Park Plaza Mall

[LRretail]

On 1/27/2020 at 12:59 PM, Architect said:

Wow. That’s not an insignificant obligation as it relates to lease amounts. When does that expire?
 

Part of the tax will expire in 2021 and 2024.  The remainder is set to expire in 2028.  

Nike will be closing some time this year.  Gearhead Outfitters is an outstanding store.  They will expand into a small portion of the existing Nike store space.  

As much as it pains to say this, I can easily see Park Plaza falling into receivership and eventually becoming fairly empty as the Northwest Mall in Fayetteville has become.  

Victoria's Secret and Bath Body Works are the next tenants evaluating a close.  

[Architect]

Part of the tax will expire in 2021 and 2024.  The remainder is set to expire in 2028.  
Nike will be closing some time this year.  Gearhead Outfitters is an outstanding store.  They will expand into a small portion of the existing Nike store space.  
As much as it pains to say this, I can easily see Park Plaza falling into receivership and eventually becoming fairly empty as the Northwest Mall in Fayetteville has become.  
Victoria's Secret and Bath Body Works are the next tenants evaluating a close.  

Though I have my issues with Dillard’s, I have always appreciated their commitment to midtown by investing and reinvesting/doubling down on their flagship store at Park Plaza. But if PP goes south (and it’s hard not to see that happening), they’ll be questioning that decision...and now there’s NOT a place for them at Promenade since the apartment complex (enter eye roll) is being built in the place where a department store was originally planned.


Sent from my iPhone using Tapatalk

[LRretail]

4 minutes ago, Architect said:

Though I have my issues with Dillard’s, I have always appreciated their commitment to midtown by investing and reinvesting/doubling down on their flagship store at Park Plaza. But if PP goes south (and it’s hard not to see that happening), they’ll be questioning that decision...and now there’s NOT a place for them at Promenade since the apartment complex (enter eye roll) is being built in the place where a department store was originally planned.
 

Quite frankly, the Dillards have bigger issues to face than the demise of Park Plaza.  Macy's and other competitors of Dillards are already having vast issues. The demise in total of the department store (JCPenney, Sears, Macy's, etc) business model depends highly on a mall presence.  With malls in general getting kicked while they're down I think at this point a more worrisome issue is the health of their business and not so much where they're going in Little Rock.  I don't see Dillard's moving away from Park Plaza.  They will do everything they can to keep the viability of the location going.  Whether or not that will help or be enough remains to be seen. 

[ecity3138]

On 1/29/2020 at 10:43 AM, LRretail said:

Quite frankly, the Dillards have bigger issues to face than the demise of Park Plaza.  Macy's and other competitors of Dillards are already having vast issues. The demise in total of the department store (JCPenney, Sears, Macy's, etc) business model depends highly on a mall presence.  With malls in general getting kicked while they're down I think at this point a more worrisome issue is the health of their business and not so much where they're going in Little Rock.  I don't see Dillard's moving away from Park Plaza.  They will do everything they can to keep the viability of the location going.  Whether or not that will help or be enough remains to be seen. 

One of the bigger problems Park Plaza face is the lack of entertainment and restaurant options in favor of strictly retail. They failed to realize that the retail industry has changed to online shopping or shopping at off price retailers such as TJMaxx, Marshall’s, or Ross Stores. People don’t go to the mall anymore to just shop but will go if they have some sort of unique entertainment options such as bowling alley, billiards, movie theater and a full service restaurants that are new to the area. A lot of people states that crime was the main factor of the demise of Park Plaza, however, crime is no worse than other shopping areas of Little Rock. Bad business decision and lack of unique entertainment or restaurants options is the real reason why Park Plaza is struggling.  I’m predicting this mall will either close within two years or be redevelop into a mixed use center such as office space, condos, restaurants, and a small number of retail options in the future.

Edited February 12, 2020 by ecity3138

[ecity3138]

Here is an interesting article from Arkansas Money and Politics regarding the new owners plan for redevelopment of Park Plaza. It would be interesting to see what plans they have to turn Park Plaza around. Hopefully, they will add much needed restaurants and entertainment options such as an small aquarium (ex: Sealife Aquarium https://www.visitsealife.com/) or 3D thrill theater to the mall in addition to traditional shopping.

 

 https://armoneyandpolitics.com/?s=Park+plaza