Less than a year after the Steve & Barry's clothing chain left a substantial vacant space in the Fingerlakes Mall and Circuit City shuttered a big-box location across the street at the Fingerlakes Crossing shopping center, another large store is leaving the retail cluster in Aurelius.
Rex Stores Corp. is shutting down its Fingerlakes Mall television and appliance store after nearly 14 years. The company is launching a store closing sale today, and store employees said they expect the location to be shuttered within 10 days, depending on how quickly remaining inventory is sold.
The store's closure is part of Rex's plan to exit the retail industry. The Dayton, Ohio-based chain reached a deal last year to lease 37 of its stores to another retailer who would keep them open, but the Aurelius location was not among them.
The closure is the latest of several tenants to exit the mall in the past year, the most visible of which had been the Steven & Barry's shutdown last fall. KB Toys, Foot Locker and Pac Sun are among some of the other recent closures.
The mall is now operating at about 80 percent capacity, said general manager Jim Tull.
“That isn't bad - there are malls out there doing worse than that,” he said. “We'll take our licks now and when the economy picks back up, we'll be strong.”
Indeed, times are tough for malls over the United States.
Last week, General Growth Properties Inc., the second largest owner of shopping malls in the nation, filed for bankruptcy protection.
Regional mall vacancies reached a record during the first quarter of this year, real estate tracking firm Reis reported earlier this month.
Tull said he is optimistic about finding a replacement for the Rex space, which has entrances both inside the mall and outside facing Routes 5 & 20.
“The space is an attractive space with good visibility,” Tull said.
Mall management will be busy this spring at retail space conventions. Despite the economy, there are opportunities to land new tenants, Tull said.
“There are retailers out there that have money and are expanding, and are interested in taking advantage of the market,” Tull said.
The store's closure is part of Rex's plan to exit the retail industry. The Dayton, Ohio-based chain reached a deal last year to lease 37 of its stores to another retailer who would keep them open, but the Aurelius location was not among them.
The closure is the latest of several tenants to exit the mall in the past year, the most visible of which had been the Steven & Barry's shutdown last fall. KB Toys, Foot Locker and Pac Sun are among some of the other recent closures.
The mall is now operating at about 80 percent capacity, said general manager Jim Tull.
“That isn't bad - there are malls out there doing worse than that,” he said. “We'll take our licks now and when the economy picks back up, we'll be strong.”
Indeed, times are tough for malls over the United States.
Last week, General Growth Properties Inc., the second largest owner of shopping malls in the nation, filed for bankruptcy protection.
Regional mall vacancies reached a record during the first quarter of this year, real estate tracking firm Reis reported earlier this month.
Tull said he is optimistic about finding a replacement for the Rex space, which has entrances both inside the mall and outside facing Routes 5 & 20.
“The space is an attractive space with good visibility,” Tull said.
Mall management will be busy this spring at retail space conventions. Despite the economy, there are opportunities to land new tenants, Tull said.
“There are retailers out there that have money and are expanding, and are interested in taking advantage of the market,” Tull said.
Citizen
Hot Jobs
New! Off the Menu
The Citizens' Say
Post your comment - click hereThere are 6 comment(s)
091951 wrote on Apr 21, 2009 7:02 PM:
CountryWriter wrote on Apr 21, 2009 11:57 AM:
CountryWriter wrote on Apr 21, 2009 11:56 AM:
CamperKeith wrote on Apr 21, 2009 10:59 AM:
scouty wrote on Apr 21, 2009 8:00 AM:
mykola2006 wrote on Apr 21, 2009 4:08 AM: