Big-Box Retailers Leave Big Spaces for Big D Brokers to Fill

Inquiring minds in California are looking east to Dallas where the big-box retailers are leaving huge holes in malls:

Shoppers will have to hurry to get a deal on new sofa or dining table at the RoomStore on North Central Expressway in Plano.

Later this month, the national furniture retailer is closing the store, which previously housed a Mervyn’s and Burlington Coat Factory.

When the last of the clearance items are carted away, the space will join almost 200 big-box retail locations that have shut their doors in the Dallas-Fort Worth area in recent years.”While the D-FW economy has held up well in relation to the rest of the country, the local market is faced with a significant oversupply of retail box spaces that totals nearly 8.1 million square feet,” said Jeff Kittleson, senior vice president of CB Richard Ellis.

That’s about the same amount of retail space that would be contained in four shopping centers the size of NorthPark Center mall.

It’s quite a line-up in absentia:

The empty storefronts range from vacant supermarkets in the ‘burbs to darkened department stores at the mall.

Albertson’s, Blockbuster, Circuit City, Linens ‘N Things and Bally’s Total Fitness are among the companies that have added significantly to the supply of empty retail during the last couple of years.

Circuit City alone closed more than a dozen locations in the D-FW area early in 2009.

The harbinger might be this:

The high-profile former Circuit City location at Central Expressway and Meadow Road in North Dallas is getting made over as a medical clinic.

A doctor’s group bought the building in March and is remodeling it to house a location for the Minimally Invasive Spine Institute.

“We are seeing a growing number of medical tenants who are interested in these kinds of properties,” said Bob Young, managing director of Dallas’ Weitzman Group. “It’s no secret that the health and fitness universe is really expanding right now.”

Is the Golden Age of Consumerism over?

There is so much more and the entire article is highly recommended because it really is a story playing out in many major cities from Florida to California.


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