Shopping Center Business

AUG 2016

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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VINTAGE August 2016 • SHOPPING CENTER BUSINESS • 81 Pieology, Olive Garden and Buffalo Wild Wings, which were desperately needed and wanted by the community. Old Navy right-sized its store at the center under Vintage's tutorship and Sheik Shoes and Yogurtland were among the tenants who joined the center. A 13-screen Cinemark theater was added in 2015. The company is in the second phase of redevelopment on the property and continues to add new tenants, like F21 RED which will open in 2017. Vintage acquired a former tires, batteries and accessories location from JC Penney and converted that space to Har- bor Freight. The space had been vacant for 25 years. The Cinemark theater also has increased traffic at the center, beyond movie going. Licht says that residents in the area have embraced the center and now make it a regular stop. "The byproduct of us renovating a cen- ter with the community's involvement is that it becomes part of the community," he says. "The community takes a high element of pride and ownership in the center. It is a place where they want to come and visit." Sales at the center are strong; Desco reports that sales growth at SouthBay Pavilion is also the strongest in Vintage's portfolio currently. Vintage acquired The Mall at Whitney Field in Leominster, Massachusetts, in 2013, buying it from the lender that had foreclosed on it. It has added and relocated several tenants at that center and continues to refine the center. In 2014, the company acquired South- lake Mall located south of Atlanta. The company has stabilized the property and is launching redevelopment plans to rec- reate the property into a strong hub for the growing South Atlanta market. "We have been very successful in remer- chandising the center so far, even without making any substantial physical changes," says Desco. "We have not done a renova- tion at the center; we just cleaned it up and added hands-on management." At Southlake Mall, the company has a former department store anchor box which it acquired after the center that it is repurposing. A portion of one of the boxes has become office space for a call center for Chime Solutions. About 25,000 square feet of a former big box store has been leased to a fast-fashion retailer. Vin- tage has signed a separate deal with H&M; on the second level of the center across from the successful Victoria's Secret at the center. Vintage discovered that Southlake Mall is one of the most popular places in the Atlanta area to buy sneakers — sales of sneakers equate to more than $25 million per year across all retailers at the center. That helps to attract complementary re- tailers like H&M;, says Burghdorf. Land- ing H&M;, in turn, helps other retailers that are already at the center and are look- ing to expand and relocate near stores like H&M; to take advantage of the synergy between the two stores. "One-by-one, we take our tenants and give them the ability to maximize their sales," says Burghdorf. Vintage is moving ahead with improv- ing the already strong performing food court, bringing in new seating and décor, • 3 Retail Centers Under Development First center to open November 2016 anchored by King Soopers. • 4 Additional Prime Retail Sites Available Strong traffic counts, available utilities and zoned for commercial development. • $109,000 Average Household Income and a population of 23,000 Income and population growing at a faster rate than the region. • Highly Educated 57% of Erie residents are college graduates. • Median Age 36 Growing families, young professionals, and active adults are drawn to our panoramic location, scenic trails, championship golf course, recreational activities and over 300 days of sunshine per year. ERIE COLORADO your customers are already here CONTACT US! pmehle@erieco.gov or 303-926-2769 For more information visit: www.erieco.gov/economic_development

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