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April 23, 2009
More empty stores at area malls
Richmond BizSense
By Al Harris
Forest City Enterprises's newly minted White Oak Mall serves as a case in point to illustrate the sagging market for retail space in malls nationwide:
Just a few miles down the road from Fairfield Commons, the new outdoor strip center White Oak Village (owned by Chicago-based Forest City, which also owns Short Pump) had 16 empty stores for a vacancy rate of 27.5 percent. That figure includes the standalone restaurants, big-box stores (two of which are unoccupied) and the strip center “village.” The shopping center opened in October and the stores are still awaiting their debut tenants. With excess retail space opening up around the city, that wait could be longer than expected.
NoLandGrab: Those in the know, know that Forest City is headquartered in the "Forest City" of Cleveland — not Chicago.
Posted by lumi at April 23, 2009 6:01 AM