Despite a number of recent vacancies and announced store closings, including , and , Suburban Square continues to thrive, Mark Bachus, the shopping center's general manager, told Patch last week.
Currently, has seven major store vacancies, but the center will announce two new tenants within the next few weeks, according to Bachus. Even with the vacancies, the center is 90 percent leased.
Read on for details on what plans exist to fill current and expected vacancies, along with information about Suburban Square's sales performance in 2011 and 2012.
The Ardmore shopping center has seen a lot of business turnover in the past year, including departures from American Eagle in March and Victoria's Secret in April.
There are definite plans to fill some of the vacancies—for example, will open in the Victoria's Secret spot sometime in early fall—but at least five major spots are currently being marketed.
The vacancies include:
- American Eagle (vacated in March) and Lily Pulitzer space (vacated last year; the shop relocated within Suburban Square): These spaces, right next to each other, are being combined and marketed for another junior anchor tenant, Bachus said.
- Coach (vacated last spring): It’s being marketed right now. Bachus said the realty company is looking for another accessory or apparel store to fill the spot.
- Two very small store spaces: one space is 700 sq. ft., another is 500 sq. ft. and are “being marketed as we speak,” Bachus said.
- Priscilla of Boston space (vacated in fall)
- The old space across from on Coulter Avenue. The luggage company relocated within Suburban Square, and the old location was going to be used by . However, the company called it quits, since its other two accessory shops were not doing well, Bachus said.
And , as , is also closing. The boutique will likely close sometime in June, according to Bachus.
So, why are the businesses leaving?
“You don’t really know a lot of times—an action comes up and they make a corporate decision to move out," Bachus said. "Sometimes you’re aware of it, and sometimes you’re not. [American Eagle] did well while they were here, but so did some other tenants, like Priscilla of Boston.”
It's not all bad news.
Sales numbers are still up. In 2011, sales at Suburban Square were up 7 percent over the 2010 numbers. And, Bachus said, the center just finished a very strong first quarter.
“We're up 3 percent over last year’s numbers, which is a very healthy sales number," he said.
And if you're counting, only five of the seven major vacancies detailed on the above map were mentioned by Bachus as being currently marketed. The two vacancies not detailed above—located next to the old Victoria's Secret spot—may be the new homes of two "speciality apparel" tenants that Bachus said the center will be announcing within a few weeks.
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