Northlake Mall

[CLT2014]

Payless Shoes bites the dust. Completely shutting down and liquidating all stores. There are several strip malls in Charlotte with a Payless. Impacted malls are:

Northlake

Carolina Place

Concord Mills

https://www.usatoday.com/story/money/2019/02/15/payless-shoesource-all-u-s-stores-liquidating-and-closing/2885949002/
 

Edited February 16, 2019 by CLT2014

[tozmervo]

Terrible for all those workers, but certainly to the benefit of Rack Room Shoes, which is headquarted in University City.

[southslider]

Did Payless Shoes evolve from the Levine family shoe store (Pick & Pay?) started on Central Ave?

[KJHburg]

5 hours ago, southslider said:

Did Payless Shoes evolve from the Levine family shoe store (Pick & Pay?) started on Central Ave?

No I don't think so.  I think that chain was Pic N Pay shoes and it too is defunct.   Not sure if anyone bought them out.   Charlotte area is the HQ for German owned Rack Room and Off Broadway and Shoeshow based up in Kannapolis.  

[CLT2014]

Forever 21 may declare bankruptcy soon and close 100 of their 800 stores.

- Northlake, Carolina Place, and Concord Mills each have a Forever 21 location in the metro area. Northlake and Carolina Place especially have a good amount of square footage leased to Forever 21. 

GameStop is also closing around 200 stores. Keep an eye out for mall location as potential stores to chop. 

[nakers2]

4 hours ago, CLT2014 said:

Forever 21 may declare bankruptcy soon and close 100 of their 800 stores.

- Northlake, Carolina Place, and Concord Mills each have a Forever 21 location in the metro area. Northlake and Carolina Place especially have a good amount of square footage leased to Forever 21. 

GameStop is also closing around 200 stores. Keep an eye out for mall location as potential stores to chop. 

All of those locations seem to be doing fairly well, though if one were to close my money would actually be at Carolina Place. That mall seems to be suffering most from the Charlotte area malls. Southpark is in a class of it's own, Northlake has the "newness" factor, and Concord Mills benefits from being an outlet mall, and also it's location is a relatively touristy area, the Bass Pro Shops helps too. Carolina Place is just a "typical" suburban mall.

[videtur quam contuor]

Anyone have an idea of the profile for online clothes buyers? Are they younger than 25? 35? Do stores such as Forever 21, Abercrombie, and so on draw their proportion of younger buyers to the physical store? Have younger female buyers transitioned to online, and if so where?

Forever 47 would kill in my demographic.

[urbanlover568]

10 hours ago, CLT2014 said:

Forever 21 may declare bankruptcy soon and close 100 of their 800 stores.

- Northlake, Carolina Place, and Concord Mills each have a Forever 21 location in the metro area. Northlake and Carolina Place especially have a good amount of square footage leased to Forever 21. 

GameStop is also closing around 200 stores. Keep an eye out for mall location as potential stores to chop. 

8,200 closings this year already. Dwarfs last years 5,589 total closings. Don't expect Northlake to be around in 5 years at all. Even mixed use renovated malls are going under. I was at walmart the other day and was stunned to find the exact same TV on amazon for 50-75 dollars less. Retail is leading all the recent layoffs we are having also.

 

E-commerce won. 

[KJHburg]

33 minutes ago, mpretori said:

8,200 closings this year already. Dwarfs last years 5,589 total closings. Don't expect Northlake to be around in 5 years at all. Even mixed use renovated malls are going under. I was at walmart the other day and was stunned to find the exact same TV on amazon for 50-75 dollars less. Retail is leading all the recent layoffs we are having also.

 

E-commerce won. 

Then explain the growth of TJMaxx Corporation and their stores TJ Maxx, Marshalls, Homegoods, Sierra trading etc.   They are growing exponentially and with very limited online presence.  Dittos for Ross Stores.  Not every brick and mortar retailer is going out of business.  Not even close.  

[urbanlover568]

7 minutes ago, KJHburg said:

Then explain the growth of TJMaxx Corporation and their stores TJ Maxx, Marshalls, Homegoods, Sierra trading etc.   They are growing exponentially and with very limited online presence.  Dittos for Ross Stores.  Not every brick and mortar retailer is going out of business.  Not even close.  

They buy discounted goods from suppliers and retail outlets. It's basically like a craigslist store. I still get getter deals on Amazon. Even walmart is shutting down stores and switching to E-Commerce, but higher prices than Amazon still. When the anchor stores shutdown, malls loose traffic and that effect smaller stores like those stores you mentioned. I can buy something now and have it tomorrow on my doorstep. Are you suggesting Coresight is wrong? They are also predicting 12,000 total closings in 2019. If you want to invest in physical retail stores, go ahead. I'm not. 

• Quote

   

  • we recorded for the full year 2018. Coresight Research estimates announced US store closures could reach 12,000 by the end of 2019.
  • So far this year, US retailers have announced 8,558 store closures and 3,446 store openings. This compares to 5,844 closures and 3,258 openings for the full year 2018.
  • Year to date, UK retailers have announced 431 store closures and 633 store openings.

   

  https://coresight.com/research/weekly-us-and-uk-store-openings-and-closures-tracker-2019-week-37/

Edited September 17, 2019 by mpretori

[sclark]

https://www.cnbc.com/2019/10/01/heres-a-map-of-the-forever-21-stores-set-to-close.html

Forever 21 to close their store in Northlake (among others) 

[urbanlover568]

6 hours ago, sclark said:

https://www.cnbc.com/2019/10/01/heres-a-map-of-the-forever-21-stores-set-to-close.html

Forever 21 to close their store in Northlake (among others) 

35 major retailers have now filed for bankruptcy in 2019 alone. I know the Lake Norman area will thank Northlake for its contribution and shorter commute time than Southpark.  

[TheOneRJ]

21 hours ago, sclark said:

https://www.cnbc.com/2019/10/01/heres-a-map-of-the-forever-21-stores-set-to-close.html

Forever 21 to close their store in Northlake (among others) 

Potentially close. 

[CLT2014]

21 hours ago, sclark said:

https://www.cnbc.com/2019/10/01/heres-a-map-of-the-forever-21-stores-set-to-close.html

Forever 21 to close their store in Northlake (among others) 

If it does close at Northlake, there will be 8 vacancies on level 2 between the food court and Dillard's out of 28 potential stores (.72 occupied in the corridor). Overall 17 spots are currently vacant at Northlake. 

[TheOneRJ]

What ever happened to that $50 million expansion planned? There’s still a vacant anchor pad, too. 

[KJHburg]

37 minutes ago, TheOneRJ said:

What ever happened to that $50 million expansion planned? There’s still a vacant anchor pad, too. 

at one point plans called for apartments and I think they have given up on another major anchor there.  I have seen mixed used plans that show apartments on the back side of the mall and more retail in a main street format on the front side with restaurants, entertainment venue etc. 

[TheOneRJ]

4 hours ago, KJHburg said:

at one point plans called for apartments and I think they have given up on another major anchor there.  I have seen mixed used plans that show apartments on the back side of the mall and more retail in a main street format on the front side with restaurants, entertainment venue etc. 

A Saks would work well there. There is no need for a Main Street format as there is already something just like that across the ring road around the mall. 

[KJHburg]

the plan I saw was larger anchors like discount stores Nordstrom Rack, an Ultimate Bowling Gaming center etc and heavy on the restaurants.  that was a couple of years ago and it had apartments on the back side near the movie theaters.  

[KJHburg]

went to Northlake Mall today as I had a meeting nearby.  I walked the entire mall both levels counted 15 vacancies which are very hidden which is good.  I did notice some more local based stores not sure if they are temporary or short term leases.  I would give the mall a B and one to watch.  If some of the more chain stores close locations here it could be problematic.  But they do have Apple one of only 2 stores in the market.  Lots of apartment growth around the area and I also saw a sign for a new Embassy Suites hotel across from the free standing Chick-fil-A.   Few photos from the area and the mall itself.  Belks seem to be busy for a weekday morning. 

some blank walls were designated selfie walls which is a good thing.  Big development site on the front that may help the mall.  Security very visible in the mall.   It is the only location of department stores north of town including the Lake Norman as Belk stores in Mooresville and Statesville are very small. 

[TheOneRJ]

Would be great for Charlotte’s long awaited Saks to open in the remaining anchor pad here. 

[KJHburg]

I saw a plan a while back with apartments and free standing retail on that back side where that pad is at the mall. 

[rancenc]

Great to hear about new development in the Northlake area.  The Embassy Suites project is new.  I think now with the wrapping up of the I-77 project, we might start seeing positive project movements in both the mall and of course the surrounding area.

[CLT2014]

Northlake will lose two stores as a result of the Ascena Group mass store closures:

1. Justice (near Macy's)
2. Lane Bryan (near Belk)

https://www.bizjournals.com/charlotte/news/2020/07/27/cbj-morning-buzz-ascena-bankruptcy-store-closures.html?ana=wsoc

[LKN704]

Northlake Mall is an oddity to me.

It's the closest mall to Mecklenburg's northern suburbs (the Peninsula in Cornelius comes to mind), as well as the southern Iredell County suburbs (the Point/Trump National, other hubs of large lakeside mansions) both of which contain a demographic that can support higher priced retail.  You would *think* that NL would perform better seeing how far SP is. The Point, for example, can be a 60+ minute drive from SP, but only 30 minutes to NL

Stores that I would expect of such a newish mall near such a demographic (Lululemon, Nordstrom, Gap, Lily Pulitzer-unsure if that's still in style though, Lush, J Crew, etc) have all either closed at NL or chosen to have their northern Charlotte locations at Birkdale instead. 

Considering that NL could never compete with SP no matter the situation because of SP's history/size, I wonder if people from the northern suburbs just didn't see the point of NL when they were maybe used to going to SP. At the end of the day SP has a greater variety as well, so if one needs to go to Belk, I guess they might as well go to the location where there are simply more other stores to shop from. 

My parents live off X35 on 77, and my mom is at SP all the time, yet I don't think she has been to NL in ages. SP simply has more stores she likes.

[Cityplanner]

And Brooks Brothers has closed?  That's really unfortunate.