PREIT’s Cherry Hill Mall Will Replace Office With Dick’s House of Sport
Cherry Hill Mall outside Philadelphia has 140,000 square feet of new stores coming, including a Dick’s House of Sport. Image credit: JPRA Architects
The Dick’s Sporting Goods’ experiential House of Sport concept will serve as a key addition to the more than 140,000 square feet of new stores on the menu for PREIT’s prized Cherry Hill Mall, 20 minutes east of Philadelphia in New Jersey. In 2024, Dick’s said it planned to open 75 to 100 House of Sport locations over the following five years. It opened seven in 2024 and plans to open about 16 in 2025. The roughly 120,000-square-foot Cherry Hill location, which will replace the One Cherry Hill office building, is set to open in 2026. The store will feature a climbing wall, several golf bays, an outdoor track and field and a multisport cage where people can play baseball, softball, lacrosse and soccer and try the store’s products. “The addition of Dick’s House of Sport, coupled with other sought-after retailers, reflects our strategic approach to capital allocation and our commitment to creating diverse, high-quality shopping experiences,” said PREIT chief revenue officer Joe Aristone.
A 120,000-square-foot Dick’s House of Sport will replace Cherry Hill Mall’s One Cherry Hill office building and is set to open next year. Image credit: JPRA Architects
MORE FROM C+CT: Dick’s Will Focus on Its Experiential House of Sport Concept — and Backfilling Mall Anchors
Class B Malls: “Compelling Opportunity for Adaptive Reuse”
Some folks see malls with outdated designs and relatively low occupancy as dinosaurs. But a new Cushman & Wakefield report classifies them as phoenixes rising from the ashes. In its Future of B Malls: Transforming Challenges into Opportunities report, Cushman & Wakefield makes the case that Class B malls can evolve into “dynamic mixed-use centers” thanks to their big footprints, prime access and adaptability. “Class B malls represent a unique opportunity to meet both market demands and community needs through thoughtful redevelopment,” the report said.
“Often priced below their original value, these properties are ideal for redevelopment into community-centric hubs, featuring a mix of residential, retail and public spaces.”
Citing data from real estate research and advisory firm Green Street, the report counted 250 Class B malls in the U.S., representing 28% of the country’s malls. “Class B malls, despite their challenges, offer a compelling opportunity for adaptive reuse. Often priced below their original value, these properties are ideal for redevelopment into community-centric hubs, featuring a mix of residential, retail and public spaces,” the report said.
$1.3 Billion Mixed-Use Development Coming to Dallas-Fort Worth Suburb
Real estate developer Creation, in partnership with family office Horizon Capital Holdings and real estate investment firm Vaulter, is leading a $1.3 billion, 155-acre project that’s coming to the Dallas-Fort Worth suburb of McKinney.
The City Council of McKinney, Texas, has approved the $1.3 billion, mixed-use Long Branch development. Image courtesy of Creation
The master plan for the project, named Long Branch, thus far calls for 135,000 square feet of retail anchored by a 65,000-square-foot grocery store, along with 1,600 apartments, 318,600 square feet of office across two six-story buildings, a 100-key hotel and a five-story parking garage. Construction is scheduled to start this year, and the buildout is expected to last one decade. GFF Design is designing the first phase, and LGE Design Build is the general contractor.
Long Branch thus far calls for 135,000 square feet of retail anchored by a 65,000-square-foot grocery store, along with 1,600 apartments, 318,600 square feet of office across two six-story buildings, a 100-key hotel and a five-story parking garage. Image courtesy of Creation
Barnes & Noble and Trader Joe’s Are Opening Dozens of Stores This Year
On Oct. 30, 2024, Barnes & Noble opened a location in the historic Noel State Bank building in Chicago’s Wicker Park. Walgreens previously occupied the property. Photo courtesy of Barnes & Noble
The Wednesday debut of a Barnes & Noble in a former Naperville, Illinois, Pottery Barn continues a new chapter for the chain. It’s the 15th Barnes & Noble to open so far this year. Altogether, it expects to open more than 60 stores in 2025. After more than 15 years of declining store counts, the bookseller’s narrative changed in 2024, when it opened more stores in one year than it had from 2009 to 2019. A spokesperson said the company opened 57 stores last year and acquired four Tattered Cover Book Store locations in Colorado. Barnes & Noble operates about 600 stores across the U.S.
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Like Barnes & Noble, Trader Joe’s is going through a growth spurt. USA Today reported on Wednesday that the grocery chain is opening at least 23 stores this year. That number very well could rise, as a spokesperson told USA Today the company adds to its grand-opening list every month. According to the newspaper, the chain operates more than 580 stores in the U.S.
Walmart Plans $6 Billion of New Stores in Mexico
Bodega Aurrera Photo credit: arkadijschell - stock.adobe.com
Walmart’s Mexican and Central American arm is placing a $6 billion bet on the Mexican market. The big-box retailer will put the money toward opening more stores in Mexico. It didn’t reveal the number of stores, which will open under the Bodega Aurrera, Sam’s Club, Walmart Supercenter and Walmart Express banners. “At its core, the investment represents Walmart’s long-term commitment to the region,” the retailer said. Walmart already operates 3,500 stores across Mexico. At the end of 2024, its Mexican and Central American business reported annual revenue of more than $48.5 billion.
Big V Property Group Promotes Three Executives
Shopping center owner and operator Big V Property Group has made three major shifts in its executive ranks. Jeffrey Rosenberg, previously president and CEO, is now chair and CEO. Kenton McKeehan, previously chief investment officer, is now president and chief investment officer. McKeehan is an ICSC trustee and a member of its executive board. Big V also has promoted Greg Ix from senior vice president of leasing to executive vice president of leasing. Big V owns and operates more than 50 neighborhood and community shopping centers in the U.S.
By John Egan
Contributor, Commerce + Communities Today