INDIAN HILL
JOURNAL
Your Community Press newspaper serving Indian Hill
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WEDNESDAY, SEPTEMBER 27, 2017
BECAUSE COMMUNITY MATTERS
Cincinnati malls’ death spiral: Will yours survive? Cindi Andrews candrews@enquirer.com
Two decades ago, newly minted teacher Stacy Recker fell in love with Kenwood Towne Centre. “It’s the most beautiful mall ever,” she recalls. “Plus, you’re in your early 20s, so you need a lot of stuff.” Today, the Columbia Tusculum resident does most of her shopping on Amazon.com or at Rookwood Commons, the openair shopping center in Norwood. “I like Nordstrom Rack more than Nordstrom,” Recker says. Nordstrom Rack, at Rookwood, is the off-price sibling of the department store that anchors the Kenwood mall. The changes in Recker’s shopping habits reflect the challenges malls are facing in Cincinnati and across the country: a preference for off-price stores over traditional department stores and an embrace of convenience vs. being trapped in a massive indoor maze. For some malls, the challenges will be too much. Up to a quarter of the 1,100 malls nationwide will close in the next five years, industry expert Christian Buss of Credit Suisse predicted in a recent report. The carnage could be even worse in Cincinnati and Northern Kentucky, according to two local experts in retail real estate. One mall – Forest Fair Village –
Proximity to Cincinnati’s wealthiest community, Indian Hill, is a bonus for Kenwood Towne Centre.
THE
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is already essentially dead, and three of the five others are vulnerable. “The bottom line is you’re going to end up with two,” says John Heekin, co-founder of Downtown-based Source 3 Development. “Northgate and TriCounty are in some version of a death spiral.”
Charles Townsend, president of Anchor Associates in Norwood, puts the number of survivors at “two or possibly three.” Eastgate Mall is vulnerable, but its smaller size is an advantage in an era of smaller stores. “The strong are going to get stronger and the weak are going to go away,” Townsend says.
Department stores, which used to drive mall traffic, have seen their retail market share drop from 45 percent in 2007 to 35 percent in 2015, according to Buss’ May report. They’ve lost shoppers to specialty and offprice stores that often locate in open-air shopping centers, including those such as Rookwood
known as “lifestyle centers.” Brick-and-mortar department stores also have lost out to online shopping, which is expected to continue skyrocketing. E-commerce accounts for 17 percent of sales now and is headed toward 35 percent-plus, Buss is predicting. As their sales have slumped, Macy’s, Sears and J.C. Penney have announced mass store closings, creating more problems for the struggling malls to which they’re attached. The department store chains often own the anchor boxes they occupy in malls and are slow to sell or lease them when they move out, leaving space that’s not only unproductive but an eyesore. Here’s where the region’s malls stand. Kenwood Towne Centre, Sycamore Township, 1,150,000 square feet: Despite Recker’s defection, Kenwood remains Greater Cincinnati’s top mall, and its central location puts it in a good position to keep that title. Proximity to the wealthiest community in Ohio – Indian Hill – doesn’t hurt, either. “Kenwood remains a star in the country,” Heekin says. A single tenant gives the mall another big advantage: The Apple Store is such a customer draw that it raises other stores’ sales 10 percent in the malls it enters, Green Street Advisors See MALLS, Page 2A
Meet the 2017 Women of the Year Sheila Vilvens svilvens@enquirer.com
They are champions for nonprofits and community groups. Two battle hunger by rescuing food and transforming it into delicious, nutritious meals for children and families. One is on the front lines helping people caught up in the heroin epidemic. Others enrich the community through their initiatives benefiting children, bringing understanding to cultural differences, or by helping jail inmates get a fresh start in life.
These are just a few examples of ways the 10 exceptional women selected for this year’s The Enquirer and The Greater Cincinnati Foundation Women of the Year awards make the area a better place to live and work. Award recipients, chosen from nominations made by our readers, will be honored at a luncheon 11:30 a.m. to 1:30 p.m. Monday, Oct. 23, at the Hyatt Regency Cincinnati. Luncheon tickets and sponsorship opportunities can be found at gcfdn.org/ womenoftheyear. Since 1968, The Enquirer has
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honored Women of the Year in an annual celebration. This year The Enquirer and The Greater Cincinnati Foundation are partnering to enhance an already prestigious program. “Partnering with generous individuals is at the core of The Greater Cincinnati Foundation’s mission, and we are very pleased to continue this focus by joining The Enquirer in honoring these 10 outstanding members of our community,” said Ellen Katz, CEO of The Greater Cincinnati Foundation. See WOMEN, Page 1A
During a recent luncheon, Ohio's Regional President for The Enquirer/USA Today Network, Eddie Tyner, talks with a previous Women of the Year honoree. THANKS TO MARY STRUBBE
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