Belk keeping Parisian Parkway Place

[jmanhsv]

It was quite predictable that Belk, when they bought Parisian last year, would keep the Parisian store at Parkway Place. Now the company is planning a two-story, 20,000 sq ft expansion and a renovation on the existing store, which opened in 2001. According to Belk, part of the addition will include a home store. Construction will be completed in September, just in time for the Belk rebranding of the store in the fall.

This location wasn't in danger of being sold, but the other Parisian in Huntsville, at Madison Square, it's future is less secure (there is already a Belk at the mall, which opened when McRaes was bought). More than likely it will become a Women's/Children's or a Men's Belk. But what would happen if the store was sold? Would Macy's try to enter the market?

[DaHa]

According to various press releases, Parkway Place was designed to accommodate a third anchor and "wing" (don't ask me where) Rumor has it (from some folks at Parisian-Parkway Place) that Macys was close to committing when the mall was being redeveloped. Wonder if Macys joined Madison Square now, if it would build at Parkway Place (since most retailers generally like "sister stores"). Not sure if PP has been profitable enough. Lord knows Madison Square is on its last leg despite their renovations (especially given most "reputable" retailers there will be flocking to Bridge Street).

Anyone know about the supposed third anchor spot at PP?

[jmanhsv]

I read an article a while back (probably the same one you read) that talked about the possibility of a third anchor at Parkway Place. It sounded like the expansion would happen after the mall matured a bit (after a decade or so). Macy's would be a good tenant for a mall like Parkway Place, but JCPenney and Sears might want a second location here.

And the Bridge Street impact won't be as bad as first expected- only about 5 tenants are leaving Madison Square. And no anchor stores are leaving, so that will also save the mall, at least for a few more years.

[HSVTiger]

I read an article a while back (probably the same one you read) that talked about the possibility of a third anchor at Parkway Place. It sounded like the expansion would happen after the mall matured a bit (after a decade or so). Macy's would be a good tenant for a mall like Parkway Place, but JCPenney and Sears might want a second location here.

And the Bridge Street impact won't be as bad as first expected- only about 5 tenants are leaving Madison Square. And no anchor stores are leaving, so that will also save the mall, at least for a few more years.

[TRoberts]

http://colonialprop.com/property-info/?cid=1265

Speaking of third anchor at Parkway Place... After nosing around Colonial's new website a bit, I found the above link to the Leasing plan of Parkway Place. It's interesting to note the locations of several dotted lines so as to note future expansions/store locations. Several obvious ones are on the second level parking garage side enclosing space above the lower level service courts. A similar thing was done for Carraba's as it was essentially built over the lower level service court. There are notations for three more stores done in a similar fashion totaling 10,000 sq. ft. These would probably be restaurant/eatery spots or even combined into a larger restaurant spot to compliment Carraba's.

The most interesting thing of note is the double dashed lines on the back side of the building. They are about centered on the back wall and shown in both the lower and upper level diagrams. Seeing as how level two spaces 230 & 231 along with level one space 125 (Brookstone) could easily be removed in order to create a corridor into the back of the mall, it seems to appear this could be the long rumored third anchor spot. It essentially would be built onto the rear of the mall facing L&N Drive.

Any opinions as to whether the leasing plan is insight into a third anchor? And the question begged to be asked if inded it is a third anchor, WHO? I can see Macy's entering the Huntsville market but pratically anyone else that would fit there is already represented between Parkway Place and Madison Square. I can't see Colonial giving that spot to just anyone either. But I also don't see Nordstrom, Saks or any of the upper-level department store brands locating at Parkway Place.

[davidzLA]

And the question begged to be asked if inded it is a third anchor, WHO? I can see Macy's entering the Huntsville market but pratically anyone else that would fit there is already represented between Parkway Place and Madison Square.

[TRoberts]

Speaking completely offhand, I'd venture to say that more and more mall anchor locations will be filled with Target and other big-box retailers - Best Buy, Kohls, Lowe's, etc. - assuming the site is such that parking is not so much an issue. As you said, there's just not that many department store nameplates around anymore, and they generally seem to grow through acquisition rather than expansion into new regions.

[kayman]

I have a feeling if the third anchor of Parkway Place is ever built, it would be Macy's. Unfortunately, at this point nobody in Alabama has the right demographic mix to sustain a Nordstrom location.

Yeah David, Parkway Place is along the lines of Brookwood Village. The tenant mix is exclusive, but the anchor selection is very exclusive. Colonial intends to propel both Parkway and Brookwood to the levels of centers like Green Hills in Nashville, Perimeter/Phipps in Metro Atlanta, Southpark in Charlotte, which are all upper demographic-targetted centers.

[davidzLA]

I have a feeling if the third anchor of Parkway Place is ever built, it would be Macy's. Unfortunately, at this point nobody in Alabama has the right demographic mix to sustain a Nordstrom location.

Yeah David, Parkway Place is along the lines of Brookwood Village.

[kayman]

If anything in the long term I can see happening in retail it would be the reintroduction of true "regional" department store chains. The ones that are small and organically characteristic of it prospective region like Gus Meyer. However, this trend won't likely occur for at least another 5-10 years.

[davidzLA]

If anything in the long term I can see happening in retail it would be the reintroduction of true "regional" department store chains. The ones that are small and organically characteristic of it prospective region like Gus Meyer. However, this trend won't likely occur for at least another 5-10 years.

[kayman]

I see the "independent" ones.

[TRoberts]

Hate to dig up an old thread but... From my previous post in this threa, I clicked through to Colonial's site and low and behold, they've updated the leasing plan (http://app.resiteit.com/download/4619/NEW+PARKWAY+COMBINED.pdf) and confirmed the location of a third department store. There's no mention that I can find of who the store is but I would definitely be leaning toward Macy's and possibly even Nordstrom. I wouldn't expect to see Nordstrom anytime before 2011 or 2012 though. They will probably want to open the new Galleria location and see how sales go there and also the zip codes from where the sales come from.

I would almost bet that one of those two chains fills that third spot. Parkway Place is definitely going for the upscale spot in the Huntsville market and I can not see them giving that third spot to Sears, JC Penny or Kohl's (or anything of the sort).

[Huntsville_secede]

Hate to dig up an old thread but... From my previous post in this threa, I clicked through to Colonial's site and low and behold, they've updated the leasing plan (http://app.resiteit.com/download/4619/NEW+PARKWAY+COMBINED.pdf) and confirmed the location of a third department store. There's no mention that I can find of who the store is but I would definitely be leaning toward Macy's and possibly even Nordstrom. I wouldn't expect to see Nordstrom anytime before 2011 or 2012 though. They will probably want to open the new Galleria location and see how sales go there and also the zip codes from where the sales come from.

I would almost bet that one of those two chains fills that third spot. Parkway Place is definitely going for the upscale spot in the Huntsville market and I can not see them giving that third spot to Sears, JC Penny or Kohl's (or anything of the sort).

[TRoberts]

I can't see any large scale department stores locating at Bridge Street (i.e. Macy's, Nordstrom, etc.). The empty pads at BS are across the major road through the development and therefore wouldn't get any foot traffic from the actual mall part. I think BS will get your common strip center retail type stores in the empty areas at BS.

Madison Square on the other hand... I think they very well could get a Macy's and like someone said earlier in the thread, I could see Macy's opening two stores (Madison Square & Parkway Place) in order to justify some of the costs associated with shipping, advertising, etc. Honestly though, I'd rather see Madison Square buy the empty anchor spot and demo it and then build a multi-level lifestyle componet that stretches from the main front entrance towards the right and then into the former McRaes space and on up the hill. You could have heavily landscaped and upscale themed walkway that winds through from the front entrance to a new entrace at the former mall entrace to McRaes and then up the hill to the Sears parking lot. I'd love to see some of the restaurants from B-ham that aren't represented in Huntsville take spots in the new lifestyle area. Cheesecake Factory would be huge for Madison Square and any number of others.

As for Parkway Place, I think they should expand the upper level storefront retail and create a more lifestyle componet. I think this is something they should have done from the very beginning seeing as how popular places like the Summit are. I like the idea of Nordstrom there but I don't know that that will be who ultimately goes in the third spot. I really think Macy's is the more likely choice unless Colonial will wait around till 2011 or 2012 to fill the spot. I think Nordstrom will complete and open the Galleria store first before deciding on any further expansion in Alabama if they even have any intentions to expand further.