Three Rivers Mall, Kelso, WA/Rouse Properties
Posted: October 28th, 2012, 10:29 am
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.
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.