Pacific Retail Capital Partners's formula for redeveloping and reviving outmoded malls for multiuse.
By that he means transforming malls to mixed-use “lifestyle” environments where people live, work, workout, shop, dine, relax, spend time outdoors and maybe even get a medical checkup, all without going a great distance.
They also became outmoded and unproductive in many cases, hampered by retail bankruptcies, and sapped of foot traffic and business by the internet. Often Pacific Retail finds itself negotiating with big retail anchors “to unlock the value of the underlying dirt”; in other words, working to get the big boxes relocated or closed.
“It takes quite a bit of work to close these things,” Plenge said, referring to malls. “When we first bought the Galleria, we didn’t own Macy’s, and Sears was encumbered by a long-term lease. We had to buy the Macy’s store, and then we worked diligently to acquire the Sears store. There were other restrictions via other large leases that had a lot of control over what you can do and couldn’t do with the property. So we had to work through that.
“We have probably a half dozen sites that are very, very active in the master planning phase,” Plenge said. He acknowledged that rising interest rates make projects more costly, though he noted, “We don’t have anything that’s in construction right now. We have a number of projects that are in the planning stages so the interest rates aren’t impacting us, but if these rates stay high over the next couple of years, say three years, it could be a real problem.”
On the apparel side, he cited Alo Yoga and Lululemon. “Those are great, great uses but can you find a good jeans guy? That changes by the market. Can you find the local apparel store that carries the brands that resonate with that community? That’s a big thing.”Elevating the food and beverage offering is also important. “It goes from the great coffee guy, to the juice guy, to the casual restaurant, to the sit-down restaurant. And there are a ton of concepts out there,” Plenge said.
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