This could be the year of the mall makeover.
Several of Central Florida's malls hit hardest by the economic downturn are undergoing changes. Their goal is to lure back customers and tenants — a task that's likely going to be difficult.
"The market will still differentiate between winners and losers. .... Dominant regional and super-regional malls will continue to outperform inferior malls, even once a recovery takes hold."
Orlando Fashion Square, which lost many big-name stores over the past two years, is now focusing on tenants not traditionally found in malls. It is bringing in a couple of major new tenants expected to bring in foot traffic, even though the people won't initially come to shop.
Folks have already begun working up a sweat at Planet Fitness, in the wing near Sears. The Disney Entrepreneur Center will open this spring. Now in downtown Orlando, it consists of organizations that provide counseling and education to small business owners.
Both Planet Fitness and Disney Entrepreneur Center should raise Orlando Fashion Square's profile, said John Crossman, who handles leasing at the mall. "You get people who get the mall more in their mind," he said.
Two other struggling malls recently got new owners. General Growth Properties, which owns Altamonte Mall and West Oaks Mall, recently turned over Oviedo Marketplace to a company called CW Capital.
Retail experts have said they doubt whether Oviedo Marketplace can survive as a traditional mall. But manager Brian Olivi said the new owner hasn't given up hope.
"My understanding from discussions with ownership is they want to pursue this property as a retail entity," he said. "I don't see them changing concepts. I've heard rumors that this was going to become a hospital or something along those lines. That's not the intent of the ownership."
Festival Bay Mall, an unconventional center on International Drive, recently got sold to FB Orlando Acquisition Co. LLC, a group affiliated with the former owners of what used to be Prime Outlets-Orlando.
Some malls, including Mall at Millenia, have continued to thrive.
Buoyed by tourists, Orlando's outlet centers remain busy. Orlando Premium Outlets – Vineland Ave. will open three new stores this spring – Steve Madden, Vera Bradley and American Eagle.
By
From: http://www.orlandosentinel.com/business/os-cfb-retail-011010-20110109,0,804577.story
No comments:
Post a Comment