NEWSLANC: For a decade we have been warning about the proliferation of commercial zoning and re-zoning in the region, enabling the development of large shopping centers, often with ‘big box stores’, to compete with Park City Mall. It was obvious that some anchors would succumb to Internet competition and , as they do, national brand stores would move to newer venues.
Once Park City reaches a tipping point in vacancies, it will slide downhill creating twin disasters:
- The loss of essential tax revenue for the City of Lancaster and
- A hollow mall that would become a teen age magnet and a center of crime.
NEW YORK TIMES: …The exits highlight the growing dichotomy between America’s highest-end shopping centers, the type with Tesla dealerships and Apple stores, and those on the lower end of the spectrum, which are struggling to fill space and attract national brands. The stores being closed by Sears are not profitable. And Macy’s chief executive, Terry J. Lundgren, said many of the stores it was closing were “no longer robust shopping destinations.”
Green Street Advisors, which tracks the mall industry, said in a report last year that more department store closures “should ultimately result in a larger number of malls becoming irrelevant retail destinations.”…
Still, the stores remain exposed to changing conditions. The real estate industry ranks malls with letter grades like report cards, assigning “A++” to the highest-end locations that make nearly $1,000 in sales per square feet and a “C” to those that generate one-third or less of that and are at risk of closing. Sears, Macy’s and J. C. Penney, the biggest mall anchors, are also the most exposed to C malls, according to Green Street Advisors… (more)
Yes, i figured alot of box stores would take its toll on Park City to compete
If people would investigate. LOL if you check the prices between Park City and the prices at the outlets down 30. Park City’s prices are actually cheaper then the outlets. The outlets want you to believe the opposite, but its true
While I generally have no affinity for malls, mostly because they contributed to the decline of downtown business districts, I must admit that Park City is one of the nicer malls in the region. It would be a shame if the mall falls into decline.
Although recent studies have found that Lancaster County is under stored, I believe the prevalence of online shopping is beginning to be felt in full effect. Contributing to the problem is legacy brands which have not moved with the times – either with merchandising, product selection, customer service, etc. The most successful have found ways to balance brick & mortar, e-commerce and consumer experience.
It’s been a long time coming. These so called “department stores” and mall stores had enough time to adapt but were lazy and never changed with the times. Good riddance.
We may be looking at the loss of anchor stores (and possibly a domino effect); however, I see potential for redevelopment. Why not include housing where the unused overflow parking lots are? Or possibly a retooling of how we do transit to connect the new developments (Belmont, Crossings) with Park City and the Downtown?
What do you think about the $500 million plan they have for Monmouth Mall in NJ? http://www.nj.com/monmouth/index.ssf/2016/09/eatontown_approves_kushners_controversial_change_f.html
How the heck can this area be understored. There are more commercial buildings than residential
I’m not a fan of the mall, never have been. I prefer the outlets as I find better prices. The mall will always go through it’s changes of stores coming and going.