Mall owners look to shuttered department stores as big opportunities


Mall owners look to shuttered department stores as big opportunities
Mall landlords are increasingly seeking replacements for vacated department stores. The spaces present opportunities to bring in new retailers, and even mixed-use components like apartments and offices. General Growth Properties, for example, is partnering with residential REIT AvalonBay to redevelop one of its centers in Seattle. As the year comes to a close and the holidays approach, mall owners are talking redevelopments, and particularly those of vacated Sears stores. The timely discussion has been a reoccurring theme on many third-quarter retail real estate investment trust, or REIT, conference calls. Analysts and investors want to know: "What are you going to do with that big box?" ...more RSK: I have said this all along...malls can be micro cities with living quarters, grocery, health and recreation...the ideas are endless.
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Mall landlords are increasingly seeking replacements for vacated department stores.
The spaces present opportunities to bring in new retailers, and even mixed-use components like apartments and offices.
General Growth Properties, for example, is partnering with residential REIT AvalonBay to redevelop one of its centers in Seattle.
As the year comes to a close and the holidays approach, mall owners are talking redevelopments, and particularly those of vacated Sears stores.
The timely discussion has been a reoccurring theme on many third-quarter retail real estate investment trust, or REIT, conference calls. Analysts and investors want to know: "What are you going to do with that big box?"