Malls Replace Closed Circuit City Stores with……… Gun Shops?

TakeAway: Malls and shopping centers are countering lower traffic and closings of traditional brick and mortar stores by turning to unique shops and services to draw revenues.

* * * * *
Excerpt from WSJ: “New Tricks for Old Malls”

Mall giant Simon Property Group opened an aquarium at its Grapevine Mills mall. Real-estate brokerage Jones Lang LaSalle  put a fencing academy in a former Old Navy store, and a community theater on the lower level of a former Boscov’s store.

Perhaps the most unusual use of a former big-box store is William James’s Arms Room gun shop and shooting range, which opened last year in a former Circuit City store.

Rising retail vacancies, and loosening rent demands from landlords at struggling shopping centers, are creating opportunity for tenants previously housed in community centers, industrial parks and home basements.

“In the past, we’ve typically been in industrial parks because of the [low] cost per square foot,” said Howard Picker, founder of Speed Raceway. But retail landlords “are coming down on price and more willing to work with tenants like us,” he said.

The proliferation of “nonretail” tenants comes as traditional stores cede ground in U.S. shopping centers because of constrained consumer spending and decades of retail overbuilding in the U.S.

Landlords are embracing unusual tenants as a way to continue drawing visitors to their shopping centers, even if those patrons aren’t necessarily coming to shop.

A little extra traffic generated by a gym or a trampoline center is better than an empty storefront that draws no one, they say.

Edit by ARK

>> Latest Posts

Tags: , ,

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s