|
Up
| |
Mall Makeover
In the face of a changing market and increasing multi-channel competition, Lansing Factory Outlet Stores in DeWitt, Michigan is getting a new name and a new tenant focus. The Eyde Company/Fidelity Realty, owner and developer of the property, is repositioning the former outlet center as The Home Galleria, a home furnishings/lifestyle center with entertainment components.
According to Charles W. Noble, head of commercial sales and leasing for Eyde, “The outlet industry as well as the women’s ready-to-wear market has softened dramatically in the last several years. With increased competition from e-commerce and other centers, it was decided to review our options with the site.”
The Home Galleria is conceived as a source for home products of all kinds, enhanced by a variety of entertainment tenants to create a multiple-offering destination. Eyde is seeking national, regional and local retailers offering home products including lumber, bedding, furniture, paint and appliances. Entertainment tenants sought include a variety of restaurants, a theater operator, and other recreational facilities.
Noble says, “The initial focus will be to bring in some national anchors to attract other tenants. The marketing plan, with media buys, has been adjusted to reflect the new concept.” The company expects to capitalize on a major new draw to the area, a Meijer’s planned for development across the street from the Home Galleria.
Offering 225,000 sq.ft. of leasable space, the existing outlet center’s physical plant requires only minor construction for the first phase of the changeover. Eyde owns 75 acres adjacent to the center, which are planned to be developed in later phases as part of the Home Galleria.
Existing tenants, some of which will remain at the center, include Corning/Revere, General Nutrition Company, Cost Cutters, Pennsylvania Fashions, Paper Factory, Bugle Boy, Casual Corner, Famous Footwear, Dress Barn, Richie’s Playhouse, Claire’s Boutique, L’eggs/Hanes/Bali, Van Heusen, National Brand Liquidators, KB Toys, Liberty Antique Mall, and Detroit Cellular.
With a new tenant focus, Noble predicts that The Home Galleria will attract local and regional customers and become “the source” for home products and entertainment. Commenting on current market conditions and predictions for the new center, he says, “E-commerce will continue to have an impact on retail stores, but there is still a desire for the customer to touch and feel.” Therefore, he feels, “retail services will continue to improve.”
Other properties owned and operated by The Eyde Company/Fidelity Realty include Gull Crossing in Kalamazoo, Hannah Plaza in East Lansing and School Haus Square in Frankenmuth, all in Michigan. The company also owns and operates two residential units and manages four million sq.ft. of office space. In addition to The Home Galleria, Eyde is interested in other redevelopment projects in the Midwest.
For more information, contact Charles W. Noble, commercial sales and leasing, The Eyde Company/Fidelity Realty, 4660 South Hugadorn Road, Suite 660, PO Box 4218, East Lansing, MI 48826; 517-351-2480, mobil: 517-505-0233, Fax 517-351-3946; e-mail: cwnoble@eyde.com; Web site: www.eyde.com.
|