Retail landlords continue to take advantage of the store closures within their property portfolio. They are eager for a new beginning and are re-tenanting their spaces with new concepts that pay more rent and add to the retail synergy at their properties. Concepts such as cinemas, trampoline parks, fitness facilities, dining halls, sporting goods retailers and discount home furnishing stores among many other options are what these landlords are pursuing to replace this recaptured retail space.
Sears closures leads to new opportunity for landlords to paint a new picture with the space at their properties. In many cases, it is a blank canvas for them to work with. Many owners will tear down and build new structures while others will salvage what they have and subdivide the space. Any way you look at it, change will occur, and this could be a great thing to revamp life into properties with new concepts and shopping layout formats (open air, walkability, access, visibly, etc.)
In Tampa, the Sears real estate (approx. 2 acres) at Westshore Mall is amazing real estate. The owner Washington Prime Group has negotiated an early termination of the Sears lease and is in process of mapping out a plan to transform the space. In my opinion, I would like to see an open-air retail component built like The Promenade at Coconut Creek in Coconut, Florida with retail and entertainment styled uses with a Hyde Park themed vibe.