MACY’S LOOKING TO MONETIZE UNUSED PARKING LOTS

The 11.4 acre Macy’s-owned portion of Landmark Mall. Howard Hughes Corporation acquired the Macy’s parcel and has begun to transform the enclosed mall and the Macy’s parcel into a vibrant open-air, mixed-use community with retail, residential and entertainment components designed to create a dynamic urban village. Image: Howard Hughes Corp

“Struggling retailer sees opportunities to improve shopping experience by activating empty parking lots.

As the images of empty parking lots during Black Friday have demonstrated, commercial real estate professionals are slowly warming to the idea that we have far too much parking than is needed- diminishing municipal tax bases and taking away the ability to lease space within struggling shopping centers. Big box retailer Macy’s has announced their intention to create new revenue streams by reimagining acres of unused parking lots- a strategy used by tactical urbanists in places like Nashville, Indianapolis and Miami.”

Commentary: The mall is dead — long live the mall

Jun 20, 2017:  Orlando Sentinel Editorial Board spoke to Joshua Harris, director of the Dr. P. Phillips Institute for Research and Education in Real Estate at the University of Central Florida, to ask about malls:

“Q: Did shopping malls ever serve a purpose in society, beyond retailing? What changed, if anything?

A: Shopping malls became the de facto “town square” during the suburban development boom of the ’70s and ’80s. They were the place to go, hang out and be seen. Thus, the urban resurgence that began in the late ’90s, and really intensified in the past 10 years, has taken the “town square” back to the more natural walkable, urban environment. Places like Winter Park, Winter Garden, Thornton Park and now even Baldwin Park (close to 95 percent leased after suffering massive problems during the recession) are all the “hot” places to go on a Friday or Saturday. In reality, history will show that the suburban mall was the aberration, driven by urban decay and rising crime. With urban renewal and major declines in crime, the mall does not fit as well as it did for those few decades. There will be life for existing malls, but likely after being repurposed and designed to feel more like town centers.”

 

Where logical transportation and community infrastructure already exists, sprawl repair techniques can be used to add residential, office, entertainment, and public open space to spur an entire region with new, walkable Town Centers.

 

Can Australia avoid the death of local malls?

Abandoned Malls by Seph Lawless-Source-Supplied

As Amazon nears offering service to Australia, Economist Jason Murphy hopes Australian malls can avoid the current American syndrome of dying malls. He offers the following suggestions that can also offer hope for our American malls through Sprawl Repair and Retrofit:

“Number one is probably to reduce their reliance on risky “anchor tenants”. Coles, Woolies, Target and Big W are shopping centre stalwarts, but none of them is certain to still be succeeding in a decade’s time. One or all of them could find the going a lot tougher in a world where Amazon is trying to win over our wallets.

The next big idea for shopping centres is to offer experiences not just goods. Amazon sells stuff you can get delivered to your door. But experiences — haircuts, manicures and massages; meals, coffees and movies — are still things people want to meet in person for.”

By increasing density and diversifying uses, dying malls can become innovative employment and social hubs that enrich the surrounding neighborhoods.

Dynamic Communities – The New American Suburb

Check out this story and interactive website from The Washington Post:

“… all around the country as new types of vibrant suburbs, either revived or created from scratch, are springing up outside of expensive downtown cores to meet the needs of young families who aren’t so much choosing suburban life as insisting that the suburbs change to accommodate the priorities they’ve brought with them from the city.

They demand higher-density housing, shorter commutes, easy access to their daily needs, plenty of opportunities to interact socially, interesting shopping, nearby green space, high-end dining options and other amenities traditionally unavailable in sprawling suburbs. It’s a new kind of convenient and tech-enabled community, with more breathing room than downtown and more street life than the ‘burbs.”

“Millennials have been slow to form households, but it’s happening now, and roughly two-thirds say they want to live and work in mixed-use urban neighborhoods where they can feel a strong sense of community and invest in interactions and experiences, rather than things,” says Jennifer Griffin, urban planner and Millennial mom.