Bob Yancy said:
Well, there are 5 options. We could lease it or sell it with no strings attached; lease it or sell it with strings attached, or develop it ourselves such as a recreation center or convention center. Only owning a portion of it makes the latter choice problematic, because if we develop it ourselves and it's doing great as whatever, what happens if the rest of the mall fails?
Research on malls is interesting. They are empty and failing all over the country. But, in some midsized cities where there isn't a plethora of malls a single anchor mall survives and even thrives. Post Oak Mall seems relatively healthy to me.
Truthfully I don't know what the future holds. It's like buying the ballroom on a cruise ship. Your destiny is tied to the success of the ship with only a portion of influence for its ultimate destination.
My hope is Amazon will give it a hard look as a droneport / fulfillment center / esports venue. Amazon's AWS powers esports facilities and Amazon proper has purchased and repurposed dozens of malls, or portions thereof, over the past ten years.
This is why the city needs to work with the mall management closer on using the Macy's in an effective way that complements the mall rather than works against it.
The mall has a lot of tenants that keep people coming back to it, losing first specialty stores like bookstores and banks, later losing many of the common "mall chains" even in existence (Kay Jewelers the latest victim) and now appears to be in freefall with even mainstay Casa Ole leaving without replacement.
I wish that the only look that Amazon gives at it is considering adding a Whole Foods Market or not because they do NOT purchase malls (usually), they purchase land on where malls used to be a while back.
Notable examples include
Rolling Acres Mall in Akron, Ohio. Rolling Acres started to go in decline in the 1990s, with Dillard's and JCPenney downgrading to clearance outlets in the late 1990s (notably, the mall's Dillard's is STILL a real Dillard's and not a "Dillard's Clearance Center"), the Target closing in 2006, the mall itself in 2008, with Sears and the JCPenney Outlet Store (rebranded as " JC's 5 Star Outlet") lingering on for a few more years before closing. The mall itself rotted for nearly a decade before Amazon even showed up in 2019.
The
Mall at Cortana (Cortana Mall) in Baton Rouge, another example. It had been relegated to second banana since the late 1990s when the Mall of Louisiana opened in a better part of town, and still had four of its six anchors as of spring 2016. Mervyn's was vacant, the former Service Merchandise/Steve & Barry's had become a branch of Virginia College, and Dillard's had converted into a Clearance Center in 2009 (again, probably because Mall of Louisiana had a full-line Dillard's). They lost their anchors in quick order when the rest of the mall collapsed. Within three years the mall was 90% vacant, Dillard's Clearance Center had sealed its mall entrance, and the other remaining anchors--Virginia College, Sears, Macy's, and JCPenney...all called it quits. When Amazon bought the mall in late 2019, it was already closed, the last three in-line tenants were evicted months earlier.
Or we can talk about
Randall Park Mall, which has also been replaced with an Amazon facility. Like Rolling Acres it had gone into decline years before. It was one of the largest malls in the East Coast in its prime but it closed in 2009, with only Burlington Coat Factory remaining. When Amazon bought the site in 2017 the mall had been demolished for a few years prior and nothing was operational there.
I do want the mall to be better, and I'm not sure of any "quick fix" that entails it. Either way it wouldn't be up to the city to decide it unless they wanted to really wanted to enter some serious "shape up or ship out" talks with CBL Properties. But there is still a chance and you can make this right, despite this thread being full of misinformed and terrible takes.