By the numbers
Dayton Mall
881,300: Target population
1.4 million: Square feet of mall
150: Stores
5.1 million: Shoppers per year
The Mall at Fairfield Commons
760,00: Target population
1.19 million: Square feet of mall
135: Stores
5 million: Shoppers per year
Source: Glimcher Realty Trust
The owner of the Dayton Mall and the Mall at Fairfield Commons has put both malls up for sale.
Columbus-based Glimcher Realty Trust put 13 of its properties up for sale, including its two in the Dayton area, “to better understand pricing for our centers in the current market,” Glimcher spokeswoman Karen Bailey said in a statement released to the Dayton Daily News.
“Our goal through this process is to sell only three or four of the 13 properties listed and raise approximately $200 million to $300 million,” Bailey said. The money raised “will be used to reinvest into the business through redevelopment and further enhancements to our balance sheet.
“Both Dayton Mall and The Mall at Fairfield Commons are performing very well and continue to attract new, national brands to market,” Bailey said. “Throughout this process, we are continuing to invest in these centers. We would be happy to continue to own and manage both of them.”
Management at both the Dayton Mall and the Mall at Fairfield Commons declined comment this afternoon, referring questions to Glimcher officials in Columbus.
The company owns a majority interest in and manages 28 malls that total 19.5 million square feet of leasable space, according to its most recent SEC filings.
Glimcher first revealed a plan to put 13 of its retail centers up for sale in April, although the initial federal filing did not mention which of its properties would be offered. Company CEO Michael P. Glimcher said the prospective sale of three or four of the 13 properties would represent “an important part of our three-tiered approach to remixing our assets and establishing a higher quality mall portfolio.
“We are optimistic about the current market environment and believe this disposition plan allows us to continue to build upon our success, ultimately making us a stronger company,” Glimcher said.
The Dayton Mall — despite its proximity to the still-developing Austin Landing, also in Miami Twp. — has added several new tenants in recent years, including two that left free-standing stores to join the mall’s roster. Dick’s Sporting Goods moved into the Dayton Mall in 2012 after the mall built a 19,000-square-foot addition to accommodate the 50,000-square-foot mall anchor store. In 2013, hh gregg electronics store followed suit.
Earlier this year, board-sports retailer Zumiez signed a lease to open a store in the Dayton Mall, Forever 21 undertook an extensive renovation and expansion project, and Victoria’s Secret launched a renovation and expansion of its store there.
Dayton Mall officials got more good news in early April when H&M, an international fashion retailer based in Sweden, announced plans to open in space that previously housed a movie theater. The cinema space had been vacant for nearly 20 years.
H&M also is building a store at the Mall at Fairfield Commons, which adds a men’s fashions store and a frozen yogurt shop this year.
In April, however, Elder-Beerman disclosed that it will consolidate its two existing stores at the Mall at Fairfield Commons and will eliminate the furniture gallery as part of the consolidation. In addition, a Lane Bryant store at the Beavercreek mall is scheduled to close permanently this weekend.
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