[Stepfordct]

Originally Posted by JayCT

No, the Trumbull mall has excess land on site that they will be developing for the apartments. For decades the owners of the mall has been buying adjacent properties as they became available. There was a whole street of homes off Main Street adjacent to the Merritt Parkway that was bought and demolished by the mall owners. I believe that is where the apartments will be built. Jay

So how does building apts help the mall? Ok they reutilized some land. Sure they might gain some biz from the new renters...but with mall visitors declining each year.....it's not a huge win. Ctartist showed us a drawing that included La Fitness. Are they not renewing the lease? Moving into the mall itself, building apts above??

Look at the new Apt complex near the Metro station in Fairfield. Having a hard time attracting retail/food with the Apts.

Blue Back Square is losing tenants monthly. It's surrounded by housing in a nice area.

Mall rents go for about 4-7 times what Apts go for per S.F

[BobNJ1960]

Originally Posted by Stepfordct

So how does building apts help the mall?

They generate income for the mall. Like all malls, Milford's is in the weakest position I have ever seen it in, since it got past the outdoor stage of its earliest decades.

The mall has admitted there are no more Boscov's. Macy's entire chain is in awful shape, with many analysts not expecting them to make it. Rental rates for other stores nosedive if the mall loses Macy's, as of its 3 anchor locations, just one would be filled. In such a circumstance, surely Boscov's would opt out of its lease.

[CTartist]

Originally Posted by Stepfordct

So how does building apts help the mall? Ok they reutilized some land. Sure they might gain some biz from the new renters...but with mall visitors declining each year.....it's not a huge win. Ctartist showed us a drawing that included La Fitness. Are they not renewing the lease? Moving into the mall itself, building apts above??

I live in Trumbull and I go to a lot of zoning meetings. I can speak to the Trumbull Mall area but not other malls. The apartments near the Trumbull mall are just the first step in an overhaul of the entire mall area.

Not only were the apartments given the OK the entire mall area is rezoned for mixed-use. The new mall owners showed pictures of what they want the mall area to become. It looks more like a mini-city with stores on the bottom and apartments on the top. They were showing other places around the country and they looked nice to me. The closest thing in Fairfield County would be like SONO in Norwalk. From what I am seeing and hearing from the new owners essentially in years to come no more mall. The new mall owners are builders. They bought the mall to remake it into something else.

There is a master plan for Trumbull and the whole area south of the Merritt Parkway in and around Main Street will be all commercial and mixed-use. All of this rezoning on Main Street and the mall area dovetails onto on another. Houses are already being town down on Main Street and commercial buildings going up.

Lord and Taylors in our Trumbull mall is of course going out of business. I have a hunch some sort of higher end grocery store will go in it's spot. I am praying for a Whole Foods.

[clutchrider]

I cant remember the last time I went to a mall, even pre-Covid. Everything we buy is online and shipped, you may lose the convenience of trying things on but in todays virus world you can't even do that so what's the point of going into a store for clothing when I can order it from home, if I don't like it I can return it.

Honestly the only stores we go to are at the outlets.

[JayCT]

Originally Posted by CTartist

I live in Trumbull and I go to a lot of zoning meetings. I can speak to the Trumbull Mall area but not other malls. The apartments near the Trumbull mall are just the first step in an overhaul of the entire mall area.

Not only were the apartments given the OK the entire mall area is rezoned for mixed-use. The new mall owners showed pictures of what they want the mall area to become. It looks more like a mini-city with stores on the bottom and apartments on the top. They were showing other places around the country and they looked nice to me. The closest thing in Fairfield County would be like SONO in Norwalk. From what I am seeing and hearing from the new owners essentially in years to come no more mall. The new mall owners are builders. They bought the mall to remake it into something else.

There is a master plan for Trumbull and the whole area south of the Merritt Parkway in and around Main Street will be all commercial and mixed-use. All of this rezoning on Main Street and the mall area dovetails onto on another. Houses are already being town down on Main Street and commercial buildings going up.

Lord and Taylors in our Trumbull mall is of course going out of business. I have a hunch some sort of higher end grocery store will go in it's spot. I am praying for a Whole Foods.

I think Whole Foods would be a good fit. Another might be Stew Leonards. They just opened a store in the Paramus Park Mall. I can see them doing something similar in Trumbull or Milford (or both). That would take some of the pressure off of their Norwalk store. Will see.

It will also be interesting to see what they do with the mall itself. Trumbull was the state’s first enclosed shopping mall. It was designed long before the concept of a fully enclosed mall was conceived (anchors on each end with an internal mall lined with stores between them). It was added on to several time over the 55 plus years it has existed so it’s layout is a bit disjointed. I wonder what their plan is. Jay

[BobNJ1960]

Last night I posted on a thread now closed, started in 2017, which asked "Which Ct malls would stay open?". One poster I applauded projected apartments at malls in 2017. Kudos to them.

I think we should seriously try to answer it now, in a 2 fold way, as "Which malls will survive at least 5 years w/o appending apartments or other residential?" as well as "Which malls will survive at all, with a far lower % retail, while allowing residential or commercial uses such as Amazon DC space rumored from time to time"?

I am going to assume the new Norwalk one will survive 5 years either way. I could see Milford around 5 years with the apartment complex fully occupied and Amazon using Sears as a mini DC, and a new non retail use if analysts are correct, and Macys bites the dust. I think Trumbull will add to residential again after this project, and become a very small retail mall relative to total square footage. Stamford's mall will, IMO, perish no matter what within 5 years. It could make a solid Amazon DC.

Thoughts?

I can't speak for upscale malls.

[SteveM85]

Originally Posted by BobNJ1960

Last night I posted on a thread now closed, started in 2017, which asked "Which Ct malls would stay open?". One poster I applauded projected apartments at malls in 2017. Kudos to them.

I think we should seriously try to answer it now, in a 2 fold way, as "Which malls will survive at least 5 years w/o appending apartments or other residential?" as well as "Which malls will survive at all, with a far lower % retail, while allowing residential or commercial uses such as Amazon DC space rumored from time to time"?

I am going to assume the new Norwalk one will survive 5 years either way. I could see Milford around 5 years with the apartment complex fully occupied and Amazon using Sears as a mini DC. I think Trumbull will add to residential again and become a very small retail mall relative to total square footage. Stamford's mall will, IMO, perish no matter what within 5 years. It could make a solid Amazon DC.

Thoughts?

I can't speak for upscale malls.

An Amazon DC in downtown Stamford!! Are you kidding. Holy Gridlock!
No, it doesn't survive 5 years. It's dark and gloomy. It doesn't even scratch the surface of 3 years.

Danbury is fine. It's a somewhat isolated area. That Mall is the center of life up there.

I'll give Milford and Trumbull 5-10. $800 pair of shoes aren't on many folks wishlists up there so they still have their place. The kids love them. Full online isn't quite here yet. A majority of the population is still antsy, they want stuff right now.

[BobNJ1960]

Originally Posted by SteveM85

An Amazon DC in downtown Stamford!! Are you kidding. Holy Gridlock!
No, it doesn't survive 5 years. It's dark and gloomy. It doesn't even scratch the surface of 3 years.

.

I can't see commercial at Stamford, due to the weird layout.

Maybe tear it down, sell as land.

As for shoes, I can match retail pricing online. Got my last dress shoes at Boscov's, but same pair is sold online.

For some chains, i get lower online than in store pricing, with shipping free at low thresholds. Usually at my door within 4 business days.

[SteveM85]

Originally Posted by BobNJ1960

I can't see commercial at Stamford, due to the weird layout.

Maybe tear it down, sell as land.

As for shoes, I can match retail pricing online. Got my last dress shoes at Boscov's, but same pair is sold online.

For some chains, i get lower online than in store pricing, with shipping free at low thresholds. Usually at my door within 4 business days.

You're asking a human to wait not just 4 days but 4 business days. That's asking a lot.
Yes though, we'll get there eventually. I would have to agree.

[CTartist]

Originally Posted by SteveM85

An Amazon DC in downtown Stamford!! Are you kidding. Holy Gridlock!
No, it doesn't survive 5 years. It's dark and gloomy. It doesn't even scratch the surface of 3 years.

Danbury is fine. It's a somewhat isolated area. That Mall is the center of life up there.

I'll give Milford and Trumbull 5-10. $800 pair of shoes aren't on many folks wishlists up there so they still have their place. The kids love them. Full online isn't quite here yet. A majority of the population is still antsy, they want stuff right now.

"$800 pair of shoes aren't on many folks wishlists up there"

Trumbull only had one store, Lord & Taylors, where you could buy that price shoes. Most of the shoes at L&T are in the $75 to $150 range. An $800 pair of shoes at L&T was rare. As a person who shopped at Lord & Taylors I could tell you that shoe department was always packed and did a great business. There are some things women will treat themselves with even if money is tight: makeup, shoes and handbags.

Here is what happens in a bad economy. This is my thinking anyway. We probably have to cut back on that nice $1000 to $3000 yearly vacation but guess what.....I am going to buy myself some nice shoes, a handbag and fun makeup. My husband would say "you need another handbag, what's wrong with the one you have?". I would reply "nothing but I WANT a new one.".