The much-hyped renovation of Stoneridge Mall has fallen flat. According to the Pleasanton Weekly, permits haven't even been issued.
At fault is the Mills Corporation, the owner of Stoneridge Mall. They simply don't have the cash. They recently put the company up for sale, but no one wanted it. Other projects around the world and recent acquisitions have cost the company a fortune.
Renovation plans include a new 144,000 square foot Nordstrom, 900-car parking garage, and expanded mall and cinema in the old Nordstrom building.
However, construction has begun on the new Cheesecake Factory and P.F. Chang restaurants just outside Macy's Women. The parking lot is currently closed and detours in place.
According to Pleasanton Weekly, neither the Mills Corporation nor mall management would comment on the delays.
Read the full story.
3 comments:
Mills has totally flamed out, man. They overestimated their power and bought too many malls.
Once I noticed Discover Card advertisements all over the mall, including banners hanging from overhead walkways, I knew something was up.
Living in Fresno, I don't get up to the Bay Area that often. But on a recent trip I noticed that you really can no longer see Stoneridge from the freeway(580, anyway) Now, Stoneridge may be so strong that it doesn't matter. Still, lack of freeway visibility has hurt countless other malls.
I also wonder what effect Hacienda Crossings and all the other power centers in the area have had. This is a very affluent region, but also one that, in my estimation is still very middle class. And it's well known that Nordstrom shoppers often have no problem shopping at Target as well.
As for those affluent shoppers? True, Nordstrom is expanding along with PF Changs and Cheesecake Factory. But Walnut Creek now has Tiffany's, Ruth's Chris, Pottery Barn and Restoration Hardware along with THEIR Nordstrom and PF Changs.
Or to put it another way: If you were Federated, where would you put your first East Bay Bloomingdale's?
Again, this may not matter and if I'm "off the mark", so be it. But delayed renovations is never a good thing in a competetive retail market. And if there are any problems on the horizon for Stoneridge, I think I've brought up a few.
Post a Comment