Future of Northlake Mall
For the past ten years there has been great speculation about the future of Northlake Mall. Once the economic driver for an entire “region” of the Metro Area this retail behemoth has become more of anchor preventing the economic ship to sail forward.
ATR Corinth Partners in Dallas bought the Mall a couple of years ago from Simon Property Group. The Simon Property group – owners of luxury malls like Lenox Square – decided to jump ship and leave the problem of what to do with Northlake Mall to another developer. We are still waiting for answers.
The Shopping Mall formula that thrived in the 70s and 80s is proving to be a problem for real estate developers in the current market. As cosumers embraced shopping on the Internet, retailers like Sears, Macys, Nordstrom and Kohl found their economic formula no longer viable.
Thousands of square feet of leased Mall space suddenly became “vacant” as retailers closed the doors to their stores and retreated to try and re-imagine the retail formula.
But what about all that real estate? What happened to all the Mall owners and Real Estate Developers Like Simon. Survival has been all about innovation – but unfortunately – there has been no innovation at Northlake Mall.
The Northlake community has watched phenomena like the Krog Street Market, Ponce City, City of Decatur and Avalon in Alpharetta with amazement. We see dozens of new restaurants, entertainment and retail options being formed in these innovative communities – while our community is stuck in the Happy Days/Sanford and Son/Dallas TV Series re-run cycle. Where is the innovation for Northlake Mall?
Taking no action is a decision. Sitting still is a decision. Watching others pass you by is a decision. Riding out the revenue on the aging Northlake Mall is an economic decision. Will Northlake Mall become the next “Gwinnett Place Mall”? Where is the innovation?