Northlake Mall

[StevenRocks]

To be fair, Carlyle & Co has been closing stores at several malls.

[101_ce]

To be fair, Carlyle & Co has been closing stores at several malls.

That makes it seem better, but Northlake is still losing a lot of stores.

[xyhamiltonboi]

Listening to a good number of REIT conference calls. Retailers are cutting back where necessary and trimming expansion plans due to the economy. Healthy retailers do exist and most of them are continuing to renew leases for in some cases 1-2 years versus the traditional 5-10 years because things are so uncertain. Its forcing REITS to court Regional and local tenants because they haven't nearly been exposed to what the national tenants have gone through. Northlake is not dying by any means.

[101_ce]

Listening to a good number of REIT conference calls. Retailers are cutting back where necessary and trimming expansion plans due to the economy. Healthy retailers do exist and most of them are continuing to renew leases for in some cases 1-2 years versus the traditional 5-10 years because things are so uncertain. Its forcing REITS to court Regional and local tenants because they haven't nearly been exposed to what the national tenants have gone through. Northlake is not dying by any means.

It really isin't dying....its just losing stores and are being replaced by "urban stores". So is guess Eastland is not dying then?

[malldude85]

Well I just found this out today. The store I work at in Northlake mall will be closing probably early October. I hate job hunting....

[mallguy]

What's up with Northlake- do we have info on sales per square foot or the like?

It's a basically brand-new mall- is the upscale part doing worse than the "urban" part?

[StevenRocks]

The mall basically opened into a recession. There's going to be a lot more bleeding of stores before things stabilize. But I for one think the place will make it as long as they don't get so desperate for tenants that they put just anything in to fill space.

[nyxmike]

Well I just found this out today. The store I work at in Northlake mall will be closing probably early October. I hate job hunting....

Which store would that be?

[Temeteron]

More closings.....Sunglasses Designs & Everything But Water closed.....along with J. Jill & Arden B., and a few months ago Crabtree & Evelyn closed. When will there be an announcement of openings instead?

[101_ce]

More closings.....Sunglasses Designs & Everything But Water closed.....along with J. Jill & Arden B., and a few months ago Crabtree & Evelyn closed. When will there be an announcement of openings instead?

This is starting to look like the Macon Mall thread.

Edited August 13, 2009 by ct36

[rooster8]

This is starting to look like the Macon Mall thread.

Let's hope it doesn't get like the Eastland thread...

[Temeteron]

Honestly, I feel that the economy played a role....but even still after all these closings, I prefer NL over Carolina Place. Carolina Place might have more dept. stores however NL has several stores that CP does not....and it's a prettier mall

[Norm2]

It is prettier because it is newer :-P

[mallguy]

Are "peer" malls- SouthPark, Carolina Place and Concord Mills- also losing stores?

I'd expect that higher-end stores offering non-necessities and with weak finances would be closing everywhere in this economy, right?

[StevenRocks]

Every mall is losing stores these days, but it sounds like the losses at Northlake are a bit more acute. But when you think about it, it's not unusual considering that the other malls listed as peers have had longer to establish their customer bases. Northlake is still basically a new mall.

[mallguy]

Good point and I recall reading that Carolina Place took awhile to really be successful- I visited that mall only once in the early '90s and then again a few years ago but hopefully Northlake will also turn out ok.

I'd be most concerned about that Dillard's. It's a very nice store, but it always seemed so empty (when I last went, from when the mall opened until 2007) and the chain is not doing so well.

[StevenRocks]

The fact that Northlake opened almost fully leased puts its early years far ahead of Carolina Place, which didn't reach that benchmark until around 1997. Almost none of Carolina Place's original tenants are still there because so many of their parent companies retrenched, filed bankruptcy or simply closed down.

[101_ce]

Good point and I recall reading that Carolina Place took awhile to really be successful- I visited that mall only once in the early '90s and then again a few years ago but hopefully Northlake will also turn out ok.

I'd be most concerned about that Dillard's. It's a very nice store, but it always seemed so empty (when I last went, from when the mall opened until 2007) and the chain is not doing so well.

No Dillard's stores actually do good these days. Dillard's is nice but no one goes there because they do not put anything on sale. Some thing at Dillard's regular price ~ Something at Nordstrom sale priced. Which would you buy?

Nordstrom.

[mallguy]

No Dillard's stores actually do good these days. Dillard's is nice but no one goes there because they do not put anything on sale. Some thing at Dillard's regular price ~ Something at Nordstrom sale priced. Which would you buy?

Nordstrom.

True...poor Dillard's; its stores are attractive, and the Northlake one is a large, nice store but just seemed empty every time I'd visit.

2 more mall questions in general but relevant to Northlake (StevenRocks, your views please)

*How come so many small shop spaces around the department store entrances in malls are vacant- especially Northlake? I thought that the point of a department store was to generate traffic to the mall, so wouldn't the stores around the department store entrance be thriving?

* How come jewelry stores seem to generally be located at the mall's center court?

[StevenRocks]

True...poor Dillard's; its stores are attractive, and the Northlake one is a large, nice store but just seemed empty every time I'd visit.

2 more mall questions in general but relevant to Northlake (StevenRocks, your views please)

*How come so many small shop spaces around the department store entrances in malls are vacant- especially Northlake? I thought that the point of a department store was to generate traffic to the mall, so wouldn't the stores around the department store entrance be thriving?

* How come jewelry stores seem to generally be located at the mall's center court?

Consumers have changed. The real estate in front of department store mall entrances is usually where the loser stores go, not the high performers. Today's department stores customers are loyal ones and tend to skew older than typical mall shoppers. Many customers, rather than walk through the mall, head straight to their favorite department stores' exterior entrances and do not cross shop in the mall. I've even seen some cases where customers will GET BACK IN THE CAR and drive to another department store at the same mall. Conversely, there are some mall customers that don't go to department stores, ever. Having a location near where the action is, namely the center court areas, works for those types of consumers. That's why jewelry stores, especially, cheap ones, gather towards the center of the mall.

[xyhamiltonboi]

It really isin't dying....its just losing stores and are being replaced by "urban stores". So is guess Eastland is not dying then?

Keep in mind a good number of urban stores only do leases for 1-2 years. Examples include Trendz, Authentiks, Style Setter, and Just Casual. Northlake isn't dying. Eastland is dying simply because of the lack of investment in the mall and the area. To keep shareholders happy when a space goes dark put something in it until you get what you want.

[101_ce]

Keep in mind a good number of urban stores only do leases for 1-2 years. Examples include Trendz, Authentiks, Style Setter, and Just Casual. Northlake isn't dying. Eastland is dying simply because of the lack of investment in the mall and the area. To keep shareholders happy when a space goes dark put something in it until you get what you want.

Its losing stores, just not quite dying. Hopefully the can replace them with regular mall stores. Maybe some of the stores that have closed will return.

[Datamastr]

No Dillard's stores actually do good these days. Dillard's is nice but no one goes there because they do not put anything on sale. Some thing at Dillard's regular price ~ Something at Nordstrom sale priced. Which would you buy?

Nordstrom.

They don't put anything on sale?? You're kidding me! I've seen Daniel Cremeaux, Calvin Klein, Austin Reed, and Murano shirts over the past year at 75% off or more. These are $75 shirts retail (would I ever pay that No, but that's me ) Regardless of whether one likes those brands, they were on sale!

At the beginning of the year when consumer confidence was really starting to tank, you were practically assaulted with a sea of "Take an extra 50% off " signs as you walked in the door, no lie.

It comes in waves of course, but it pays to walk thru Dillard's at least once a week. If you live for bargains, you might be pleasantly surprised.

(Side Note: yes Belk usually runs sales the same time and magnitude as Dillard's does, although I've NEVER seen Macy's discount so much at once).

Edited August 20, 2009 by Datamastr

[NCMike1981]

***insert random ramblings***

Funny I just realized I haven't actually walked into a Macys since the changeover from Hechts...not much of a reason to really....went to a few up north before they took over and merged into the mega Macys of today...I think Belk is probably going to be the dept store of choice for the middle class in NC for a while, hopefully they won't be bought out anytime soon....

***end random ramblings***

[101_ce]

They don't put anything on sale?? You're kidding me! I've seen Daniel Cremeaux, Calvin Klein, Austin Reed, and Murano shirts over the past year at 75% off or more. These are $75 shirts retail (would I ever pay that No, but that's me ) Regardless of whether one likes those brands, they were on sale!

At the beginning of the year when consumer confidence was really starting to tank, you were practically assaulted with a sea of "Take an extra 50% off " signs as you walked in the door, no lie.

It comes in waves of course, but it pays to walk thru Dillard's at least once a week. If you live for bargains, you might be pleasantly surprised.

(Side Note: yes Belk usually runs sales the same time and magnitude as Dillard's does, although I've NEVER seen Macy's discount so much at once).

That may be but I went through the Asheville store with my sister once and every single dress in the juniors department was regular priced. So were a lot of other items. I did hardly saw any sales signs in their entire store. I only see things that good at their clearance stores.