Belk to build store on Kernan. What about Regency?

[thelakelander]

Belk has filed plans to build a new store at Atlantic and Kernan.  Has that area grown to the level of where it can support two Belk stores or are the days of Belk at Regency coming to an end?

Belk is making plans to build a department store in East Arlington at northwest Atlantic and Kernan boulevards.
Site plans filed with the city show a 95,000-square-foot Belk store at the Marketplace at the Fountains, which now features Academy Sports Outdoors and LAT Fitness.

The plans, filed by owner Atlantic North LLC, whose manager is developer Toney Sleiman, also show a new supermarket – Earth Fare, an Asheville, N.C.-based organic and natural foods market chain.

full article: http://www.jaxdailyrecord.com/showstory.php?Story_id=540626

[edjax]

I see it as another nail in the coffin to Regency Mall.  I would not believe they would have two stores that close and fact this one will not be in a mall.  Do they have others not in malls or major shopping centers such as the Town Center? 

[thelakelander]

^Yes.  They've been adding stores in power centers across the south for a while.  Building in enclosed malls has virtually come to a standstill now.  This pretty much sucks for Regency.  With the corporate struggles of Sears and JCPenney and Dillard's being a clearance center at Regency, Belk is pretty much its only solid anchor.

[JUGrad]

I see it as another nail in the coffin to Regency Mall.  I would not believe they would have two stores that close and fact this one will not be in a mall.  Do they have others not in malls or major shopping centers such as the Town Center?

Techincally, the Belk in Roosevelt is part of a strip mall and their store in Viera, FL is in a strip center that appears to be similar (or at least going in the same direction) to where Belk will be building in Jacksonville.  Belk shares the strip center in Viera with Kohls, Bed Bath and Beyond, Office Max, etc...  stores not typically found in malls. 

[thelakelander]

Roosevelt was once a mall and that Belk (Cohens) was an anchor.  When the center was redeveloped, that anchor remained.  In Central Florida, the same happened with Macy's (Burdines) when Winter Haven Mall was torn down and replaced with an outdoor Belk, Lowe's Home Improvement and several restaurant outparcels.

I believe the shopping center in Viera is a lifestyle center.  Similar to the Summit in Birmingham or SJTC.....just a different layout and tenants.  For the most part, enclosed malls are a dying breed.  Overall, their heyday was probably in the late 1980s/early 1990s.

[Non-RedNeck Westsider]

For the most part, enclosed malls are a dying breed.  Overall, their heyday was probably in the late 1980s/early 1990s.

Just a thought....

Could this be due to 'our' dislike of actually walking?  The 'Outdoor Lifestyle Malls' are great in theory, but in reality, they become places where people can shop for shoes at DSW and then drive a block over to Banana Republic to get the ensemble to go with them.

I guess in somes' view, that's easier than walking from one end of the mall to the other?

I mean, as a general rule, are we seriously getting that lazy / car dependent?

[FSBA]

Any word on if there has been any serious potential buyers for Regency?

[thelakelander]

NRW, I doubt it. From a development standpoint you save a lot of money not having to provide non-revenue producing air-conditioned common space. For example, look at the Landing. Most of the second floor area is non-revenue producing, even if all the food court spots were leased.

[JUGrad]

NRW, I doubt it. From a development standpoint you save a lot of money not having to provide non-revenue producing air-conditioned common space. For example, look at the Landing. Most of the second floor area is non-revenue producing, even if all the food court spots were leased.

I agree and furthermore, who wants to spend all that time looking for a parking spot, only to give it up to look for another parking spot close to the next store you want to shop at. 

[Non-RedNeck Westsider]

NRW, I doubt it. From a development standpoint you save a lot of money not having to provide non-revenue producing air-conditioned common space. For example, look at the Landing. Most of the second floor area is non-revenue producing, even if all the food court spots were leased.

OK, I'll agree to an extent due to the fact that land prices are dirt cheap. 

Would I be correct guessing that this style of development is happening extensively, if not exclusively, in car-centric, sprawling areas where the development pattern is outward instead inward?

How does SJTC's footprint compare to Regency (including the parking)?  Store density?  Revenue / acre? 

I agree and furthermore, who wants to spend all that time looking for a parking spot, only to give it up to look for another parking spot close to the next store you want to shop at. 

You, sure.  Me, definitely.  Would I say that is the habit of the 'typical' shopper?  Yeah.  I don't go there regularly, but there have been several occasions that I've noticed the same people in the same stores and watched them drive by in-between.  I don't have hard numbers, of course, but I've seen it enough to notice it, which leads me to believe that it probably happens more often than not.  You know, detailed, scientific research, lol.

[Stephen]

One thing that I find interesting about that belk store on Roosevelt is that it seems to have a better selection of kitchen items like pots ,pans , toasters etc than the other Belk stores I have been in

[thelakelander]

NRW, I doubt it. From a development standpoint you save a lot of money not having to provide non-revenue producing air-conditioned common space. For example, look at the Landing. Most of the second floor area is non-revenue producing, even if all the food court spots were leased.

OK, I'll agree to an extent due to the fact that land prices are dirt cheap. 

Would I be correct guessing that this style of development is happening extensively, if not exclusively, in car-centric, sprawling areas where the development pattern is outward instead inward?

This style of development is happening in every trendy suburban areas of every major and mid-sized city across the country.....including NYC and Chicagoland.

How does SJTC's footprint compare to Regency (including the parking)?  Store density?  Revenue / acre?

Retail GLA:

Regency - 1.4 million
SJTC - 1.24 million


Size of Site:

Regency - 110 acres
SJTC - 200 acres


Parking:

Regency - n/a
SJTC - 4,012 spaces

[simms3]

Can't speak to department stores' outlooks on FL (Nordstrom is obviously super bullish everywhere and they are opening new stores like crazy, along with Rack stores), but I do know a lot of the big boxes, even Walmart, are sort of on hiatus on new openings in the state right now.  Everyone wants sales to come up at their existing [often newly opened] stores before returning to expansion mode.

They clearly chose to build a new store over partnering with GGP or whoever now owns Regency to redo their existing store.  That alone speaks volumes about where they intend to serve the local community in 2 years.

[thelakelander]

I also noticed this new store is less than 100,000 square feet.  I'm pretty sure the Regency store is significantly larger than that.

[fieldafm]

Been dropping hints for awhile. And there is more coming online.

Another big development is coming next door as well.

Wal Mart is not on a hiatus for new store openings in Florida.  They are actually about to start on two new Supercenters in Jax and will be opening another 4 Neighborhoods by end of Q2 as well.