Thursday, October 25, 2012

No more Cruisin the Malls?

Seems like the indoor malls are becoming extinct in the area.  Those darn big box retailers and lifestyle centers are just taking over!  Shoppers demands change over the years, and real estate has to adjust to these shifting lifesyles.  Think about the last time you went out shopping: maybe a new Fall outfit, a new coffee maker, some of that Greek yogurt that you can't get enough of, and of course next month's supply of diapers.  Chances are your local mall doesn't have everything on your shopping list.  Therefore, the normal shopper goes to somewhere like Target or Walmart to get everything all at once!
Vornado shut down the Springfield Mall in July for an overhaul. It is expected to reopen in mid-2014.

Take Springfield Mall near I-95 for example.  According to the Washington Business Journal, Vornado shut the whole place down with the exception of J.C. Penney, Macy's, and Target still open for business.  After a declining business model, the 40-year-old mall is finally getting a facelift into a redeveloped Springfield Town Center.

Another example of this is here in Rockville where the White Flint corridor is ramping up on a major facelift. Take Mid-Pike Plaza which is currently in construction to become the new and improved Pike & Rose. Developer, Federal Realty Investment Trust, broke ground this past summer and creating a massive 3.4 million square foot, mixed-use development scheduled to open in 2014. If it's anything like their other developments, Bethesda Row and Rockville Town Square, I'm sure it'll be a hit!

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