The Retail Implosion Nibbling at 12 Oaks Mall

[Johnnny5]

^^^ Another thing to consider is that the lease terms for many of the in mall stores may be based on the anchor stores being there and open. With 12 Oaks losing Sears and maybe all of its major anchors, the lessees may have an easy out, or at the very least a case for rent reduction.

As for Novi, it's going to face a very large change in the next 10 years. If this Covid19 crisis stretches into next year [[Which is looking very likely) I expect a third of the brick and mortar retailers in Novi to go under, and maybe even as many as half. The Fountain Walk complex that includes Dick's Sporting Goods and the Imagine is probably going to be half empty before the end of the year [[If it isn't already)

The city of Novi does have one saving grace in that residential real estate and warehouse space is still booming, and the owners [[Or their creditors) may have the option of converting some of these large shopping centers into residential properties or warehouse space. With top notch schools and easy freeway access, the properties would fetch top dollar.