Arkansas Blog: On Target

A representative from Target Stores told the Midtown Redevelopment advisory board this morning that the company is interested in putting a store on the property where the University Mall is now located.

Demographics suggest a "P" store -- like the Target stores on Chenal and in North Little Rock -- would be successful on the site, Lisa Ellis told the board.

Simon Property Group, which operates the mall, recently canceled leases on the businesses remaining in the mall, a move that had the advisory board scratching its head this morning. Simon has been sued by the landowners for not maintaining the property and keeping the mall profitable; it has appealed to the 8th Circuit a ruling that it make more than $7 million in repairs to the building.

Ellis told the board that the cost of building a two-story Target, which would allow for more development of other business on the property, would be prohibitive, given the market. She also said Target would only be interested in ownership, rather than a lease on the property. The land, owned by William L. Patton Jr. Family Limited Partnership of Arkansas and Southern Real Estate and Financial Co. of Missouri, is not for sale.

Comments

I know that the discussions about what to do with the University Mall space have been based on Target as the principal vendor, but let's not exclude other chains if Target doesn't want to build a multilevel facility. Would another similar chain consider building a multilevel facility on the University Mall space? The mixed use idea has a lot of merit, and going up instead of out provides space for more businesses.

Posted by: Pavel | September 28, 2007 02:59 PM

Macy's would be a good candidate.

You want to leave plenty of room for ground level retail for smaller shops and multifamily residential. Replacing all of University Mall with a Super Target isn't going to make it worth it to Simon.

The current Sears site would be good for Target, wouldn't it?

Posted by: Aporkalypse | September 30, 2007 11:25 PM

One of the great mysteries of life over here on the left-hand side of the state is how Target is going to put a big store on a steep hillside out by our airport. They have been pushing dirt around for 6 months and it's still impossible to see where a store building will sit in the end. Oh, I'm sure they have a plan and I guess pushing dirt is a lot cheaper than building walls, so they must not mind making a flat spot out of a hillside.

When I slide over and touch my wife's boobs in the night she mumbles something about Target...so I hope they start building the store soon cause I know one gal just dying to do some shopping there. If'n when they get our Target store built, it might be the 9th Wonder of the World....cause I have no idea how they'll hang it off that hill. Guess that is why they're rich and I drive a 19 year old truck. Target.....the anti-Wal-Mart.

Posted by: Deathbyinches | October 1, 2007 09:48 AM

Arkansas Blog

On Target

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