iH8DemLibz
When All Else Fails.
Tru Dat.
Owings Mills Mall Redevelopment?
- Thread starter KevinK
- Start date
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Tru Dat.
I remember when I moved to MD in 1982. Hunt Valley Mall was a big thing for me. We had nothing like it where I came from in South Carolina. My dad told me about a mall that had 17 shoe stores and a "food court". We had malls in SC, but nothing with a food court, especially one that had Greek food.
Biggfoot44
Ultimate Member
- Aug 2, 2009
- 33,137
It IS possible to have profitable Retail in , ahem , challenged locations, IF the proper approaches are taken .
As noted by PO2012 , proper LP is the key . But the needed mix is a little different . Need a LP Director with comprehensive knowledge of dealing with external and internal losses. And Director must have significant standing in the corporate hierarchy.
The store detectives must be well trained , well paid, and on the ball . The Plainclothes people need to substantially outnumber the overt uniformed presence .
The biggest problem is shortsighted upper management. Good security can run 5% of gross sales volume . The problems happen when the security program actually works . Shortsighted management will look at numbers , and see that security costs are larger than the actual losses after a cpl of good quarters , and decide to slash the LP budget . And then losses skyrocket again with reduced security, management is Shocked, I say Shocked. Eventually they panic , increase budgets , situation gets back under control , then the cycle starts over .
To succeed in those retail environments , smart management needs to realize significant LP cost are inherent cost of doing business.
The good local example of doing it right was Giant Food, during the Cohen Family Era . Also back in the day , Hect Co did it better than all the similar Dept Stores. ( No knowledge of current Hect Co practices currently, several buyouts and mergers later .)
But WHY enter into such environments in the first place ? To tap underserved market, that is less mobile, and less likely to shop online . If a retailer can deal with it, such markets can provide greater profit margins .
Sources - Started out doing LP in the ghetto back in the day .
As noted by PO2012 , proper LP is the key . But the needed mix is a little different . Need a LP Director with comprehensive knowledge of dealing with external and internal losses. And Director must have significant standing in the corporate hierarchy.
The store detectives must be well trained , well paid, and on the ball . The Plainclothes people need to substantially outnumber the overt uniformed presence .
The biggest problem is shortsighted upper management. Good security can run 5% of gross sales volume . The problems happen when the security program actually works . Shortsighted management will look at numbers , and see that security costs are larger than the actual losses after a cpl of good quarters , and decide to slash the LP budget . And then losses skyrocket again with reduced security, management is Shocked, I say Shocked. Eventually they panic , increase budgets , situation gets back under control , then the cycle starts over .
To succeed in those retail environments , smart management needs to realize significant LP cost are inherent cost of doing business.
The good local example of doing it right was Giant Food, during the Cohen Family Era . Also back in the day , Hect Co did it better than all the similar Dept Stores. ( No knowledge of current Hect Co practices currently, several buyouts and mergers later .)
But WHY enter into such environments in the first place ? To tap underserved market, that is less mobile, and less likely to shop online . If a retailer can deal with it, such markets can provide greater profit margins .
Sources - Started out doing LP in the ghetto back in the day .
KevinK
Ultimate Member
I guess if I posted a 'Bash Owings Mills Mall' thread, there would have been a lot of posts about what stores are coming in to the new space. 
Don't disagree with any of the posts.
Here is what Kimco has on their website:
http://properties.kimcorealty.com/properties/1678A/
Don't disagree with any of the posts.
Here is what Kimco has on their website:
http://properties.kimcorealty.com/properties/1678A/
A nice mall that morphed into Mondawmin West.
Yup, it went to crap when the rob and ride came in.
bkuether
Judge not this race .....
I guess if I posted a 'Bash Owings Mills Mall' thread, there would have been a lot of posts about what stores are coming in to the new space.
Don't disagree with any of the posts.
Here is what Kimco has on their website:
http://properties.kimcorealty.com/properties/1678A/
Interesting. I actually own Kimco as an investment. So despite all the security nay saying, I hope they are successful! If you had the right mix perhaps. But I agree with others, retail is not a hot commodity.
Name Taken
Ultimate Member
Are you serious?
You think new trains and stations...which will stay nice for about 4 weeks....is going to help the area grow?
I guess if I posted a 'Bash Owings Mills Mall' thread, there would have been a lot of posts about what stores are coming in to the new space.
Don't disagree with any of the posts.
Here is what Kimco has on their website:
http://properties.kimcorealty.com/properties/1678A/
Good luck with your investment but those retail spaces are too big. The trend is for much smaller spaces.
whistlersmother
Peace through strength
Yea. Malls.
Million square feet of wasteland. 5 different tennis shoe stores all selling the same brand - WTF?
Has absolutely nothing I want - except maybe Cinnabon.
Even small footprint stores are all clothing and shoe sh*t.
Develop it into farmland.
Name Taken
Ultimate Member
Positive thinking or naive idiot, not sure which!
I watched how quickly that new Wal-Mart went to crap and it's enough of an indicator to me how "new trains and stations" are going to help the area.
Without having the exact numbers in front of me I'd say there is enough money in residents pockets to keep that area a float without needing a huge influx of folks riding on the trains to make purchases (for those that do actually take a 40 min. train ride to go shopping instead of shoplifting).
The MTA system has been and likely will continue to be a bother to most area's it goes to. I don't think any developer or resident in Owings Mills, White Marsh, or Hunt Valley is glamouring to get those precious city traveler dollars.
Look at the poverty rate and income level in the city....the folks who are coming out of the city to spend typically have their own car and drive.
I remember a number of years ago when the MTA was talking about expanding their bus service further up Liberty Road to Eldersburg. The overwhelming response was "No thanks, keep your crime in the city."
Name Taken
Ultimate Member
With the influx of section 8 and programs that are government funded that bluntly advertise moving poor African Americans into wealthy white neighborhoods it's only a matter of time.
I'm not sure how Elderburg looks but Hampstead and onward north have a influx of folks without vehicles that are now walking or calling a cab to get around.
It's only a matter of time before this "issue" is "fixed" and some sort of public transportation comes around.
mesmithwesson
Active Member
- Jan 8, 2013
- 694
Just wait until the Purple line goes online in MoCo.
It still trickles in from BaltCo. Better a trickle than a tsunami.
Mr H
Banana'd
BUS...
Bringing Urban Strife...
Bringing Urban Strife...
yellowsled
Retired C&R Addict
Still won't go to that ********
