 times
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Quote:
Originally Posted by skeddy View Post
malls are so 1980's.....
That’s why I like them
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Old 07-01-2020, 02:15 PM
 
719 posts, read 132,664 times
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Quote:
Originally Posted by Retriever View Post
Something that continues to boggle my mind is the tendency to build new strip malls only a mile--or less--from another strip mall that is mostly vacant.

Every strip mall seems to follow the same formula:
Take-out Chinese food, pizza, dry cleaners, sub shop, maybe a Dental office, and maybe a cell phone store. How many essentially identical businesses do these strip mall developers think can be viable within a very tightly-defined area?

In my neck of the woods, the strip mall that has existed for the longest period of time is perpetually ~ 1/3 vacant. And yet, some "genius" developer chose to convert an old industrial building next to that strip mall into--you guessed it--another strip mall. So far, the conversion has taken over 2 years, and it appears that construction was halted a few months ago, undoubtedly as a result of Covid. And, only about 3/4 of a mile away, there is yet another strip mall that has been under slow-motion construction for over one year, with no indication of when--if ever--it will open.

All of these strip mall vacancy problems were evident long before the Era of Covid, and IMHO, they are only destined to get worse.
In some ways though, the strip mall tenants were better off than enclosed mall tenants because of covid. i.e. a pizza eatery could have stayed open for takeout in a strip mall but couldn't if their business was inside the mall (i.e. foodcourt). Also rent is lower. At any mall, pizza by the slice is typically $4 while at a strip mall pizzeria, it's $3, and I know the rent is partly the reason why the mall pizza eateries are pricier, even though it's still relatively cheap food.

It depends on the town and location (good highway access, visibility etc.). New strip malls get built, but typically anchored by a Starbucks, Panera or bank taking the coveted end caps of the strip mall.

Another point is that pizzerias in every strip mall is more common in NJ than some other states. When I went to Texas, I didn't see that variety even though there are a lot of strip malls there too, but of course, more Mexican eateries around.
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Old 07-01-2020, 02:22 PM
 
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Originally Posted by g555 View Post
In some ways though, the strip mall tenants were better off than enclosed mall tenants because of covid. i.e. a pizza eatery could have stayed open for takeout in a strip mall but couldn't if their business was inside the mall (i.e. foodcourt). Also rent is lower. At any mall, pizza by the slice is typically $4 while at a strip mall pizzeria, it's $3, and I know the rent is why the mall pizza eateries are pricier, even though it's still relatively cheap food.

I suppose it depends on the town and location (good highway access, visibility etc.). New strip malls get built, but typically anchored by a Starbucks, Panera or bank taking the coveted end caps of the strip mall.

I think the proliferation of Outlet malls hurt indoor malls too. Why go to Victoria's Secret, when you can go to the Victoria's Secret outlet?



I also think the stores themselves hurt themselves, too. I can't even count how many times I'd go looking for coupons before I went to a store, and the only ones I could find were good online only. If they want people in the physical stores, why not have coupons that are good in-store only instead of the other way around?
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Old 07-01-2020, 02:22 PM
 
15,956 posts, read 19,231,639 times
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Quote:
Originally Posted by g555 View Post
In some ways though, the strip mall tenants were better off than enclosed mall tenants because of covid.
Yes, but those very low tenancy problems were evident long before the advent of Covid-19, and yet, developers continued to build, build, build.
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Old 07-01-2020, 07:30 PM
 
719 posts, read 132,664 times
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I've also seen an old strip mall have its tenants forced out (likely upon renewal), site completely demolished for a large CVS with a drive thru. It happened on Route 73 in Maple Shade, NJ. Then the opposite, a Hooters site turned into a little strip mall with a Dunkin Donuts anchor in the end cap, on Route 38.

I think the key driver is securing a credit worthy tenant. A bank will finance the redevelopment with such in place.

The vacancies in the middle of older centers at other locations are irrelevant.
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Old 07-04-2020, 07:08 PM
 
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Just bad luck for them, the few months they were opened, they see more traffic than their other 2 malls combined, I believe without covid, they will do really well.. oh well.
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Old 07-05-2020, 01:23 PM
 
16,649 posts, read 6,592,456 times
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Quote:
Originally Posted by NJ Brazen_3133 View Post
I dont know about this. As long as they dont over stretch themselves with heavy financing, and they offer something besides window shopping there is a chance.

People need somewhere to go. The biggest malls are in southeast Asia. They include an ice skating rink in many places. Its also very humid outside, so people need indoor entertainment.

In America there are places where being outside is not all that comfy like the eastern seaboard in the summer. Humidity can be oppressive. Before climate change Midwest, and northeast winters were quite harsh, driving people indoors.

I believe that is why malls invented in the first place. California with its great mild weather still has outdoor malls. I went to Irving Spectrum once. They have adult arcade, restaurants, theatre, and a simulator ride, and I think a ferris wheel.

I think malls of future will copy Mall of America format and be a one stop all encompassing entertainment center. Kind of like Las Vegas Casinos. They have shops, eateries and theatres, plus gambling.
One of the very first Malls in the Country was what would be the Short Hills Mall. It was a spot where the NYC stores came out to the Suburbs ,It had Bloomingdale's , FAO Schwarz and Abercrombie & Fitch to name a few stores. ..all were out door stores that had covered walkways to get from one to the other.
https://en.wikipedia.org/wiki/The_Mall_at_Short_Hills

" Southeast Asia " has nothing to do with the US. The rents in Malls is skyrocketing and online shopping is killing them ,people don't want to deal with the crowds or the crime anymore.Anchor stores are all going out of business. Macy's, Penny"s Kohls and Sears are all shuttering major stores.
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Old 07-15-2020, 08:07 PM
 
Location: NY
202 posts, read 576,277 times
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Quote:
Originally Posted by CaptainNJ View Post
yeah, i think that was the plan at monmouth mall. ive been to places where they do a blend of living, shopping and entertainment. that is a winning combo and where malls should be going these days.
Yea. I don't understand why they don't do more of those. Huge complex with some mix of eateries and services. As long as the rent is affordable, they'll rake in money.
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