Monday, June 21, 2010

Opry Mills tenant mix, timeline unclear after historic flooding

The owners of flood-ravaged Opry Mills haven’t yet said when the massive shopping center will reopen. The bigger question, though, may be which retailers will be there when it does.

One thing is clear: A post-flood Opry Mills will be different, changing the face and character of the 1.2 million-square-foot shopping center that, according to published reports, brought in more than $200 million in revenue in 2009 from regional shoppers and tourists alike. According to the mall’s owner, Indianapolis-based Simon Property Group, the regions’s second-largest mall draws from a population of 570,000 people.

Billy Lyell, a retail-oriented broker with Nashville Commercial Real Estate Services, said the big-box, anchor tenants are more likely to stay put. Smaller stores, though — those around 10,000 square feet — are likely to see a lot of turnover. Lyell estimated that up to 30 percent may not come back.

“Some of your small tenants might use this as an opportunity to get out,” said Lyell, who is representing one such tenant (which he declined to name) in a search for new space.

SOURCE: Nashville Business Journal

Do you have a store in Opry Mills? What do you hear about whats going on? What are your current plans? I would love to hear your comments?

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