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MIDDLETOWN — Middletown has made yet another infamous national list.
This time the city was dinged for being home to one of America’s Most Endangered Malls.
The Towne Mall, just off Ohio 122, was given that distinction in an article by Rick Newman, a blogger with U.S. News and World Report.
His report outlined the reasons why some malls are failing across the nation.
Newman said the “sharp recession is clearly accelerating the demise of vulnerable retailers and some of the shopping centers they inhabit.”
He also noted that plunging sales as well as many retailers carrying heavy debt to fund aggressive growth and the current credit crunch that has made cash harder to obtain.
Katie Reinsmidt, of Chattanooga-based CBL & Associates, the owners of the Towne Mall, said this latest story mirrors previous national media reports about Middletown mall.
“We think there’s a bright future for the center and we’re going to keep working toward that,” she said. “We’re also keeping out of the media hype. CBL is not subscribing to the ‘endangered malls’ thought.”
Newman said the first sign of trouble is when an anchor tenant departs a mall, and it is estimated that 10 percent of the nation’s malls could close in the next few years.
Newman used data from Green Street Advisors, the same California firm that the Wall Street Journal Online edition recently used to analyze malls.
According to Green Street’s data, Towne Mall has a 49 percent occupancy rate and sales per square foot of $207.
The firm notes that malls that are struggling have sales per square foot of $250.
City Manager Judy Gilleland said, “The mall has been identified as an area ripe for redevelopment.”
Gilleland said the city is also working with consultants and various stakeholders on a redevelopment plan that is almost completed.
“We’re working with property owners in marketing the site,” she said.
Mike Robinette, the city’s economic development director, said last week that three scenarios are being evaluated by the consultant and the various stakeholders. He expects to have a plan before Middletown City Council by its July 21 meeting.
Ann Mort, co-chair of the Middletown Pride in Action initiative, walks at the Towne Mall and knows at least half of the stores are empty.
“I think it’s time for the Towne Mall to have a different life,” Mort said, adding that one possibility could be to turn it into an elementary school.
Mort said the negative publicity doesn’t help the city’s in its efforts to improve its overall image. “I think you can always make a batch of lemonade,” she said. “I refuse to give up on things. I’m always looking for the silver lining.”
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