The decision by Sears Holding Co. to close its store at Lafayette Square Mall could deal a serious
blow to efforts by a New York company to revitalize the 1.2-million-square-foot property. In a notice filed with the state,
Sears blamed "a change in business circumstances" for its decision to lay off 110 employees and close the department store
and automotive center by Jan. 11, 2009. The move, reported in Friday's IBJ Daily, is a major setback for the mall's new owner, Ashkenazy Acquisition Corp., which has been working
to stem an exodus of retailers since it bought the property from Simon Property Group late last year. The company is investing
$12 million in a revamp (shown here) that includes a go-kart track and amusement center to replace one of two already-vacant
anchor spaces. Mall spokeswoman Amanda Royalty said Sears hasn't made any official announcement. "We don't anticipate we'll
have the space empty," she said. Sears isn't the only retailer struggling. In fact, many are pinning their last hopes on a
holiday season that could be grim. Are there any stores you think won't make it?
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Welcome to Property Lines, Indy's source for neighborhood real estate news. Your host is Scott Olson, IBJ's real estate beat
reporter. Edited by Cory Schouten.
The decision by Sears Holding Co. to close its store at Lafayette Square Mall could deal a serious
blow to efforts by a New York company to revitalize the 1.2-million-square-foot property. In a notice filed with the state,
Sears blamed "a change in business circumstances" for its decision to lay off 110 employees and close the department store
and automotive center by Jan. 11, 2009. The move, reported in Friday's IBJ Daily, is a major setback for the mall's new owner, Ashkenazy Acquisition Corp., which has been working
to stem an exodus of retailers since it bought the property from Simon Property Group late last year. The company is investing
$12 million in a revamp (shown here) that includes a go-kart track and amusement center to replace one of two already-vacant
anchor spaces. Mall spokeswoman Amanda Royalty said Sears hasn't made any official announcement. "We don't anticipate we'll
have the space empty," she said. Sears isn't the only retailer struggling. In fact, many are pinning their last hopes on a
holiday season that could be grim. Are there any stores you think won't make it?
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It's also across the street from Fogo de Chao and Morton's....
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Yep, the haters are trying to make good news bad. I guess it is hard to get people to believe the series is dying when they are gaining new sponsors.
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David Copperfield! I remember watching his specials on TV when I was little.
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Don't forget this is next to an MMA gym, a pawn shop, and some abandoned spaces.
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Good project for Zionsville - A group who has owned the property for many years has waited and worked patiently to bring highest and best use development to a major corridor, and mix that in with the great downtown you have. Win Win. All the Best to Pittman Partners and Zionsville.
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It's not a ghetto thing; there's plenty of purchasing power even in a low-income area. The issue is that there are too many enclosed malls and old-style department stores in this market. Plus, there's just way too much retail on W. 38th St. and Georgetown and Lafayette. It's too bad that Simon found the greater fool to buy that mall when the right solution was the wrecking ball and total redevelopment.
People with money tend to not commit heinous crimes, loiter, and vandalize public spaces.
So who's the real racist here, thundermutt?
Btw, why is the code that I have to enter below astapp???
Gettin kinda kinky here Cory?
ghet·to
–noun, plural -tos, -toes.
1. a section of a city, esp. a thickly populated slum area, inhabited predominantly by members of an ethnic or other minority group, often as a result of social or economic restrictions, pressures, or hardships.
2. (formerly, in most European countries) a section of a city in which all Jews were required to live.
3. a section predominantly inhabited by Jews.
4. any mode of living, working, etc., that results from stereotyping or biased treatment: job ghettos for women; ghettos for the elderly.
Now, as far as Sears leaving goes, it is a business decision and most of us know that Sears/Kmart is hurting financially. I simply believe that this retail area has lived a fruitful life and it is now time to redevelop. I agree that there is still buying power in the area, but it is old and run down. I drive down 38th everyday to and from work and I have to say the road itself is due for an overhaul. People move on to new and improved.
On a much smaller scale I just watched 71st and Binford get redeveloped from a couple empty, run down strip centers into new fully leased, redeveloped strip center and a new Kroger under construction. The one problem with this area is that Entenmann's vacated one center to move into this one.
If the mall is redeveloped into a new shopping center you will likely see the likes of Best Buy, Staples, Uncle Bill's and other retailers jump ship from 38th street to move to a new and improved Lafayette Mall. Speedway could even lose the Kohl's and every year we will have this conversation with a newly vacated shopping center on the west side.
Trader's Point has taken a lot of business from those two areas.
I agree with Cory either redevelop or the area will get worse before getting better.
I also think that the logic in building Hamilton Town Center was poorly thought out. It is not more than a few miles from Castleton and Clay Terrace. It was sold to the city of Noblesville as a high end shopping mall......I went there over the weekend and the only store that they had that couldn't have been found at Castleton was Banana Republic. Everything else could be found at any other Simon location for the most part. I think the area can support the movie theatre and the other strip mall stores........but I don't feel it will ever become another Keystone or Castleton for that matter.
Makes NO sense.
Women want to shop for nice career clothes and you have to go to Metropolis or Castleton for that. It would be a shame to just give in and let the whole area go. I live near Glendale and I am glad that the neighborhood fought to save it.
Plus, by adding the term upscale to the marketing material just means the developer can charge more in rent.
As for HTC, I would agree that this isn't an upscale mall - but it does offer a fantastic place for anyone in NE Fishers easy access to shopping and dining that can't easily be found NE of 116th and I69. Otherwise, it is a shlept to Castleton, Keystone or Clay Terrace. I know many friends and neighbors who have welcomed its opening and frequent the mall regularly. I don't see this turning sour any time soon.
Outside of those 2 brands, everything else that they sell can be found at Target, which now has more locations and is much more convenient to shop at. Just ask any of our wives. :-)
I do not believe its racist for anyone to characterize the west side of Indy as ghetto, it's human nature to fear what you don't know. Most people aren't comfortable going where there are old beat up cars playing loud rap music, or teenagers hanging out, being obnoxiously loud. The same way that people fear Lafayette Square, the entire south side of Indianapolis has a negative stigma amongst many of my friends. To us, pickup trucks with confederate flag bumper stickers, and country music are things that make us feel unwelcome.
My point is, not that anyone is racist, but that most of the patrons of Lafayette Square do not fit into many retailers target demographic, that's why you've seen them vacating. It is not about race, its about the numbers, plain and simple. Most developers don't understand that the cookie cutter mall approach will not work everywhere. That is especially true of the previous owners.
I really can't see how Lafayette Square Mall is going to do any better. First of all, the Shoppers World store is going to continue to attract mainly low income customers. If people have enough money to buy products that are pricier and higher quality than Shoppers World, then they will continue to travel further. I can't picture someone from the far eastside, southside, northeast side wanting to travel to a store that carries crap and probably ten year late fashions and furniture that fall apart after a couple of weeks. If they want crap, then I am sure they are close to Family Dollar, Dollar General, Big Lots and other discount off price stores. Like I said, I think it's too late for Lafayette Square to make a huge turnaround. Macy's will be going very soon, I can smell it.
It might be helpful if there wasn't so many hundreds or thousands of acres zoned for retail in the area. Perhaps, Centre West is currently a success, but when a new WalMart simply results in the closing of, replaces the K-Mart & Sears and whatever else has closed recently, and Best Buy relocates to leave an empty box on 38th Street, I don't see it as a major net gain for the area. Yeah, it's a bit shinier, but there's still no less dinge overall.
I think I read that Olive Garden had closed recently.
The best bet is to attract the rest of the remaining ghetto stores (Big Lots, FDollar, etc) and make the place one big flea market/dollar store. Have you ever been to the auctions on the southside every Wednesday? Talk about a demographic! They sell all kinds of comfot food ad recycled junk goes for pennies on the dollar. But they are packed every Wednesday, and people are hauling out truckloads of old crap all day long.
We simply have too much retail and not enough $$$ to support it. Until trickle down economics work (which will be never) you're always gonna have some low inclome folks.
Deal with it.