Shopping Center Business

MAY 2018

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

Issue link: https://shoppingcenterbusiness.epubxp.com/i/975846

Contents of this Issue

Navigation

Page 156 of 270

MALL REDEVELOPMENT 152 • SHOPPING CENTER BUSINESS • May 2018 "We're seeing more food, both sit down and fast casual," says CBL's Lebo- vitz. "We've grown our number of Cheese- cake Factories over the past few years, and we've done business with both national and regional companies. That's been a priority. We have over 60 letters of intent that we're negotiating with restaurants across our portfolio." CBL purchased two freestanding Sears Auto Centers last year at Volusia Mall in Daytona Beach, Florida, and at North- gate Mall in Chattanooga. When decid- ing what concepts make sense for those locations, Lebovitz says that restaurants were the logical choice. "There was strong demand from restau- rants for those spaces; food and beverage was natural for those locations," says Lebovitz. "It's all about bringing traffic to the property through the restaurants. Those are important drivers." Bonefish Grill, Metro Diner and The Casual Pint will join Volusia Mall's tenant roster, and Northgate Mall will add Pan- da Express and Aubrey's, a comfort food concept based in East Tennessee. In addition to restaurants, grocers are making their way into the tenant mix at malls across the country. Locally owned and operated Southgate Mall in Missou- la, Montana, will soon be the home of Lucky's Market; Wegmans is backfilling a former JC Penney store at GGP's Natick Mall in Massachusetts; Fresh Thyme Farmers Market will open its second Bloomington, Indiana, location in Col- lege Mall; and German discount grocer Lidl will open within GGP's Staten Island Mall, taking some of the space left behind from the downsizing Sears store. FUN FOR THE MASSES Entertainment concepts are finding their way into redeveloped malls as own- ers are realizing that providing experienc- es will generate repeat foot traffic. Movie theaters have long been a staple at malls across the country, but the competi- tion to attract moviegoers who have multi- ple options at their disposal is intensifying. A large portion of established theater chains have revamped their venues with upscale seating and concessions, and boutique cinema concepts are expanding rapidly. These venues typically feature au- ditoriums with leather recliners, as well as craft beer and expansive food options. "The cinema world is still very solid, it's still the most affordable form of family entertainment, but these players all know they need to up their game," says Forest City's Voegele. At Ballston Quarter, Regal Cinemas has undertaken a $2 to $3 million makeover that will add reclining seats, install updat- ed sound systems and offer more dining options. CIM Group recently announced its intention to open a new AMC Dine-In Theatre at Montclair Place. The theater will occupy 55,000 square feet within the two-story addition to the mall at the site of a former Broadway department store. The venue will feature 12 screens, a wait staff for the dine-in experience, upscale seating and AMC's MacGuffins bar concept. "The new theater is an anchor for Montclair Place and is a regional draw for visitors," says CIM's Wachsner. "It serves as the catalyst to attract new businesses that increase our range of offerings be- yond shopping with new entertainment and dining uses." Forest City is underway on a massive overhaul of the former Ballston Common Mall in Arlington, Virginia. The center will be transformed into Ballston Quarter, a modern shopping and dining destination for the metropolitan Washington, D.C., market. Looking to hire? Looking for a job? Need to move? Call me! Chris Rollbusch, President (619) 500 - 4Net (4638)

Articles in this issue

Archives of this issue

view archives of Shopping Center Business - MAY 2018