Matt Mason: Fate of Rivertown Crossings reflective of broader retail uncertainty – MiBiz
Matt Mason was featured in MiBiz‘s article titled “Fate of Rivertown Crossings reflective of broader retail uncertainty.”
“There’s some Sears locations where (buying out a lease has) happened, but that’s really only going to be in your absolute top-tier A malls around the country,” said Matthew Mason, a managing director in the Detroit office of turnaround firm Conway MacKenzie Inc. “It’s very difficult to make the numbers work in locations where you’re not going to instantly redevelop that corner of the mall. I’m sure GGP has done that in other markets. I’m not sure this will fit that profile.”
Owners of struggling malls often try to divide the space or bring in different types of users such as office tenants or more entertainment-themed options, Mason said.
“Trying to find another traditional department store to take that place is going to be very difficult,” he said.
“You have the retailers or malls that are best positioned that are just going to get stronger, but the ones on the lower end are just going to have to go away,” said Mason with Conway MacKenzie. “There’s just not going to be a market for them.”