Suburban Malls and Associated Retail News

Twin Cities Suburbs
mamundsen
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Re: Suburban Malls and Associated Retail News

Postby mamundsen » September 3rd, 2014, 8:59 pm

FISHMANPET wrote:I was at Rosedale on Monday, there seemed to be quite a few empty storefronts where the previous tenant had just moved somewhere else in the mall.
They are moving some around so that Becker Furniture can move into the mall with a two level store near JC Penneys.

twincitizen
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Re: Suburban Malls and Associated Retail News

Postby twincitizen » September 8th, 2015, 6:02 pm

Some national news on Macy's closing a handful of stores in early 2016: http://www.reuters.com/article/2015/09/ ... sinessNews

While it's quite possible that no Minnesota locations will be on that list, I wouldn't count it out. If any were to close it would probably be Maplewood Mall, which would be pretty grim for that mall, as it is already slightly downscale compared to others (has Sears & Kohl's as other anchors).

mattaudio
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Re: Suburban Malls and Associated Retail News

Postby mattaudio » September 8th, 2015, 7:43 pm

Maplewood Mall, St. Cloud, Downtown Minneapolis, and Burnsville would by my guess (in that order). Not that we have any reason to expect a certain number of MN closings.

MNdible
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Re: Suburban Malls and Associated Retail News

Postby MNdible » September 9th, 2015, 9:11 am

If I'm reading the numbers in that story correctly, the stores they're closing are real dogs.

They have 770 stores; they are closing 35-40 of them, which means they're closing about 5% of their stores. But the stores they're closing only account for 1% of sales. That means that these stores are doing only 20% of the sales of just the average stores.

Viktor Vaughn
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Re: Suburban Malls and Associated Retail News

Postby Viktor Vaughn » September 9th, 2015, 10:40 am

Except the denominator "total sales" includes ecommerce. Also, it's not clear if the 1% of sales was calculated after deducting sales expected to shift online or to another store. That's how they calculated the $300 million reduction at least.
The annual sales volume of the stores, net of sales expected to be retained in nearby stores and online, is expected to be about $300 million, the company said in a statement.

TroyGBiv
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Re: Suburban Malls and Associated Retail News

Postby TroyGBiv » September 11th, 2015, 4:46 pm

Wont be downtown minneapolis - the office space deal for the upper floors is very lucrative for Macy's

Wedgeguy
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Re: Suburban Malls and Associated Retail News

Postby Wedgeguy » September 11th, 2015, 5:17 pm

TroyGBiv wrote:Wont be downtown minneapolis - the office space deal for the upper floors is very lucrative for Macy's
Basically Macy's gets a one shot infusion of cash for the building, which they will then have to pay again, for the lease back, over the years of the lease. But cash should give them capital to spend on upgrading the store that I think was last upgraded well over 20 years ago under the Dayton's name. Was probably ungraded at that time with the anticipation of the Saks and Needlessmakeup stores being built. The company buying the building will be the one that eventually profits from the office space, not Macy's.

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Re: Suburban Malls and Associated Retail News

Postby Wedgeguy » September 25th, 2015, 9:45 pm

Barring something big, Nordstrom's will be opening their second Twin Cities store in Ridgedale on October 2. Get your shopping shoes on and get those grand opening bargains!

twincitizen
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Re: Suburban Malls and Associated Retail News

Postby twincitizen » September 28th, 2015, 1:38 pm

Probably the most in-depth article ever written about TC malls: http://tcbmag.com/Industries/Retail-and ... er-Affluen

QuietBlue
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Re: Suburban Malls and Associated Retail News

Postby QuietBlue » September 28th, 2015, 2:23 pm

Very interesting. I had no idea Burnsville Center had a lower vacancy rate than Rosedale, and that Southdale's was still so high.

twincitizen
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Re: Suburban Malls and Associated Retail News

Postby twincitizen » September 28th, 2015, 3:06 pm

A lot of the remaining space at Southdale is borderline unleasable. The ground floor corridor to JCPenney feels pretty remote. The entire 3rd floor besides Dave & Busters and the extant gaming store "Gamerheadz" is going to be really tough to lease. The ground floor corridor leading to AMC Theaters has a collection of "lower end" tenants (several barbers and Len Clearance) and long-term vacancies. With the "breakup" of the Southdale Library and Service Center (courts moving to Bloomington City Hall), the Licensing/Service Center functions were reported to be seeking space within Southdale itself. That ought to soak up some of that vacant space.

Frankly I think Southdale got really lucky to get the infusion of cash and tenants when it did, coming out of the recession. I'm not super confident its recent turnaround will be lasting though. Foot traffic still seems pretty low most of the times I've been there. Outside of the central court area, it's kind of a painful experience to navigate. Luckily, Edina hasn't lost an inch when it comes to buying power and city leaders seem to understand that surrounding the mall with thousands of new residents will help the mall stay afloat.

mattaudio
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Re: Suburban Malls and Associated Retail News

Postby mattaudio » September 28th, 2015, 9:02 pm

twincitizen wrote:Probably the most in-depth article ever written about TC malls: http://tcbmag.com/Industries/Retail-and ... er-Affluen
Who would be the new, unnamed anchor at Rosedale?

Wedgeguy
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Re: Suburban Malls and Associated Retail News

Postby Wedgeguy » September 29th, 2015, 8:11 am

mattaudio wrote:
twincitizen wrote:Probably the most in-depth article ever written about TC malls: http://tcbmag.com/Industries/Retail-and ... er-Affluen
Who would be the new, unnamed anchor at Rosedale?
My guess would be Von Muar, which has a store in EP that will take a hit with Nordstrom's opening in the west burbs. Putting a store in Rosedale would give them a store for those high end shoppers in North Oaks, Grant, and the other tony burbs of the NE. After Von Muar opened in EP the mall saw a resurgence. I think that EP had a 1 % vacancy rate on that one chart in the article. Dayton's used to cover that market at Rosedale, but Macy''s has squandered that legacy. I think Rosedale's management is smart if they are indeed adding Von Muar. It is a company that has very high customer service standard that will draw those NE burb customers and give the mall it's self a chance to improve its self. Not to mention that it would help Von Muar with cost if they can ship to 2 stores instead of one. Rosedale still had the highs dollar per customer average of all the malls.

fehler
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Re: Suburban Malls and Associated Retail News

Postby fehler » March 3rd, 2016, 2:20 pm

Possible outlet mall coming to Jordan on Hwy 169: http://www.fox9.com/news/99798683-story

grant1simons2
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Re: Suburban Malls and Associated Retail News

Postby grant1simons2 » March 3rd, 2016, 2:24 pm

Right on a wetland. Great.

matthew5080
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Re: Suburban Malls and Associated Retail News

Postby matthew5080 » March 3rd, 2016, 4:59 pm

Do we really need another outlet mall? Eagan's just opened and Albertville and Medford (which was just sold for 2.3 million btw) aren't that far away either.

Wedgeguy
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Re: Suburban Malls and Associated Retail News

Postby Wedgeguy » March 3rd, 2016, 10:20 pm

My 2 cents is that it would be like Medford and have too many empty spaces because it is not that close to the dense populations, Albertville has the NW burbs, the lake traffic going north, and St. Cloud. Eagan is in the metro area. Can't see it being very big if they do it. Too close to Medford which is on 35.

matthew5080
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Re: Suburban Malls and Associated Retail News

Postby matthew5080 » March 3rd, 2016, 11:06 pm

Wedgeguy wrote:My 2 cents is that it would be like Medford and have too many empty spaces because it is not that close to the dense populations, Albertville has the NW burbs, the lake traffic going north, and St. Cloud. Eagan is in the metro area. Can't see it being very big if they do it. Too close to Medford which is on 35.
Which is probably why Medford sold for such a low price? I feel like 2.3 million isn't much for a mall... I mean, there's houses sold at higher values than that.

QuietBlue
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Re: Suburban Malls and Associated Retail News

Postby QuietBlue » March 4th, 2016, 9:44 am

Wedgeguy wrote:My 2 cents is that it would be like Medford and have too many empty spaces because it is not that close to the dense populations, Albertville has the NW burbs, the lake traffic going north, and St. Cloud. Eagan is in the metro area. Can't see it being very big if they do it. Too close to Medford which is on 35.
Jordan's a good fifty miles or so from Medford (about the same as it would be from Albertville), so I don't think that would be an issue, especially since they are on different highways. I think the larger issue is that there just wouldn't be enough people willing to drive out there to make it viable, aside from maybe some people from the far SW suburbs. For everyone else in the metro, like you said, Albertville in the north or Eagan in the south are closer. Unless they're banking on a lot more traffic on 169 in the future or something -- for example, I know there is talk of the Renaissance Festival moving to a site outside of Belle Plaine. but I don't think that's certain, and even if it was, it would only draw people for a short time during the year.

twincitizen
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Re: Suburban Malls and Associated Retail News

Postby twincitizen » April 27th, 2016, 1:39 pm

http://www.bizjournals.com/twincities/m ... uptcy.html

The Sports Authority bankruptcy/liquidation news could be nearly as big as the closing of every Circuit City some 7 years ago. AFAIK, all of the former CC locations have been re-occupied or redeveloped (many as big box gyms, Total Wine, Gordmans, etc), though it took many years. With 8 metro area locations, this will have an impact from Riverdale to Burnsville Center. Most are in "power center" type big box strips in close proximity to the regional malls. Many of these centers already have some pretty significant vacant big box space.

One thing noted in the article is that Dick's is not likely to buy any Twin Cities locations, as they already have a pretty strong presence here. Given MSP's strong economy, high incomes, and outdoor/sporty culture, there's still a possibility that another sporting chain without a Twin Cities presence will seize this opportunity and buy several of the locations.

At the very least, we can probably look forward to some clearance sales on outdoor gear, etc. SA is where I've gotten my recent winter coats, some workout gear, softball equipment, etc. I wouldn't buy a bike there, but they have a decent selection of accessories and whatnot.


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