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Would love to see a different anchor at Haywood one day.
With the decline of brick and mortar retail, who would be a possible new anchor to go into that space? I'm concerned that their closure would leave a vacancy there that might be difficult to fill with a new anchor tenant. Haywood still seems to be doing well but malls in general are not doing well across the country.
With the decline of brick and mortar retail, who would be a possible new anchor to go into that space? I'm concerned that their closure would leave a vacancy there that might be difficult to fill with a new anchor tenant. Haywood still seems to be doing well but malls in general are not doing well across the country.
"The mall of the future doesn't need five, six ... department stores," Simon said during an earnings conference call. "The ability to reclaim [those spaces] allows us to densify our properties. And I think we have that opportunity in a rather large scale."
While outdated department stores are going dark, Simon also said the smaller, specialty shops inside the malls are thriving, and their sales are actually up.
"Maybe the industry got too carried away with having all these big department store boxes. As we transition to a smaller, more appropriately sized group ... I think the center will get healthier," he explained.
Simon has diversified the types of tenants it usually courts to fill empty stores, replacing an old Belk department store at Phipps Plaza in Atlanta with a Nobu hotel, office space and a 90,000-square-foot Life Time Athletic center. Landlords are also starting to look at co-working spaces and apartments as other fillers.
"Let's face it. If you are a tenant and you get put down a Sears wing of a Simon mall, you are not exactly thrilled," Sandler O'Neill + Partners analyst Alexander Goldfarb told CNBC. "Now if they rip down the Sears and put in restaurants or a movie theater," it's a welcome change.
Simon owns Haywood Mall but doesn't Sears own that anchor spot? Their ownership will complicate any redevelopment of the space. I think Simon has a good approach, though, to redevelop these spaces for other than anchor spaces.
I still think this area is different than a lot of others with a fairly high income base to draw from. I really think a Nordstrom would do well in this area, for example. I'm just not sure Haywood needs that much more retail space for smaller stores if it were to be torn down. Would love to see another theater chain like AMC make a move into the area to break the almost monopoly of Regal, but am doubtful that would happen unfortunately.
Movie theater? I think the era of movie theaters in malls has gone away. Many of the Mall Cinemas have closed for the megaplexes.
No way that works in Greenville. Other areas.. Perhaps. I wonder how many screens you can fit into the area previously occupied by a Sears? The other challenge might be that most of the Sears are split level.
Simon owns Haywood Mall but doesn't Sears own that anchor spot? Their ownership will complicate any redevelopment of the space. I think Simon has a good approach, though, to redevelop these spaces for other than anchor spaces.
Exactly right. That's what I was thinking. It could be vacant and tied up in proceedings for a long time. Forever 21 subleases part of the lower level of Sears as well further complicating a complete tear down.
Movie theater? I think the era of movie theaters in malls has gone away. Many of the Mall Cinemas have closed for the megaplexes.
No way that works in Greenville. Other areas.. Perhaps. I wonder how many screens you can fit into the area previously occupied by a Sears? The other challenge might be that most of the Sears are split level.
I don't think it would happen either. I only mentioned it since the analyst in that CNBC article said, "Now if they rip down the Sears and put in restaurants or a movie theater, it's a welcome change."
If one were to come, I'd root for AMC because I want that A-List subscription with Regal continuing to drag its heels on the subscription front.
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