Retail centers struggle - Dayton Business Journal:

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Officials from almost every municipality in the Dayton area are contendinf with the problem of empty or high vacancyretail centers. In fact, there are 38 retaik centers locally with a vacancy rate above 30 Of those, 16 have a vacancy rate highef than 50 percent, according to the Gem Real Estat Group retail market survey. And many expertss predict the problem will onlyget Developers, property owners, commercial real estatre brokers and government officials know their individuap battles are part of a much larger, shared Strategic Resource Group, a New York-basedx consulting firm, expects between 2,000 and 3,000 shoppingh centers and malls across the nation to closwe by March and April of this The group also expects 200,000 retail stores to close this on top of the approximately 160,0090 that closed last year.
The cause of death for a stril or shoppingcenter varies. It can be the suddebn departure of ananchor tenant, because the company has gone It can be the painful death of a strip center that no longee has the traffic flow that feeda the retailers. It can be cause d by a new center, with more spacs and better tenantsacross town, pullinyg dollars away. If the community’s health is wavering, that decline is most evidenyt in its retail Lack of buying power is amajor problem, as well. Many nationalp retailers require an area to containj a certain average household income before they will locate astore there.
Today, all of these symptomss are exacerbated by the economic Emptystore fronts, cracked pavement and fadedf signs make it hard to attracty new tenants. Without new tenants, property owners aren’t willing to put moneyh into renovations. Without renovations, tenantsd aren’t interested in setting up Finley, planning and development director for the city of knows the struggle of keeping stripcenters alive. Her city has been facing the challenge for yearsd along itsretail corridor. The community of 24,000 peoples is home to two retail centersd with vacancy rates of more than 50 The 150,000-square-foot has more than 90,000o square feet of vacant spacw that formerly housed an store.
Finleyu said the space is finallyt being demolished after nearlyt 20 years ofsittint empty. The city is working with to buildf 30 senior housing units on the The hope is to turn the centert into a typeof mixed-usse development. But, she said, a tough fight has gotten toughere with thestruggling economy. “Retailk is something you cannot force,” Finley said. Otherd communities in the Dayton area know the same Kris McClintick, development director for Harrison said officials are trying to revitalize its main strio center. , located near Northh Main Street and ShoupMill Road, was in its primd during the 1960s and 1970s. But by the the bigger stores, such as , closed theifr doors.
McClintick said the 200,000-square-foort center is about 90 percent vacant. “The strilp center is pretty much dead,” McClintickj said.