Since October, the Auburn Mall has been posted on www.deadmalls.com.
Ouch.
The posting – the only one for a mall in Maine – underscores the perception that the once vibrant retail complex is gasping for breath. The Web site founders tour the country looking for under-performing or dying malls.
So it’s no surprise that some Auburn Mall tenants are happy to hear there’s a new owner who’s planning to breathe life into 26-year-old complex. Local developer George Schott bought the mall Thursday.
“It would be a real positive to have a new influence in the mall,” said John Caringi, manager of JCPenney. “Anybody purchasing the mall and looking to stimulate future growth is welcome.”
Penney has been the sole anchor tenant at the mall since Porteous closed in 2002. Although the store typically is the best performing Penney in the state, Caringi said having more retailers in the mall generates more foot traffic, and that in turn spurs sales for everyone.
According to industry sources, the average U.S. mall generates about $355 in sales per square foot.
The Maine Mall is considered a stellar mall, generating about $465 in sales per square foot, according to the annual report of General Growth Properties, its owner.
Auburn’s sales figures weren’t available, although several sources said they thought the mall’s average was below the national figure.
Full occupancy would help change that.
“I’d love to see him fill the other anchor where Porteous was,” said Caringi. That 60,000-square-foot space makes up about 20 percent of the total available space at the mall.
Schan Martin, manager at Thatcher’s restaurant, concurs.
He, too, would like to see the mall’s 58 stores full. He said little has been done to improve or sustain growth at the mall in the last 10 to 15 years. And he’s happy Schott is the new owner.
“I think it’s great,” said Martin of the sale. “It seems everything Schott touches turns to gold.”
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