Thursday, January 22, 2009
Will Somersville Towne Center Survive?
Somersville Towne Center, a roughly 500,000 sq. ft. enclosed mall in Antioch California, is one of the Bay Area's most vulnerable malls. With the departure of Mervyn's late last year and possible closing of the Gottschalk's chain in 2009, the mall will have lost half its anchor tenants.
It's no secret that malls suffer after loosing an anchor. But loosing two anchors often signals the end of any shopping center. Remember San Mateo Fashion Island mall, which was demolished after loosing two of its four anchor tenants?
The above images, taken from Somersville Towne Center's current store directory, shows a total of 67 potential stores (exterior strip and interior mall). Currently, 13 space are unoccupied (in red), leaving a 19.4% vacancy rate.
We'll keep a close eye on this mall as an economic indicator of retailing in the Bay Area.