Three Rivers Mall, Kelso, WA/Rouse Properties

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Super S
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Three Rivers Mall, Kelso, WA/Rouse Properties

Post by Super S »

Stopped at my local (and soon to close) Kelso, WA Sears store yesterday. Upon entering the mall, I noticed a sign that said "Welcome to Three Rivers Mall, a Rouse Property." I was curious if the ownership had changed so I looked further, and found that this company is basically a spin-off of some of GGP's properties. So it appears they are still connected to General Growth Properties, a company that has a history of not investing much in their smaller malls such as Kelso's Three Rivers Mall. However, GGP has made some major renovations and expansions to larger malls such as Portland's Clackamas Town Center in recent years. I will also add that Clackamas is still under the GGP banner.

I am curious if the malls that now fall under the Rouse Properties banner are all struggling malls, or if any of them are doing well.

As for Three Rivers Mall, which opened in 1987, the decline began shortly after the Emporium chain folded in 2003. That anchor space has remained vacant since then, except for stints as a used car dealership, a church, and the occasional Halloween store. The food court has dwindled down to four local tenants. Several long-time original tenants have left in the last couple years, such as Diamond Showcase and Fibre Federal Credit Union. And a list of national retailers has left, although many of them were struggling such as Sam Goody, Kay Bee Toys, and Radio Shack to name a few. Virtually no retailers have opened as replacements, and with the mall's excellent visibility along Interstate 5, it points more toward a bad operator that doesn't seem to make any effort at all to retain tenants or attract new ones to keep the mall profitable. And, one thing that baffles me is that in the last couple years, as the mall has emptied, the Kelso Public Library moved into space that is 2 or 3 combined storefronts, which doesn't really generate any sales. Although that can generate foot traffic, people don't always like to walk around a dying mall.
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Re: Three Rivers Mall, Kelso, WA/Rouse Properties

Post by Super S »

The Three Rivers Mall is losing yet another longtime tenant:

http://tdn.com/news/local/big-sporting- ... 963f4.html

Supposedly there are plans to construct a new theatre in the former Sears space. However, given the fact that the former Emporium space has been empty as long as it has, and the number of smaller stores that have left, and the numerous redevelopment rumors that never seem to materialize, I will not have confidence about the theatre construction until I actually see it.

I also am beginning to wonder how much longer the Kelso Public Library will be in there. It was supposed to help increase foot traffic, but that has not happened, and it's not like the library brings any significant revenue into the mall. They moved from an old, dilapidated building, but rent can always be jacked up just like with other stores.

This mall's location is not the issue. It's the years of out-of-touch management that is driving stores away. The mall is in a prime, highly visible location next to Interstate 5 and should be doing better than it is for that reason alone.
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Re: Three Rivers Mall, Kelso, WA/Rouse Properties

Post by Super S »

I drove by the mall yesterday, and the former Sears was fenced off, and had a couple of backhoes parked nearby. Looks like demolition is about to begin to build the new theater. Meanwhile, Fred Meyer Jewelers and Mr. Formal just announced they are leaving the mall a couple days ago, adding to the numerous empty spaces. Apparently the current outparcel theater will close, and the Triangle Cinemas in Longview will also close, as that property has been listed for sale. It is going to be an interesting year for this mall, as rumors are swirling about the future of the remaining two anchors...
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Re: Three Rivers Mall, Kelso, WA/Rouse Properties

Post by Super S »

Now Chuck E. Cheese's is leaving:

http://tdn.com/news/local/chuck-e-chees ... f887a.html

I drove by the mall a couple weeks ago, and got a mixed signal. The former Sears has now been demolished, and site work is underway on the new theater. The former Emporium (soon to be Sportsman's Warehouse) seems to have some kind of roofing work underway. They have also replaced all of the parking lot lights with new low-energy units. However, the inside of the mall is continuing to lose tenants, and the Target store appears to be struggling.
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