![]() The mall also has a black-lit mini-golf course called GlowGolf. For instance, the company filled part of the former Nordstrom space in the Downtown Circle Centre mall with Punch Bowl Social, which includes dining, bowling and other games. increasingly has used entertainment to fill undesirable retail spaces. In other cases, he said, grocery stores have filled properties vacated by non-grocery retailers. "Use of retail facilities by medical practitioners and providers is also a trend we're seeing."ĭavis cited a long-vacant Kroger in Mishawaka that became a medical pavilion. "We're seeing adaptive reuse things like entertainment are becoming bigger consumers of retail space all the time," Davis said. At a time when inventory is shifting from brick-and-mortar stores into warehouses managed by e-commerce leaders such as Inc., there's no guarantee that even a big-box store in a good location will attract another retail chain.ĭavis acknowledged that it could take new uses to fill at least some HHGregg sites. So, if you look across the state, most of these (HHGregg locations) are not in areas that are struggling. 40 and there's not a ton of (big-box) vacancy in that market. "It's an area where good space is very hard to find. The Greenwood-area location "sits in a very tight pocket of retail that has had redevelopment occur on both sides of the street," Davis said. Davis expressed confidence that HHGregg stores would find new tenants, particularly the two represented by his firm. ![]() ![]() "We were anticipating, if this were to happen, what direction we might go with the marketing of the properties," said Larry Davis, a first vice president for CBRE Group Inc.ĬBRE manages HHGregg locations on East Washington Street in Indianapolis and on U.S. Even before HHGregg officially collapsed, landlords began preparing to fill vacancies created by the 62-year-old company's failure. More: HHGregg to close all stores after failing to find a buyerįor HHGregg, what began as a consolidation - the company in March announced it would close 88 underperforming stores - quickly spiraled into bankruptcy and liquidation. "Retailers are just downsizing to consolidate and make themselves profitable." "We're over-retailed," said Mark Millman, CEO of retail consultancy Millman Search Group. RadioShack, Payless ShoeScource, The Limited and Family Christian Stores top the list. As the second quarter begins, retailers already have announced plans to close more than 3,000 stores this year - so many, in fact, that HHGregg's 220 closings only rank fifth-most in the U.S., according to a list compiled by Business Insider. HHGregg's liquidation comes amid what analysts have dubbed the "retail apocalypse," the worst period of retail bankruptcies and closings since at least the Great Recession. While some of the openings are in prime locations that will attract interest, all of them face uncertain futures. is in the process of closing all of its stores, including 17 Indiana locations and seven that are within 40 miles of Indianapolis. Indianapolis appliances and electronics seller HHGregg Inc. That HHGregg store near you might never be filled again - at least, not by a retailer. Others, like Bebe are simply closing their stores and becoming internet-only retailers.Watch Video: Defunct HHGregg shutting its doors soon The hhgregg liquidation comes on the heel of a particularly difficult time for retailers: chains like Payless ShoeSource, The Sports Authority, The Limited, American Apparel, Aéropostale, Wet Seal, BCBG and PacSun are among the retailers to have filed for bankruptcy protection in the last two years, with some liquidating altogether. But unlike Best Buy, it was unable to fend off the likes of (AMZN) in the sale of electronics, and its plans to become a national, rather than local, chain came at a time when electronics prices were falling and competition growing more intense. It has been a painful decline for the company: in May 2010, shares of hhgregg traded at $30.01, its all-time closing high, giving it a market cap of $834.6 million three years after going public. hhgregg has negotiated a consulting agreement with liquidation firms Tiger Capital Group and Great American Group to sell the merchandise at its 132 remaining stores (it had begun closing 88 after its bankruptcy filing last month) and to sell off items like furnishings and fixtures in those stores. The company said it did not expect there to be money enough left from the liquidation after paying off creditors to give any to shareholders. The going-out-of-business sales will start on Saturday at hhgregg stores.
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