submariner wrote: ↑October 15th, 2018, 7:51 pm
I’m pretty sure a lot of the stores closing are the locations with the most valuable real estate. For example, Two near me that are closing: South Coast Plaza and Los Cerritos Center are two very high-traffic malls (they already closed another high traffic location in Brea a while back). The locations would sell for a significantly larger amount of money compared to two other nearby stores of older (50s-60s) vintage, Buena Park and Orange (the former holding a sentimental spot as a store my family frequented as a kid).
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I have somewhat noticed the same pattern in Texas, where two of the closing stores (Stonebriar Center in Frisco and Barton Creek Square in Austin) are in highly successful malls which have a good shot at quick redevelopment. In addition, another freestanding location on 41st Street in Austin also has huge potential for redevelopment, likely as housing or mixed-use based on surrounding development in the area.
The stores which will remain in the major Texas markets after this round of closures are as follows:
Austin
- Lakeline Mall - Mall still does good business, but definitely the weakest mall in the Austin region.
San Antonio
- Rolling Oaks Mall - A mall which has definitely seen better days; store mix is gradually shifting more mom-and-pop. I don't see this store being refilled if Sears pulls the plug.
- South Park Mall - A stable but lower-tier mall on the city's south side. Tenant replacement will likely be nonconventional.
DFW
- Hulen Mall - A stable but aging mall in south Fort Worth also anchored by Dillard's and Macy's. Competes heavily with the much larger North East Mall in Hurst and Parks at Arlington. This anchor could be difficult to fill when Sears closes.
- North East Mall - Located in Hurst and one of the strongest malls on this list. However, the Sears anchor is awkwardly located directly adjacent to 183, in an area which in arguably the worst anchor position in the mall and could also make redevelopment difficult.
- Parks at Arlington - Another excellent mall on this list, in a strong retail submarket. Whenever Sears lets go of this store, it should be able to be retenanted fairly quickly.
- Collin Creek Mall - Dead mall; just Sears, JCPenney and a few inline stores remain.
- Richardson Square - Freestanding anchor store from former mall; located immediately adjacent to both a Lowe's and SuperTarget so how this place stays in business is anyone's guess. Property was sold last year, but store was scheduled to remain open for the foreseeable future.
- Town East Mall - A mid-tier but stable mall in Mesquite; well-trafficked both from local shoppers and people driving in from areas to the east of DFW.
Houston
- Willowbrook Mall - Regional mall which has aged somewhat but still pulls good traffic and has attentive management. Losing Sears will certainly be a loss, but definitely would not be fatal to the mall.
- Deerbrook Mall - Similar situation to Willowbrook.
- 4000 N. Shepherd - Freestanding location; site's future could be completely up in the air.