Life Local investors acquire Great Mall of the Great Plains

Deberg_1990 · 01-06-2009, 03:02 PM

Huh....I had no idea they were struggling? I went there once about 10 years ago. It seemed nice, although it did seem to be out in the middle of nowhere.

http://www.kansascity.com/703/story/966242.html

The Great Mall of the Great Plains has new local owners who plan to rename and revitalize the long-struggling Olathe center.

The deal to buy the mall at Interstate 35 and 151st Street from Glimcher Realty Trust was completed Monday for an undisclosed price in the “multi-millions,” according to the new owners, Great Olathe Center.

“The mall draws from a very, very broad demographic and geographic,” said David M. Block, a principal with Block & Co. Realtors and managing partner of Great Olathe Center. “We plan to reposition it to be a driving force in retail sales for the future in southern Johnson County.”

Block said the other five investors wish to remain silent partners in the venture.

Officials with Glimcher, a Columbus, Ohio-based real estate investment trust, were not available for comment. But a previous public filing with the Securities and Exchange Commission said the company planned to use the proceeds from a sale, as well as funds from a line of credit, to help repay a $30 million loan on the property.

Great Mall customers should begin to see more promotions and events within the next two months.

Block said the new owners already are in talks with “entrepreneurial” local and regional retailers and restaurants to fill empty spaces and increase traffic at the mall, which is about 70 percent occupied. He said those businesses will be offered “reasonable” rental rates and short- to mid-term leases with relocation rights within the mall if they are successful.

National tenants are more interested in opening in 2010 to 2012, when the economy is expected to improve.

The new owners also are in talks with Olathe city officials about financial incentives for redevelopment. Block said the incentives are necessary to bring in “new and exciting and large retailers” that will set the mall apart from others in the area.

“When times were good we gave the incentives to the Bass Pros and the Nebraska Furniture Marts,” Block said. “So what do you do when times aren’t as good?”

The Olathe Chamber of Commerce has been working with the new owners since plans for the sale were announced in July.

“It’s nice to have local owners with a great reputation and understanding of the local market and great ideas for redevelopment,” said Joyce Coker-Dreier, spokeswoman for the chamber.

When the Great Mall opened in August 1997 it was the area’s first new enclosed mall in nearly a decade. The “value center” offered 160 stores including outlets and traditional retail and was expected to draw from a wide radius, even tour buses from Branson.

Annual sales were expected to reach $100 million or more and put about $1 million in sales taxes in Olathe’s coffers each year. A second entertainment phase was scheduled to be completed in 1999.

In its first full year of operations in 1998, the mall generated $104.2 million in annual sales. But the owners already were filing suits against current and former tenants for back rent. Some tenants countered with complaints that traffic was less than expected.

The mall ultimately lost anchor tenants such as Dillard’s Clearance Center and Oshman’s SuperSports USA. By 2004, annual sales had fallen to $78 million.

Current anchor Steve & Barry’s is scheduled to close later this month as part of a national bankruptcy. Then occupancy will be less than 70 percent.

Block pointed out that Glimcher Realty Trust doesn’t own any other property in the region.

“They have concentrated and focused on development on two coasts,” he said. Glimcher didn’t have the staff “or the local knowledge to work with the greater Kansas City community to lease and promote that mall. So we’re kind of bringing everything home now.”

Block said the population base wasn’t sufficient to support a nearly 1 million-square-foot mall in 1997. But now the mall can draw on more than 107,330 people within a five-mile radius with an average annual household income of $75,786.

More than 118,000 cars pass the center every weekday and Block said the primary retail trade area is nearly 289,000 people.

Despite its size, the mall is not easily visible from Interstate 35, so more signs will be added. The new owners also may add high-profile entertainment venues and a hotel.

The oval design also requires too much walking for the typical Kansas City shopper, Block said, so walkways cutting through the center of the mall will be highlighted.

The Great Mall also is known for its eccentric decor, including green and purple striped/black and yellow checked carpet, and a new design will be phased in.

“It’s not going to happen overnight, but it’s going to be something we are going to be moving on and we are going to move on immediately,” Block said. “Customers are going to see activity and they’re going to see the effort to try to change the direction this center has had for many years, no attention.”

**CrazyPhuD** · 01-06-2009, 03:08 PM

Quote:

Originally Posted by Deberg_1990

The oval design also requires too much walking for the typical Kansas City shopper, Block said, so walkways cutting through the center of the mall will be highlighted.

wtf.......

bowener · 01-06-2009, 03:11 PM

Quote:

Originally Posted by CrazyPhuD

wtf.......

I wont lie. I hate lazy people, and I am in good shape. But if I am shopping I do not want to have to walk 500 yards to the next store when I normally could have just walked across to it and saved myself 10 minutes and a lot of trouble. Think of the holidays, do you want to walk behind all those old fat blue hairs who are window gawking and trying to figure out a cell phone still? No. You dont.

Fish · 01-06-2009, 03:12 PM

Quote:

Originally Posted by CrazyPhuD

wtf.......

Mall shoppers are not fat and lazy enough.... we need to help them be fatter and lazier so they will spend more money on stupid shit they don't need....

Sure-Oz · 01-06-2009, 05:39 PM

Quote:

Originally Posted by CrazyPhuD

wtf.......

Translation:the area has a bunch of lazy fatasses that are bitching

bowener · 01-06-2009, 03:09 PM

I've never been there. How big is it compared to Independence Mall? How many Victoria Secrets' does it have?

blaise · 01-06-2009, 03:10 PM

Good, that mall is an abortion. Especially the food court.

Micjones · 01-06-2009, 03:13 PM

Weird location. Weird design. Weird food court.
There's quite a bit wrong with that place.

I think the proposed changes will help out quite a bit though.

I usually only go there for Burlington Coat Factory.

**Baby Lee** · 01-06-2009, 06:03 PM

Quote:

Originally Posted by Micjones

Weird location. Weird design. Weird food court.
There's quite a bit wrong with that place.

I think the proposed changes will help out quite a bit though.

I usually only go there for Burlington Coat Factory.

I swear to God, the main problem was the started it as solely a factory outlet collection. St. Louis Mills has almost identical layout, and is similarly out in the boonies, but it does a shit-ton of business because it mixes the outlets with legit chains. Instead of 'As seen on TV' next to 'Burlington Coat Outlet' next to 'Fuller Brush Outlet,' they intersperse a Bed Bath and Beyond, Circuit City, and factory stores, which are hybrids of outlets and showcases, like the Nike Factrory Store, where you can get their discontinued stuff AND their newest and best. Oh, and speaking of Cabelas, the snagged Cabelas as an anchor rather than letting them build elsewhere.

They also teamed up with the blues to have their practice facilities there, so shopper can catch them practicing, and they can repurpose the rink for general skating or youth athletics when the Blues aren't practicing.

The Nascar Shop, where you can buy Nascar shit, or play racing video games, or race actual electric 'Nascar' go-karts.

They need a swankier draw than bargains, because it's a fine line between a bargain mecca and a dump filled with discontinued stuff no one wanted in the first place.

http://www.simon.com/mall/default.aspx?ID=1244

Micjones · 01-06-2009, 06:48 PM

Quote:

Originally Posted by Baby Lee

I swear to God, the main problem was the started it as solely a factory outlet collection. St. Louis Mills has almost identical layout, and is similarly out in the boonies, but it does a shit-ton of business because it mixes the outlets with legit chains. Instead of 'As seen on TV' next to 'Burlington Coat Outlet' next to 'Fuller Brush Outlet,' they intersperse a Bed Bath and Beyond, Circuit City, and factory stores, which are hybrids of outlets and showcases, like the Nike Factrory Store, where you can get their discontinued stuff AND their newest and best. Oh, and speaking of Cabelas, the snagged Cabelas as an anchor rather than letting them build elsewhere.

They also teamed up with the blues to have their practice facilities there, so shopper can catch them practicing, and they can repurpose the rink for general skating or youth athletics when the Blues aren't practicing.

The Nascar Shop, where you can buy Nascar shit, or play racing video games, or race actual electric 'Nascar' go-karts.

They need a swankier draw than bargains, because it's a fine line between a bargain mecca and a dump filled with discontinued stuff no one wanted in the first place.

http://www.simon.com/mall/default.aspx?ID=1244

Sounds very well planned.

I was never really impressed with the stores at The Great Mall.
Too many passover stores.

Deberg_1990 · 01-06-2009, 03:14 PM

SO i take it this wasnt a Bannister Mall situation? More of it just being a sucky mall design?

Micjones · 01-06-2009, 03:17 PM

Quote:

Originally Posted by Deberg_1990

SO i take it this wasnt a Bannister Mall situation? More of it just being a sucky mall design?

It's in such a weird spot.

Would've been more attractive to me off of 119th.

SLAG · 01-06-2009, 03:19 PM

They better start by cleaning the nasty ass bathrooms

blaise · 01-06-2009, 03:20 PM

I went there once with my two sons so they could play in the little play-land thing. We were there for a while and then some lady brought her mentally challenged son there to play. He had to have been at least 13 years old. He seemed harmless enough but then he went and sat in the tunnel underneath this fake tree and put his hand down his pants and starting eating boogers.
So we left.

Micjones · 01-06-2009, 03:23 PM

Quote:

Originally Posted by blaise

I went there once with my two sons so they could play in the little play-land thing. We were there for a while and then some lady brought her mentally challenged son there to play. He had to have been at least 13 years old. He seemed harmless enough but then he went and sat in the tunnel underneath this fake tree and put his hand down his pants and starting eating boogers.
So we left.

Pretty sure I'm going to Hell now.
Thanks Blaise!

I just laughed my ass off.

01-06-2009, 03:02 PM	Topic Starter
Deberg_1990 In Search of a Life Join Date: Jan 2004 Location: San Antonio Tx. Casino cash: $3844454	Local investors acquire Great Mall of the Great Plains Huh....I had no idea they were struggling? I went there once about 10 years ago. It seemed nice, although it did seem to be out in the middle of nowhere. http://www.kansascity.com/703/story/966242.html The Great Mall of the Great Plains has new local owners who plan to rename and revitalize the long-struggling Olathe center. The deal to buy the mall at Interstate 35 and 151st Street from Glimcher Realty Trust was completed Monday for an undisclosed price in the “multi-millions,” according to the new owners, Great Olathe Center. “The mall draws from a very, very broad demographic and geographic,” said David M. Block, a principal with Block & Co. Realtors and managing partner of Great Olathe Center. “We plan to reposition it to be a driving force in retail sales for the future in southern Johnson County.” Block said the other five investors wish to remain silent partners in the venture. Officials with Glimcher, a Columbus, Ohio-based real estate investment trust, were not available for comment. But a previous public filing with the Securities and Exchange Commission said the company planned to use the proceeds from a sale, as well as funds from a line of credit, to help repay a $30 million loan on the property. Great Mall customers should begin to see more promotions and events within the next two months. Block said the new owners already are in talks with “entrepreneurial” local and regional retailers and restaurants to fill empty spaces and increase traffic at the mall, which is about 70 percent occupied. He said those businesses will be offered “reasonable” rental rates and short- to mid-term leases with relocation rights within the mall if they are successful. National tenants are more interested in opening in 2010 to 2012, when the economy is expected to improve. The new owners also are in talks with Olathe city officials about financial incentives for redevelopment. Block said the incentives are necessary to bring in “new and exciting and large retailers” that will set the mall apart from others in the area. “When times were good we gave the incentives to the Bass Pros and the Nebraska Furniture Marts,” Block said. “So what do you do when times aren’t as good?” The Olathe Chamber of Commerce has been working with the new owners since plans for the sale were announced in July. “It’s nice to have local owners with a great reputation and understanding of the local market and great ideas for redevelopment,” said Joyce Coker-Dreier, spokeswoman for the chamber. When the Great Mall opened in August 1997 it was the area’s first new enclosed mall in nearly a decade. The “value center” offered 160 stores including outlets and traditional retail and was expected to draw from a wide radius, even tour buses from Branson. Annual sales were expected to reach $100 million or more and put about $1 million in sales taxes in Olathe’s coffers each year. A second entertainment phase was scheduled to be completed in 1999. In its first full year of operations in 1998, the mall generated $104.2 million in annual sales. But the owners already were filing suits against current and former tenants for back rent. Some tenants countered with complaints that traffic was less than expected. The mall ultimately lost anchor tenants such as Dillard’s Clearance Center and Oshman’s SuperSports USA. By 2004, annual sales had fallen to $78 million. Current anchor Steve & Barry’s is scheduled to close later this month as part of a national bankruptcy. Then occupancy will be less than 70 percent. Block pointed out that Glimcher Realty Trust doesn’t own any other property in the region. “They have concentrated and focused on development on two coasts,” he said. Glimcher didn’t have the staff “or the local knowledge to work with the greater Kansas City community to lease and promote that mall. So we’re kind of bringing everything home now.” Block said the population base wasn’t sufficient to support a nearly 1 million-square-foot mall in 1997. But now the mall can draw on more than 107,330 people within a five-mile radius with an average annual household income of $75,786. More than 118,000 cars pass the center every weekday and Block said the primary retail trade area is nearly 289,000 people. Despite its size, the mall is not easily visible from Interstate 35, so more signs will be added. The new owners also may add high-profile entertainment venues and a hotel. The oval design also requires too much walking for the typical Kansas City shopper, Block said, so walkways cutting through the center of the mall will be highlighted. The Great Mall also is known for its eccentric decor, including green and purple striped/black and yellow checked carpet, and a new design will be phased in. “It’s not going to happen overnight, but it’s going to be something we are going to be moving on and we are going to move on immediately,” Block said. “Customers are going to see activity and they’re going to see the effort to try to change the direction this center has had for many years, no attention.”
Posts: 66,914

01-06-2009, 03:09 PM	#6
bowener BAMF! Join Date: Nov 2007 Casino cash: $9549897	I've never been there. How big is it compared to Independence Mall? How many Victoria Secrets' does it have? __________________ Main Entry: bowe·ner Pronunciation: \ˈbō-nər\ Function: noun Date: circa 2007
Posts: 8,358

01-06-2009, 03:10 PM	#7
blaise In Search of a Life Join Date: Aug 2007 Location: Plano, TX Casino cash: $9999900	Good, that mall is an abortion. Especially the food court.
Posts: 22,188

01-06-2009, 03:13 PM	#8
Micjones Whose house? Join Date: Mar 2007 Location: KCMO Casino cash: $10005180	Weird location. Weird design. Weird food court. There's quite a bit wrong with that place. I think the proposed changes will help out quite a bit though. I usually only go there for Burlington Coat Factory. __________________ It's like when I'm right I'm right, when I'm wrong I could been right, so I'm still right cause I coulda been wrong.
Posts: 15,344

01-06-2009, 03:14 PM	#11
Deberg_1990 In Search of a Life Join Date: Jan 2004 Location: San Antonio Tx. Casino cash: $3844454	SO i take it this wasnt a Bannister Mall situation? More of it just being a sucky mall design? __________________ Originally Posted by Cassel's Reckoning: Matt once made a very nice play in Seattle where he spun away from a pass rusher and hit Bowe off his back foot for a first down. One of the best plays Matt has ever made.
Posts: 66,914

01-06-2009, 03:19 PM	#13
SLAG Superbowl MVP Join Date: Oct 2005 Location: OOOOOOOOOOOOOLATHE Casino cash: $9910252	They better start by cleaning the nasty ass bathrooms __________________ Ad astra per aspera
Posts: 11,177

01-06-2009, 03:20 PM	#14
blaise In Search of a Life Join Date: Aug 2007 Location: Plano, TX Casino cash: $9999900	I went there once with my two sons so they could play in the little play-land thing. We were there for a while and then some lady brought her mentally challenged son there to play. He had to have been at least 13 years old. He seemed harmless enough but then he went and sat in the tunnel underneath this fake tree and put his hand down his pants and starting eating boogers. So we left.
Posts: 22,188