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Eastland Mall Redevelopment

DigitalSky

By DigitalSky
in Charlotte

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KJHburg
KJHburg

I just reread the article about these tennis and swim center proposals and the Target.  I say don't do either the swimming or tennis and sell part of the land for a Target and use that land sale money

JRCLT
JRCLT

Kayman, I understand your advocacy, but I don’t like your tone toward KJ with how you’re trying to convey those valid important sentiments and issues with the black and brown community in that area.

lit
lit

At this rate, I feel like we're eventually going to circle back around and someone with a bunch of money will be like "this would be the perfect spot for a Mall"

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MZT Burg

MZT

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What if Glimcher can't sell it before Bridges opens? As the anchors leave, Glimcher may offer the mall at a fire sale price. It will be very very hard to draw new tenant commitments while the future of the mall is in doubt. Any commercial buyer interested in the mall in its current form, will subtract the income lost from vacancies and deferred maintenance/updates, from their offer.

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csedwards72 Whistle-Stop

csedwards72

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From the Eastland Mall website:

New stores at Eastland:

Can Fix It - alterations while you wait…located on the lower level inside entrance B.

Cultural Designs – air brushing…located on the lower level outside Dillards

Sanchez Mexican Food – located in the food court across from Sbarro’s.

Stores coming soon:

Downtown Locker Room

Fame

Athlete’s Foot

Asmara Cuisine – East African food

AVON – your favorite Avon products

The Braidery – specializing in children’s hair.

Assuming these new tenants were told of any departing anchors, why would they (especially Athlete's Foot, a national chain) sign leases now? Admittedly, tenants apart from the Athlete's Foot are signs of a dying mall.

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SmellyCat Burg

SmellyCat

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Follow up on Eastland - Glimcher just did their 3Q05 earnings call. Final bids on the mall are due by mid-November with the sale scheduled to close by spring '06. Sales per foot figures are only in the low $200s (a range of $200-250 was given, but speaking from experience the upper of the range of $250 was stated to maintain buyer interest) - pretty paltry when you consider Glimcher's weighted average mall sales ex-Eastland is at $340 a foot. It'll be interesting if the company has to accept a firesale price for the mall because it is certainly intent on shedding itself of it fairly soon.

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csedwards72 Whistle-Stop

csedwards72

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Follow up on Eastland - Glimcher just did their 3Q05 earnings call. Final bids on the mall are due by mid-November with the sale scheduled to close by spring '06. Sales per foot figures are only in the low $200s (a range of $200-250 was given, but speaking from experience the upper of the range of $250 was stated to maintain buyer interest) - pretty paltry when you consider Glimcher's weighted average mall sales ex-Eastland is at $340 a foot. It'll be interesting if the company has to accept a firesale price for the mall because it is certainly intent on shedding itself of it fairly soon.

Those figures are really bad. I think the average mall in the US does somewhat over $300 per square foot.

I'm surprised as well because (i) the vacancy rate at Eastland doesn't seem too bad and (ii) there are plenty of shoppers there. I'd guess that having many shoppers who don't spend much and stores that don't charge much results in this.

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SmellyCat Burg

SmellyCat

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Does anyone have any sales figures for other Charlotte malls? Has Northlake impacted SouthPark and Carolina Place, in particular?

It is way too early to tell. Companies report sales figures quarterly and Northlake was only open for two weeks during the quarter. We'll have to wait until early February before we have any concrete evidence of an impact. Of course, alternatively, you can always listen to the pundits in the media discussing foot traffic around holiday shopping time.

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Version70-8 Whistle-Stop

Version70-8

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It is way too early to tell. Companies report sales figures quarterly and Northlake was only open for two weeks during the quarter. We'll have to wait until early February before we have any concrete evidence of an impact. Of course, alternatively, you can always listen to the pundits in the media discussing foot traffic around holiday shopping time.

To really be able to accurately examine Northlake's impact on the other malls, we are going to have to wait until January 2007! That is when the entire mall (stores that are opened up until 12/31) will officially "comp" their current numbers and be able to go up against a documented history versus this "concoted" sales plan bullyboo that they are dealing with right now. Hello regular mall, goodbye new "must see"!

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DigitalSky City

DigitalSky

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There's also a rumor that was in today's paper that Glimcher may be selling the mall to Thor Properties...

http://www.thorequities.com/properties.html

do you think they'd change the name to "The Gallery at Eastland"?

It's a good possibility. Thor has a lot of experience in urban markets, and they do pretty well with them. The guy behind Thor, Joseph Sitt, is the same guy behind the Ashley Stewart plus-sized chain, which has to be one of the more popular stores at Eastland.

Is Thor still interested in Eastland?

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csedwards72 Whistle-Stop

csedwards72

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Any updates on Eastland? I went there today and the parking lot was decently full; the mall interior was pretty crowded, and there were only a few vacant stores. It isn't a Class A mall, but it is in decent physical shape and appears to have a good occupancy rate.

Unless Dillard's and/or Belk pull out, I think this mall could be around for awhile; even if Dillard's and other anchors leave, I think it could be positioned as an urban-type or perhaps Hispanic-themed mall and could do OK for a long time to come. The stores in the mall's interior seem to be good at targeting the mall's client base. I didn't buy anything there but those types of stores just don't appeal to me, but they seem to appeal to lots of other people who might not be attracted to places like Brooks Brothers or Pottery Barn that are in other malls.

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DigitalSky City

DigitalSky

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The Dillards website still doesn't list the Eastland store anymore. Was there ever anything official on that?

Yeah, I mentioned that earlier in this thread. It seemed though, when Northlake's Dillard's store opened, Dillard's Eastland store disappeared off their website. They're still there - obviously - but I'm pretty sure Dillard's publicly stated that once their store at Bridges at Mint Hill or Stallings Mall is built they will close their Eastland Mall store.

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StevenRocks City

StevenRocks

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Yeah, I mentioned that earlier in this thread. It seemed though, when Northlake's Dillard's store opened, Dillard's Eastland store disappeared off their website. They're still there - obviously - but I'm pretty sure Dillard's publicly stated that once their store at Bridges at Mint Hill or Stallings Mall is built they will close their Eastland Mall store.

They've never pubilcally said it, but it's pretty much implied. I don't think Dillard's has been pleased with the performance of that store for a while.

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DigitalSky City

DigitalSky

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They've never pubilcally said it, but it's pretty much implied. I don't think Dillard's has been pleased with the performance of that store for a while.

Sorry, You're right Steven. It was Belk that i was thinking of

http://www.bizjournals.com/charlotte/stori...28/tidbits.html

The new eastside store would lead Belk to close its Eastland Mall location, he says. "The culture and the demographics have changed since we opened there," Belk says. "Eastland is going down."
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