Eastland Mall Redevelopment

[SmellyCat]

They're not getting $50 million for that place.

Exactly. Not too hard to figure out why they can't unload it.

[mallguy]

What are people's predictions for Eastland?

Mine is that Dillard's will close sometime this year, followed by Belk's in a few years, although Sears and Burlington Coat Factory will linger on, and maybe another discount-type tenant (Ross Dress for Less or Steve & Barry's or the like) will fill part of one of the vacant anchor spaces, and the in-line tenants won't be affected much.

[StevenRocks]

Pretty fair prediction, mallguy.

[Charlotteman]

Do ya really think Dilliard's and Belk will last that long?

[atlrvr]

Belk is just waiting for the Bridges at Mint Hill or whatever to open.

[DigitalSky]

^Maybe Dillard's, but Belk may stick around at least a little bit after Bridges is open.

[NCMike1981]

I wonder if Eastland's remaining anchors are making a profit at all or if they are barely getting by...

[StevenRocks]

If they weren't making at least a little something in those anchor slots, they would have been gone already.

[mallguy]

If they weren't making at least a little something in those anchor slots, they would have been gone already.

I completely agree. Eastland still has a pretty good amount of foot traffic (literally; plenty of people walk there rather than drive, perhaps because they can't afford cars). The mall's problem is that the people who go there don't spend money, either because they aren't there to shop (just to hang out) or because they can't afford to. So the mall needs to attract entertainment-type venues (to appeal to the people who go there for whatever reason other than to shop) or low-end urban stores (to appeal to the people who don't have much money or like urban-type apparel, which other malls in Charlotte don't sell). The mall has a bright future ahead of it if it just attracts stores that match the clientele's needs.

[StevenRocks]

They actually have low end urbanwear pretty well covered. But entertainemt, home goods and furniture are sore spots.

[mallguy]

Mallmanac is finally updated with the new anchors although it is still wrong- there is no Dillard's downstairs anymore since the escalators are blocked off with those file cabinets or whatever they are (big wooden boxes):

http://www.eastlandmall.com/go/dirlisting.cfm?currcat=dining

[DigitalSky]

It's about time.

[StevenRocks]

Mallmanac is finally updated with the new anchors although it is still wrong- there is no Dillard's downstairs anymore since the escalators are blocked off with those file cabinets or whatever they are (big wooden boxes)

Technically, that's still part of Dillard's even though it's unoccupied.

[mallguy]

Technically, that's still part of Dillard's even though it's unoccupied.

True- out of curiosity, (1) why did Dillard's put in a new wall blocking off the lower level entrance to the mall if the store is closing soon; why not just close the downstairs doors and put paper or whatever on them, which would be cheaper; and (2) does Dillard's own its store there or rent it; if it rents it, do we know if the mall or Dillard's is already looking to sublease the downstairs to another tenant?

[StevenRocks]

True- out of curiosity, (1) why did Dillard's put in a new wall blocking off the lower level entrance to the mall if the store is closing soon; why not just close the downstairs doors and put paper or whatever on them, which would be cheaper; and (2) does Dillard's own its store there or rent it; if it rents it, do we know if the mall or Dillard's is already looking to sublease the downstairs to another tenant?

(1) They were (likely) concerned about security on the lower level, since a person could possibly break the glass doors and be wandering around unnoticed for a while, since everything is upstairs now. The exterior entrances aren't as big a deal because they had metal gates behind the glass in the first place and (2) I'd imagine that Dillard's owns its store at Eastland, but I'm not really sure.

[DigitalSky]

If anyone's interested, i found this on Charter Realty & Development's site

[StevenRocks]

So it sounds like Eastland was/is supposed to get a Ross and a Fashion Bug (Charming Shops). Interesting. I'd love to see it.

[mallguy]

Loved that- and those selected demographics (HH income of $63K/yr around the mall?) would almost make me think that the mall is another SouthPark.

That shows how important it is for developers to actually know a mall and the stories behind it, rather than just focusing on key demographic info, which can be accurate but not show a complete picture. They should also read deadmalls.com before investing in distressed properties.

[StevenRocks]

The demographics are pretty good out that way, upwards of $45k or more.

[mallguy]

True but very few upper-income or even middle-income people would venture to that mall; I shop there at the Dillard's clearance center, for cheap deals, and my co-workers all either (i) are shocked, and their eyes get big, and they say things like "you are going to get shot!", (ii) howl with laughter and say, "Well, I'll go with you to protect you; I'll bring my rifle!" or (iii) are surprised and say, "You mean you shop at Barney's and at Eastland Mall!?"

No way would any of them, from the best-paid to the lowest-paid, shop at that mall.

[DigitalSky]

It's sad when people say "You're going to EASTLAND?! Don't get SHOT!"

[StevenRocks]

No way would any of them, from the best-paid to the lowest-paid, shop at that mall.

They're probably the types that think they're smarter shoppers because they shop at Target rather than Wal-Mart, or because they shop at open-air or outlet malls rather than enclosed traditional ones, even though it's the same stuff at the same price.

I've learned a long time ago that most people think they're smarter shoppers than what they actually are, and when you throw that little tinge of racism and classism into it, they feel almost lifted in their shopping opinions. Don't listen to them. They don't know what in the hell they are talking about.

[mallguy]

Certainly not trying to be argumentative- StevenRocks, you really know your stuff about retail (and certainly lots of other things). But just the depth of sentiment re: Eastland in its market, at least what I've found, is very strong; some of the people who made the remarks about "oh my goodness! (eyes grow wide) no, you don't want to go to Eastland; you will get shot!" are neither white nor upper-income.

When a mall has the reputation that Eastland seems to, if I were a developer, no way would I have anything to do with it.

[StevenRocks]

Certainly not trying to be argumentative- StevenRocks, you really know your stuff about retail (and certainly lots of other things). But just the depth of sentiment re: Eastland in its market, at least what I've found, is very strong; some of the people who made the remarks about "oh my goodness! (eyes grow wide) no, you don't want to go to Eastland; you will get shot!" are neither white nor upper-income.

When a mall has the reputation that Eastland seems to, if I were a developer, no way would I have anything to do with it.

You don't have to be white or middle class to be a racist, mallguy. There are a lot of blacks that are scared of Eastland Mall too, but a lot of them haven't been there in a while and/or believe everything they read. They're feeding the machine because they see the black teen males with baggy pants and do-rags and try to run the other way.

If the collective fear of those kids forces that mall to close, they're just going to go to the next mall, and the next, and others still. Pretty soon there will be nowhere to shop because of fear.

Most of the fear is unfounded and made worse by unfair media reports. News thrives off of making everything seem like a disaster. But people's livlihoods and the economic future of a large section of the city are at stake. If kids and crime are a problem, you find ways of deling with the kids and crime. You don't run. Running solves nothing.

I've seen Carolina Cirxle Mall fall because of perceptions like this, South Square too. I don't belive the garbage that comes out of the propaganda machine and I for one will continue to shop Eastland until they close. It will never be my favorite mall, but I won't turn my back on it for trumped-up reasons.

[mallguy]

From today's trip to Eastland: the parking lot wasn't very full (at 11:30AM) and Belk has blocked off most of the sales floor around the lower-level mall entrance. I'd guess the store has determined that it simply cannot make a profit off that sales space. That is sad; there's absolutely nothing that can be sold in that space for a profit?

The Dillard's clearance center really has some good deals (a beautiful $195 camel hair sportcoat for $48).