The Retail Implosion Nibbling at 12 Oaks Mall

[Bham1982]

I'm sure that's what they said about Northland as well.

Ridiculous. Northland was in bad shape for 40 years, and it had nothing to do with retail's current challenges. Northland declined because it was viewed as a "black mall" and then, later, the 8/Greenfield area was perceived [[probably correctly) as rundown and dangerous.

12 Oaks [[and Somerset) typically have waiting lists for stores, and are valued in the many hundred of millions. They're extremely profitable properties, with enviable demographics.

Listen, I get it. This is DYes. We're supposed to push an agenda of "Detroit is booming and sprawl is on its death knell". But this site [[which is great) loses credibility when promoting fakenews.

[hybridy]

Ridiculous. Northland was in bad shape for 40 years, and it had nothing to do with retail's current challenges. Northland declined because it was viewed as a "black mall" and then, later, the 8/Greenfield area was perceived [[probably correctly) as rundown and dangerous.

12 Oaks [[and Somerset) typically have waiting lists for stores, and are valued in the many hundred of millions. They're extremely profitable properties, with enviable demographics.

Listen, I get it. This is DYes. We're supposed to push an agenda of "Detroit is booming and sprawl is on its death knell". But this site [[which is great) loses credibility when promoting fakenews.

strongly agree here. 12 oaks is owned and operated by taubman. notice how taubman sold fairlane and partridge creek before things really started to meltdown. their strategy is everything brick and mortar retail has been focused on lately - outlets + high end with 'dining + experience' tenants. i'm sure they have a strategy already in place for sears spot. something like this, i'm sure.

https://www.bizjournals.com/milwauke...opment-of.html

[Bham1982]

strongly agree here. 12 oaks is owned and operated by taubman. notice how taubman sold fairlane and partridge creek before things really started to meltdown.

Exactly. Taubman sold its "B" properties and kept the "A" properties, including Twelve Oaks. It's one of Taubman's top Midwest properties.

Some of these vacancies [[at least by Nordstrom) are due to prosperity, not decline. Again, H&M is building a huge multilevel store, when it used to have a small store. This requires large, empty blocks of space. I believe Lululemmon is also relocated, and building a much bigger store.

When a new store enters the Michigan market, Twelve Oaks [[alongside Somerset, and in some rarer niche cases, Birmingham and Downtown/Midtown) are the first options.

Here's an article about an online women's retailer, opening it's first MI store in Twelve Oaks [[right next to Nordstrom, no less, the space possibly photographed by Lowell.).

https://www.freep.com/story/money/20...gan/550407002/

[RO_Resident]

12 Oaks [[and Somerset) typically have waiting lists for stores, and are valued in the many hundred of millions. They're extremely profitable properties, with enviable demographics.

Listen, I get it. This is DYes. We're supposed to push an agenda of "Detroit is booming and sprawl is on its death knell". But this site [[which is great) loses credibility when promoting fakenews.

Actually, I think that Somerset is suffering from the structural changes to the retail industry.

There are a handful of vacant storefronts in the mall. In the past, most stores had to shut down for their periodic refresh. Now, there is enough vacancies for them to set up temporary locations in other parts of the mall.

Their certainly doing better than other malls in the region, but they are nowhere near the 100% occupancy of a few years ago. And as you suggest, it was probably closer to 105% occupancy.

The location is not dying, I wouldn't even say it is sick [[okay, maybe just a case of the sniffles). It's just not the juggernaut of a few years ago.