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Not impressed with the "clearance" going on at Macy's with the store closing. Saw a pair of shorts I thought about getting. They were 30% off and at $26 was still just more than I wanted to spend. Walked down to Dillards and saw the same pair of shorts for $15...
These going out of business sales are mostly scam. They usually send the really good stuff to others stores first and sometimes send in older stuff from all over, especially if this is being handled by a liquidation company. Then they jack everything up to the highest retail price and start cutting ten percent off a week or so. Maybe by the time it gets to 70% off if there's anything good left you get a deal.
These going out of business sales are mostly scam. They usually send the really good stuff to others stores first and sometimes send in older stuff from all over, especially if this is being handled by a liquidation company. Then they jack everything up to the highest retail price and start cutting ten percent off a week or so. Maybe by the time it gets to 70% off if there's anything good left you get a deal.
Exactly how it happened with Sears. (I did get a great deal on a pair of shoes, otherwise a bunch of overpriced discounts....)
Exactly how it happened with Sears. (I did get a great deal on a pair of shoes, otherwise a bunch of overpriced discounts....)
Yep -- people who think they're getting a crazy great discount deal are being foolish. The liquidator is going to do as much as possible to accrue any profit from what remains.
I will say I observed a great deal of activity and patrons at CTC Sunday. Maybe everyone had cabin fever and descended on the mall. It was good to see, though.
CBL addressed CTC's future on its 2015 earnings call last week. Nothing that hasn't already been mentioned by Town staff, but it appears CBL intends to keep control of the site. From the transcript (typos are common on these):
Stephen Lebovitz, President and CEO [as part of opening remarks] Only one CBL mall was impacted by Macy's 40 store closures which we anticipated and had a redevelopment plan and process...
Craig Smith, Bank of America Okay. And then, maybe just a little color on Cary Town Center. I know that you’ve been working on replacing the Sears, and now you are looking at the Macy’s? What -- maybe just broad picture what are you planning to do with that center?
Stephen Lebovitz Sure. Well, Cary Town Center is in a great location. The market is terrific. The household income in that area is high. There is a lot of positive demographics. Our redevelopment plan is in process and we’re working closely with the city to refine it. So I can’t give any details, but we’re working on a rezoning that would allow us to add some other uses to the center. We have strong demand from other mixed users that would diversify the mix of that center and it would be less of an exclusive retail center and more of a mixed use center and we’ve actually just recently secured the approval to redevelop a pad that’s been vacant for several years and we’ve got of lot of strong interest from restaurants and other users for that. So it’s a redevelopment that is work in process, but we think it got a lot of potential going forward.
Craig Smith And I know this is how to say, but how long do you think it might take to get through maybe some zoning and entitlements that you need for even pushing your plan forward?
Stephen Lebovitz It will take better part of this year to get through the rezoning. I mean Cary is a town that cares a lot about the way its projects look and the appearance and the uses and we’ve a great partnership with them, but we want to go through the process and master plan it to end up with the most successful project going forward. So it’s not just going to happen over night.
Stephen Lebovitz ...we’ve actually just recently secured the approval to redevelop a pad that’s been vacant for several years...
...and...
Quote:
Originally Posted by paytonc
Stephen Lebovitz It will take better part of this year to get through the rezoning. I mean Cary is a town that cares a lot about the way its projects look and the appearance and the uses and we’ve a great partnership with them, but we want to go through the process and master plan it to end up with the most successful project going forward. So it’s not just going to happen over night.
TLDR we might see them put something on a random outparcel by 2017, but don't expect anything interesting to happen to CTC until maybe 2018. That mall is going to die in the short term probably.
Honestly, I keep thinking that long term, that area is way more valuable as something other than the Mall or just the mall. Probably will be some short term pain there for sure. At this point, they'd be better waiting a bit to see what specifically is proposed across the street and what they can do to complement and expand on that.
TLDR we might see them put something on a random outparcel by 2017, but don't expect anything interesting to happen to CTC until maybe 2018. That mall is going to die in the short term probably.
For those who don't know, he was referring to the former Ragazzi's site at Maynard and Cary Towne Blvd. The town rejected their initial proposal, but CBL made some tweaks and it passed muster last month.
Agree it will have very little impact on the overall fate of the mall. It needs a complete do-over.
Cary is working toward a fairly strong vision of what it wants this Eastern Gateway to look like, and here's hoping CTC can leverage that. Going to take a whole lot of investment though...a random outparcel here and a trampoline park there isn't going to get it done.
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