It has been almost five years since I released a post that gave my opinion of each mall's standing in the blog's coverage area. A lot has happened since then, so I thought I'd take the time to provide an updated take. One thing I'm adding this time around though is malls- that in my opinion- could see a comeback of sorts if proper steps are taken to revitalize it. And perhaps a few anchor tenants the mall could try to attract.
As a reminder, this is the letter system that I use to grade each mall or former mall:
A- Absolute Victory
Minimum vacancy rate of 95%. All anchors are in excellent or decent standing financially and are filled, or are undergoing construction to accommodate a new one. Possible one anchor with financial issues that manages to hang on for real estate purposes. The mall serves as a regional shopping destination. Surrounding retail (if any) is filled or mostly filled.
B- Better Be On the Lookout
Vacancy rate of 80% - 94%. At least two anchors in larger malls are decent standing financially. Possible one or two anchors with financial issues or one empty anchor space. Other anchors are filled and in decent standing financially. Surrounding retail (if any) is mostly filled.
C- Complicated
Vacancy rate of 50% - 79%. At least one anchor is empty, but ideally would have two or more empty anchor spaces. Anchor spaces can range from decent financially to likely to have one or two anchors with financial issues. Possible one anchor in decent financial status manages to continue due to great sales or since owning the store. Surrounding retail (if any) may have empty storefronts. This category is the most unique of all five due to various factors that are unique to each mall.
D- Dead & Dying
Vacancy rate of 1% - 49%. For smaller malls, at least one of two anchors are empty. For larger malls, at least two anchors are empty. Remaining anchor spaces likely to have one or two anchors with financial issues. Possible one anchor in decent financial status manages to continue due to great sales or since owning the store. Surrounding retail (if any) is likely to either be already empty or may have empty storefronts.
F- Failed
Mall itself has either less than five stores or is entirely closed down to the public. Possible that one or two anchors may remain. Surrounding retail (if any) is likely to either be already empty, may have empty storefronts or simply may have been repurposed.
EC (Extra Credit)-
A mall that has managed to make a comeback from a failed status to either attract a new purpose or reopen its doors. This category is given the name extra credit do the extra steps that were taken to get a shopping complex back up and running either as something else entirely or a "new" shopping plaza that manages to have some of the old mall structure in tact. The catch is the that mall building itself WAS NOT entirely torn down to make room for something new. Surrounding retail (if any) is likely to have either been repurposed or unchanged from before the mall closed its doors.
Obviously, this is not a final grade list and is subject to change. As you will see, some properties' grade have changed since the early 2018 post. I'll explain each change as we go. In the first part of two posts, we will focus on the changes in Pennsylvania Malls:
- A
- Viewmont Mall
- Downtown Meadville Mall
- A mall that defies the odds in Pennsylvania, but proves that a rural mall can be a successful one as long as management keeps on top of things. Previously a B category mall out of concern of mainly local tenants, but that mindset was a mistake on my part. It is actually a good thing as it draws in local business and pays the bills.
- Laurel Mall (Hazleton)
- Perhaps a better example of how a rural mall can be a successful. I had put this mall in the B category previously, but that concern was for an anchor in Kmart which has now become a Hobby Lobby and Planet Fitness. There is room for one more smaller store that connects to the mall.
- Suggestion: Fill the remaining Kmart space with a Five Below.
- Millcreek Mall
- While showing some vulnerability through an empty Bon-Ton anchor and a few empty storefronts, this mall has more than enough life and upscale tenants to keep going for a good while.
- Suggestion: Demolish the Bon-Ton space and replace it with a new entrance- perhaps a main entry point given it would be facing Interchange Rd. Perhaps a few upscale restaurant chains like PF Chang's could be added in a way similar to how the Eastview Mall in Victor, NY has set things up at one of the entrances there.
- B
- Clearfield Mall
- The property has seen a renaissance despite having lost JCPenney as an anchor. Owners have taken an active role in making the property more attractive.
- Goodwill relocated and expanded its store to take the far corner of the mall (previously a diagonal corridor that led to a back entrance) that had been sitting mostly empty. This has caused the mall to shrink and become more of a plaza with an enclosed breezeway.
- Rose's Discount Stores was brought into replace the JCPenney anchor.
- Peebles/Gordmans (just outside the mall, but part of the property) has been replaced by Harbor Freight Tools.
- Dubois Mall
- There is some noticeable vacancies- especially in the newer wing around the former Sears. However, the older portions of the mall have seen an uptick in the number of local businesses operating within it. As long as these businesses can keep going, I see no reason for this mall to fail in the short term unless the owner just lets the property sit and doesn't do anything.
- Suggestion 1: Good chance that the empty Sears space may be too small to appeal to some contenders given that this was a small Sears store. Because of this, mall space could be absorbed to make room for a larger store that would fit a brand's needs. Any tenants effected by the expansion could relocate into other areas of the mall. Target or Rural King feels like a good fit.
- Suggestion 2: Demolish the Sears and the wing leading to it. Use this as an opportunity to redevelop the land for some strip centers and/or restaurants. The mall may be just a tad too big for the area.
- Susquehanna Valley Mall
- Although it has seen some losses such as a small Books-a-Million closing, it would seem that the slow demise of the Lycoming Mall has led this mall to become the dominant of the two. Efforts have been made by management that have attracted a lot of local businesses to sprout up in recent years including one store that took over all of the former JCPenney anchor.
- The former Sears anchor has been repurposed to serve as a medical campus
- Suggestion: Rural King feels like a perfect fit for the former Bon-Ton
- C
- Clarion Mall
- I was concerned that the mall losing JCPenney in 2020 would be the final nail in the coffin and cause the mall to fail, but that fear has been replaced with optimism as Family Farm & Home would replace it rather quickly. Adding to that momentum, is the fact that Dunham's Sports took over a portion of the former Kmart.
- With this mall being a small one and appropriately sized for the area, there's hope that the mall could make a comeback as long as the mall starts to see new tenants open in the mall corridor.
- Suggestion: Marshalls or TJMaxx would be ideal
- Cranberry Mall
- Although the mall is less than 50% occupied, a November article highlighted the fact that the property was still making a net profit each year. Given that this corridor along US 322 has established itself as the primary retail corridor for both Franklin and Oil City, there's potential to see a turnaround if done right.
- An antique CO-OP has replaced the former Sears leading to 2 of the 4 anchor spots being filled.
- Suggestion 1: Try to attract Kohl's since the area now lacks a department store. In theory, even if it is a new small format store, Kohl's could capitalize on the rural market; something of which they have been playing around with a little.
- Suggestion 2: Although Hobby Lobby would be direct competition to the existing JO-ANN at the mall, it would be an ideal location for one. And with the company expanding heavily in Pennsylvania, it just feels like a good opportunity.
- Suggestion 3: Marshalls would also be ideal for the rural market
- Marketplace at Steamtown
- D
- Nittany Mall
- Although some positive developments have occured such as Gabe's opening in the former Bon-Ton and Rural King opening in the former Sears, there is a very noticeable lack of inline tenants. Rural King chose to have no mall access.
- Shenango Valley Mall
- With the amount of vacant storefronts, de-malling seems like the best option since the property sits in a perfect location in the commercial corridor of the area. Perhaps Target and/or Rural King could replace the empty Sears or former Macy's
- Wyoming Valley Mall
- Kohan is slowly but surely killing this mall. Usual lack of maintenance and just letting the property be as it is until something breaks is ongoing. This mall will likely suffer a fate similar to Lycoming Mall with stores closing over a period of time.
- F
- Lycoming Mall
- The mall has only 6 inline tenants remaining at this point, so while my criteria lists 5 store or less, this one is close enough to that point. And with a possible sale of the property in the works to redevelop it, it isn't hard to see this mall ceasing to be one in the long term. At this point, the only question is how much of the mall will be saved or repurposed.
- Columbia Colonade
- The mall officially closed earlier this year
- Meadville Mall
- Harborcreek Mall
- EC
- Bradford Mall
- Pittston Mall
- West Side Mall
- Warren Mall
- Parts of the mall remain including all former anchors, although empty except for Dunham's Sports in the former JCPenney/Big Lots
- The flooring of the mall corridor that led to the former Big Lots still exists within the new Ollie's Bargain Outlet that took over prior mall space
