SANFORD, Fla. — One of Central Florida's biggest malls is losing one of its anchor stores. Belk announced it's leaving the Seminole Towne Center in Sanford (see map). It's the latest mall in the area to take a hit in this difficult economy.
Come October, another 130,000 square feet of space will be available inside the Seminole Towne Center. Belk and its 36 employees are leaving the mall.
"I think it could actually help the area if someone could buy it out, the store, and bring a better store to the area and bring in more revenue," local resident Matt Duncan said.
Even after Belk disappears, there will be four anchor stores at the mall. But, the store's absence is likely to be felt.
"A mall counts on its per square-foot sales, so, obviously, that number will be reduced until they fill this space. But it also gives the mall developer, in this particular case it's Simon Properties, a way to really invigorate the mall and attract someone that will give a little more pizzazz, sexiness to the mall itself," said David Gabbai, The Shopping Center Group.
Gabbai, a retail expert, says that could mean dividing the space or even adding some outdoor features. He says the Seminole Towne Center, as a whole, is performing well and is considered a "regional draw." But Belk was unable to reach its financial goals at the location.
In a written statement, Seminole Towne Center's general manager told WFTV, in this challenging economy, the Belk departure isn't surprising.
"We have been monitoring the situation closely and are already exploring potential options to utilize the space," he said.
"I think, a year from now, you're going to see a different complexion of that mall completely," Gabbai said.
Last week, Seminole Towne Center's parent company, Simon Property Group, bowed out of a bidding war to buy rival General Growth Properties. General Growth owns Altamonte Mall, Oviedo Marketplace, West Oaks Mall in Ocoee and manages Festival Bay Mall in Orlando.
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