We’ve written before in this space about the transformation of the American suburban shopping mall in the face of changes in demographics, technology and consumer habits. Many mall owners and managers have responded by radically changing their mix of tenants.
As retailers that cater to teens and millenials – like Aeropostale, American Eagle and Abercrombie & Fitch – are closing hundreds of stores, they’re being replaced by completely different properties, from health clubs and medical clinics to eyebrow salons and teeth whitening emporiums.
“U.S. malls are far from dead, but rather re-emerging from a deep coma after some dramatic cosmetic surgery,” Kathleen Kusek wrote in Forbes magazine.
Other malls are being completely transformed into uses other than retail. “Many spaces hold potential for reincarnation in the form of offices, nursing homes, universities and schools,” writes Melanie Luff, a staff writer for PropertySales.com, a leading directory of commercial property for sale. “The opportunities are endless, as the exoskeleton already exists.”
Green Street Advisors says about 15 percent of U.S. malls will fail or be converted into non-retail space within the next 10 years.
In a recent article, Luff cites a few examples of such properties that have succeeded in a new and different purpose as mall changes are implemented:
Jackson Medical Mall, Mississippi: Now a modern medical complex, this revitalized mall provides affordable care to the underprivileged people in the community.
Cinderella City Mall, Englewood, Colorado: Converted into a pedestrian friendly “town,” it has been repurposed into mixed-use buildings (retail, entertainment, residential and offices).
Lexington Mall, Kentucky: Purchased by the Southland Christian Church, it now hosts a 52,000-square-foot auditorium, offices, a school and a nursery.
Providence Arcade, Rhode Island: One of the nation oldest shopping malls, this historic landmark combines commercial and residential property. The lower levels remain as shops while the upper levels have been converted into micro-apartments.
“Our solutions help you control costs and improve cash flow.”
Whether you manage or own a traditional shopping mall or a commercial property – or a property that’s in transition – Anton Systems has you covered with property management software designed specifically for you. All of our solutions are designed to help you control costs, improve cash flow and gain critical insight with specialized analytics and reporting tools.
If you’re a mall operator, SKYLINE Property Management, Accounting, Reporting and Facilities Management Solution for Retail Properties is used by thousands of retail property managers and owners to streamline their operations and reporting.
The SKYLINE Web-Based Management Reporting Dashboard enables you to view, monitor and manage property, financial and performance data via a single Web screen – all in real time – and then drill down into the data to the unit and occupant level.
SKYLINE’s Critical Event Alerts System provides automated notification of events and time-sensitive dates critical to managing your properties, including lease expirations, renewal dates and intended move-outs. The Lease Management module enables you to manage multiple leases with complex breakpoint clauses. Important tenant and property documents are stored electronically for quick and easy retrieval.
You can also stay on top of your retail tenants’ performance through the Financial and Operational Reporting module.
SKYLINE for Retail Properties also helps you run your day-to-day operations. The Facilities Maintenance and Work Order Processing module enables you to easily create detailed tenant work orders as well as schedule and track routine preventive maintenance. Tenants can also electronically submit work order requests via the Web-based Tenant Work Request Portal. Work orders are then distributed via email to the appropriate technicians and vendors.
If you manage a commercial office building or complex, SKYLINE Property Management software is both a dynamic lease management and accounting system. In addition to tracking and maintaining critical property, unit and tenant data, SKYLINE tracks rental charges, payments, vacancies, receivables and deposits.
SKYLINE supports a versatile database and reporting system that stores all critical information and provides concise financial, operational and custom reports. You can also easily import and export data from your favorite spreadsheet and word processing programs.
Whichever system you use, Anton is with you all the way. On the front end, we strategize with you to build your system based on your precise needs. Then we help you get the most out of your investment by backing you with over 25 years of real estate experience, expert training – either virtual or on-site – and efficient support.