Malls lure new types of tenants

Richmond’s mall operators are less choosy in selecting tenants now, and that’s helped them boost occupancy compared to six months ago. Some have added stores like nail salons, dollar stores, and tattoo shops.

In April, BizSense counted empty storefronts at six area shopping malls, and found that about 15 percent of the storefronts at malls around the region were vacant. Read more

Costco planned for Chesterfield

A Costco will anchor a new shopping center planned near Chesterfield Towne Center.

According to a site plan submitted to the Chesterfield Planning Department, Costco will occupy part of a new 342,000- square-foot shopping center at the intersection of Mall Drive and Koger Center Boulevard behind Chesterfield Towne Center. The 154,276-square-foot Costco store will be one of three commercial buildings on the 80-acre site. Read more

Midlothian Turnpike businesses may see 2 cent hike in property tax rate

The Midlothian Initiative to Revitalize Rights of Way plans to ask the Chesterfield Board of Supervisors this fall to raise property tax rates on some businesses along Midlothian Turnpike to pay for $340,000 in landscaping. Read more

More empty stores at area malls

Dozens more retailers have disappeared from local malls in the past six months.

About 15 percent of the storefronts in Richmond’s six largest malls are vacant. And although that’s lousy news for landlords, tenants are using the recession to ask for rent reductions, even on existing leases. Read more

Rough patch for malls

Out of five Richmond malls, only one has a vacant storefront rate below 7 percent – Short Pump Town Center, at 3.8 percent. The highest empty-store rate belongs to the Shops at Willow Lawn, at 17.4 percent.

Malls might be in for a rough patch.

Consumers are downsizing. They’re buying Smart Cars and hybrids instead of gas-guzzling SUVs. They’re shunning casual sit-down restaurants in favor of fast food. And they’re shopping at discount stores like Costco and Wal-Mart, turning their backs on high-end mall-based retailers. Read more

Men’s Retailer Bachrach announces store at Chesterfield Towne Center

RICHMOND, Va. – Aug. 11, 2008 – Chesterfield Towne Center today announced the addition of Bachrach, an upscale men’s apparel and accessories store. The center will be the retailer’s first Richmond location and is expected to open in November 200

“The addition of Bachrach will offer shoppers a unique retail destination that is not currently available in Richmond,” said Tom Coover, property manager of Chesterfield Towne Center. “It’s another exciting part of our remerchandising efforts to bring more upscale and unique retailers to our center.” Read more