Sears to close 43 more stores to cut costs

A Sears department store is pictured in La Jolla, California, U.S., March 22, 2017.
REUTERS/MIKE BLAKE

“Sears Holdings Corp (SHLD.O) is closing eight of its namesake department stores and 35 Kmart locations to cut costs and square footage in an effort to return to profitability, Chief Executive Officer Eddie Lampert said on Friday. The store closings are in addition to 150 the company announced in January.

“This is part of a strategy both to address losses from unprofitable stores and to reduce the square footage of other stores because many of them are simply too big for our current needs.”

As anchor tenants like Sears retreat, smaller adjacent retailers will suffer from reduced foot traffic. Where possible, increasing density utilizing Sprawl Repair techniques can return jobs and tax revenue to communities.

Brick & mortar vs. Amazon: Mall stores getting Amazonned into deep doo-doo

Horton Plaza. Important retailers started deserting it not long after it opened. A huge part of it has been ripped down.

The need to retrofit failing malls is becoming ever more urgent:

“On May 31, the big bank Credit Suisse predicted that 25 percent of malls would be gone in the next five years. Earlier forecasts had also been dire, and results prove them to have been accurate. Malls used to be anchored by big department stores — Sears, JCPenney, Macy’s, and the like.

All are now in deep doo-doo and closing stores, upsetting the malls that relied upon them as consumer draws and sources of revenue. The smaller mall stores, which pay higher rent per square foot than the anchors, are having trouble, further biting into mall revenue and traffic.”

The Mall of the Future Will Have No Stores

PHOTO: FORD LAND At Fairlane Town Center in Dearborn, Mich., Starwood Capital brought in Ford, which converted a former department store into a workspace for its engineering and purchasing staff.

Shopping-center landlords are rethinking the traditional mall model—and shops aren’t necessarily part of the equation

As retailers close bricks-and-mortar stores at an accelerating pace, shopping-center landlords like Starwood Capital are facing a vexing question: What to do with all this empty space?

Some landlords plug empty spaces with churches, for-profit schools and random enterprises while they figure out a long-term plan. Others see a future in mixed-use real estate, converting malls into streetscapes with restaurants, offices and housing. And some are razing properties altogether and turning them into entertainment or industrial parks.

Many mall owners are trying to liven up the experience, bringing more dining and entertainment tenants and eschewing the traditional mix.

Time to think about taxes for the Bristol Mall

Bristol Mall Image by Zack Irby:BHC

The Editorial Staff of the Bristol Herald in Bristol, VA is seeking to raise public pressure on local officials to find a solution to the dying Bristol Mall in their midst:

“We’ve previously discussed ideas and the need for action for our “skeletal mall.”

“This might all imply prevention of the mall’s slow death is a civic issue, but it’s not. All of us citizens who share a hope to see the mall, built in 1976, thrive for another 40 years also have an applicable duty. We should collaboratively raise awareness and a sense of urgency to move on this.

Let’s try an experiment: Let’s all call and write the city’s leaders within the next two weeks, asking what’s being done to fill the mall and to explore these kinds of options.

If each reader makes the effort to simply ask questions, the strength-in-numbers concept would make the topic too relevant for our local government to ignore.”

Read more about their investigations into retrofitting their mall, and the success Sen. Tim Kaine, D-Va., experienced in Richmond during his time as mayor there.

Shipping containers, oval swings and food trucks? How old Eastland Mall site could be reimagined

Jenna Martin of the Charlotte Business Journal wrote, “Think small to drive big, lasting results. That’s the current thought behind early efforts to breathe new life into the abandoned Eastland Mall property. That could range from small market-like businesses operating out of shipping containers and open, outdoor dining to a spot for food trucks or a place to hang out.”

As a sub-consultant to Jacobs Engineering’s Atlanta office, DPZ CoDesign is collaborating on the redesign of site of the former Eastland Mall, a 69-acre parcel owned by the City of Charlotte. They met with many of the key stakeholder groups in the East Charlotte area where this mall was once a major regional retail and social hub. This was also a week of re-assessing several prior design exercises.

On May 18th, 2017, the community celebrated the site’s past and explored the future during the exciting Eastland “days gone by” and Eastland “days to come” event. Neighbors gathered amid food trucks, a pop up park, cycle track, interactive murals and activities, to reminiscence and imagine new possibilities for the site as part of the evolving Eastland story.

DPZ provided a popular exhibit based on the successional evolution of an existing flea/farmer’s market. A typical public open space can be surrounded and defined by food trucks and temporary market stalls, initially, transitioning to fun and funky shipping container groupings, and ultimately to vibrant shops and restaurants in the potential climax condition for a revitalized town center.

Read more here: https://www-bizjournals-com.cdn.ampproject.org/c/s/www.bizjournals.com/charlotte/news/2017/05/19/old-eastland-mall-site-draws-crowd-thursday-as.amp.html

Faded Malls Leave Cities in the Lurch

American cities, long reliant on sales-tax revenue from retailers to support municipal budgets, are facing a harsh reckoning as the era of the shopping center as municipal cash cow appears to be at an end.

Sprawl Repair For The Shopping Mall

Sprawl is an outdated and dysfunctional form of development. Its numerous and gargantuan problems have been pointed out over the last few decades, but the recent economic and real estate calamities – with office parks, shopping centers, and entire subdivisions failing daily – have shown everyone the urgent need to address these problems. The responsible and sustainable way to deal with sprawl is neither to abandon it nor to continue building in the same pattern, but to reuse and reorganize as much of it as possible into complete, livable, robust communities. The Sprawl Repair Manual offers a comprehensive method to do this. Based on knowledge gained from built projects, it is a practical guide that illustrates how to repair the full range of suburban development types. It demonstrates a step-by-step process for the creation of more sustainable human settlements out of our wasteful sprawling landscape. This is a framework for designing the interventions, incorporating them into the regulatory system, and implementing them with permitting strategies and financial incentives.

Below is an edited excerpt from the Sprawl Repair Manual that demonstrates the transformations of one of the most typical and promising contenders for sprawl repair, the shopping mall. (Analysis of the region and the site’s immediate context, as well as urban design, zoning and implementation techniques, are explained in more detail in the book). Because of their location, parcel size, ownership structure, and opportunities for transit and mixed uses, malls have great potential to be transformed into transit-ready urban cores, commonly referred to as town centers.