Thursday, January 22, 2009
Country Club Plaza Mall, Heading Towards Disaster?
Country Club Plaza Mall, Sacramento's most vulnerable mall, has the highest vacancy rates (30.6%) than any other mall in the metro area.
But is the news all that bad?
The recently remodeled 600,000 sq. ft. shopping center has been finding its niche among power players in the area, including the Roseville Galleria and Arden Fair mall. Soon after the remodel of the mall, occupancy rates were at 51%. Currently, with 49 potential stores, 15 spaces are empty (in red above), which lowers the vacancy rate to 30.6%. Exterior pads were not considered in this statistic.
I'm examining this mall because it's home to the only Gottschalk's in the Sacramento region. The impact of Gottschalk's closing is purely speculative. However, Country Club Plaza is unique in its own rite. Very rarely do you see investors willing to pony up money for an enclosed mall this size.
We'll keep an eye on this mall to gauge the retail economic conditions in Sacramento.