Elder-Beerman in Dayton (Kettering, Warren, Fairfield: rent, buyer, bankrupt)

[wrightflyer]

It is a sad day in retail. Actually, most are today.

But what surprised me was this: https://www.bizjournals.com/dayton/n...or-tenant.html

With E-B closing the Dayton Mall, that will be a major blow to the mall's marketability to other inline tenants. While I think a reduction in malls overall over the next two decades is likely, there will still be malls.

While demographics have changed since the Dayton Mall opened (and even over the last 10-20 years), it is still a well-placed mall. Unless rent was a major factor, I am surprised to see this place to see this location go over Kettering's at Dorothy and Woodman, which is much smaller and in a local strip plaza. My guess is they may find viability near The Greene (about 1-2 miles up Dorothy)? Even Northpark would have gone before the Dayton Mall if I had guessed only because Dayton Mall is closer to the more explosive development and growth in the region down in Warren and Butler Counties.

Even with all this said, it could be a moot point if the potential bidder pulls out and Bon-Ton goes belly up. I expect further store closures regardless of that outcome, but it would be better than a full-line liquidation. Maybe Dillard's will be interested in that Dayton Mall space (or Fairfield Commons if that one goes with the entire kitchen sink scenario).

[wrightflyer]

And with Washington Prime Group being named a bidder, this shut down could easily change...

https://www.chainstoreage.com/real-e...krupt-bon-ton/

[woxyroxme]

I can remember when Elder-Beerman had a store on RT 48 just south of Spring Valley Pike, back in those days it was literally in the middle of nowhere. There is a Kroger there now.

[weatherphotographer]

Originally Posted by woxyroxme

I can remember when Elder-Beerman had a store on RT 48 just south of Spring Valley Pike, back in those days it was literally in the middle of nowhere. There is a Kroger there now.

Well it was a bit dumb to have the Dayton Mall and that one close together

[woxyroxme]

Originally Posted by weatherphotographer

Well it was a bit dumb to have the Dayton Mall and that one close together

Back in those days both stores did fairly well, at that time there was not much in the Dayton mall area, Marion's, Poelking lanes, Southland 75 drive-in theater and the Roy Rogers restaurant. I-675 did not exist yet.

The RT 48 location shared the building with a Liberal Food Mart and had an Elder-Beerman Auto Center, the only other thing at that intersection was a 76 gas station, Centerville still had a Gold Circle store back then.

[SWOH]

Originally Posted by wrightflyer

And with Washington Prime Group being named a bidder, this shut down could easily change...

https://www.chainstoreage.com/real-e...krupt-bon-ton/

Hopefully this bid goes through.
Although it could be putting bad investment with bad investment (mall with dept store) to me it seems like at the very least it’ll accelerate their strategy to close existing DCs and use mall space instead, which IMO is a big win for everyone.

[SMF575]

The E-B south of Centerville 7-8 years ago wasn't a good location imo. Building a Kroger marketplace where it used to be was definitely a great decision and has been good for the area.

[woxyroxme]

Looks like Elder-Beerman is done. Closings in 10-12 weeks.

https://www.whio.com/business/breaki...qjjebo25sGzJM/

For the record it took 90 days to completely empty the Springboro K-Mart.

[SWOH]

I would still be hesitant to call it dead yet... the news looks bad but Washington Prime + other mall owners were considering putting in a bid for it.

If the chain goes under they stand to lose A LOT of revenue since the majority of their malls would be losing an anchor tenant.

Also it devalues the rent of all of the other spaces in their malls because losing an anchor puts them one step closer to death.

IMO the mall owners are waiting it out to get a better rate on the remaining assets.

Keeping my fingers crossed that the mall owners can pull off purchasing the chain and keeping the names.

[OHNot4Me]

Nope, the only two bids at the auction were from liquidators, so EB is officially toast.