I'm worried.
Very worried.
I'm worried about shopping malls -- particularly the Cherry Hill Mall which was the first shopping mall of its kind to open east of the Mississippi in 1961.
Now, you may ask why I'm worried about malls. Malls are over, finished, caput you may argue. In the age of big box stores, lifestyle centers and, most of all, Amazon, you may see malls as dinosaurs. And, sadly some of them probably are.
But many of those that are still around have lots to offer. And they remain not just eminently viable but vital.
The Cherry Hill Mall in New Jersey (just across the river from Philadelphia) is one of them. Just as it did when it first opened, the mall still has three anchor department stores and boasts more than one million square feet and more than 100 stores and services. And the mall has kept pace with all of the changes that have taken place since its trailblazing opening six decades ago.
Expansions and renovations came in 1973, 1977 and 1997. But the most dramatic change occurred from the period of 2007 to 2009 when the mall underwent a massive $220 million renovation -- an investment seven times its original cost. The transformation saw 228,000 sq ft. of new retail added as a visionary team of architects created the mall’s gleaming new design. This brought a new Grand Court featuring 140,000 sq ft. of new retail, along with a new 138,000 sq ft. Nordstrom anchor store which opened on March 27, 2009.
Additionally, the mall added several exterior-facing restaurants in a new section known as Bistro Row. A large-scale entrance to an H&M store to the frontage of Route 38 was also added, while the food court was moved to the JCPenney wing, in a much smaller configuration than the mall's original food court but now featuring many eateries. The mall also added The Container Store and Crate & Barrel as outparcel retailers outside the mall's parking lot. Additionally, a three-story parking garage was constructed, while the whole mall was gutted for a clean contemporary marble-and-wood color scheme that included soft chair seating areas with sofas and cell phone ports.
The new changes created a new tenant mix similar to King of Prussia. The mall today consists of many upscale stores in a newly renovated interior and exterior and a revitalizing theme running throughout the center.
Most recently, the mall has substantially weathered the decline of brick and mortar retail as major names faced tough economic times. The mall shifted emphasis, making room for innovative space allotment with 1776, a new workspace center, and more special events and lifestyle, health and wellness expos along with unique seasonal attractions for children and young families. And the mall is expanding again with a spacious new Apple flagship store being built adjacent to one of its main entrances.
Of course, all this was underway before the coronavirus.
And now, COVID has changed everything!
The mall has been closed since March 18. That's more than 50 long days. Yes, a few stores and restaurants are offering curbside pickup but the mall is essentially shuttered.
The mall has always been Cherry Hill's Main Street. Now, Main Street is sealed, closed, cordoned off. And its parking lot is barren, empty. And inasmuch as New Jersey Governor Phil Murphy has extended the quarantine yet again and announced no definitive "opening" date, there really is no end in sight.
The Cherry Hill Mall is the crown jewel of South Jersey's commercial and economic hub. In fact, the mall is largely credited with giving Cherry Hill its name since the mall and the nearby Cherry Hill Inn made that monicker famous before what was Delaware Township formally assumed the name Cherry Hill in 1962.
The mall has sustained economic downturns before. But what it's facing now seems like a perfect storm. There's no telling when people will be comfortable visiting real, live stores and restaurants again or how that will work when the opportunity presents itself.
And, even before the COVID pandemic big retailers were facing problems. Now, the mall's three anchor department stores are all adrift in a sea of red ink. Both Macy's and Penney's have closed countless outlets. Penney's is teetering on the brink of bankruptcy and Macy's hardly seems far behind. On top of that, Nordstrom, once viewed as the most lustrous and solvent of all such chains, just announced plans to permanently close 16 stores. Though all three of the Cherry Hill department stores have thus far been spared the axe, the Nordstrom announcement sent shock waves through the industry.
The mall's owner, PREIT (Pennsylvania Real Estate Investment Trust) has seen its stock price decline by more than 75 percent since the beginning of the year, recently trading below $1. PREIT is now seeking federal emergency funds and has said it may also request tax relief from municipalities where its malls are located. Its nearby Moorestown Mall has been nearly emaciated with the closing of Lord & Taylor, Macy's and Sears.
Make no mistake about it: if the Cherry Hill Mall goes under, you can forget about Cherry Hill as we know it. Not only that but a major economic generator for South Jersey and the state will be gone. The jobs and tax dollars that the mall generates (in terms of property taxes, sales tax, income tax, etc) are nothing less than astronomical. A blighted mall at South Jersey's crossroads would be more than an eyesore, it would be a disaster of mammoth proportions.
In every season, the mall is a gathering place where people come to see and be seen. It's a place where people from all walks of life converge to stroll, shop, dine, gaze and simply experience an ever-changing showcase of food, services and merchandise. Cherry Hill without the Cherry Hill Mall is simply unimaginable.
That's why Cherry Hill's mayor and town council must act now to help ensure the survival of not just the mall but the entire business community that acts as a linchpin for the region. If a task force has not already been appointed to chart the post-COVID recovery it needs to be appointed now and it needs to tap the area's top economic minds and visionaries to put imagination and wise planning to use to get things rolling again. Indeed, a broad-based team must be assembled and the town must be prepared to make necessary accommodations to the mall and other enterprises. At the same time, county, state and federal reps must take the laboring all for what must be a high priority.
To be sure, the mall must do its part as well and recognize the vital role that it plays. In fact, even if the stores aren't operating, the mall itself needs to be reopened as soon as possible so that people can walk through it once again and perhaps order takeout from the food court or restaurants that are not yet operating. At the very least, it would be a way of beginning to invite people back into a place that has come to define what we call a critical mass.
Every day that the mall is shuttered is another day that people are out of work; another day without quick, reliable and appealing access to a wide variety of goods and services; another day without some sort of real-life interaction with real people and another day closer to economic devastation.
We cannot go on like this. We must turn the key and begin to unlock the doors to the mall and all such economic and social interaction.
The hour is late. The stake are high. The need is paramount!
The Cherry Hill Mall is the crown jewel of South Jersey's commercial and economic hub. In fact, the mall is largely credited with giving Cherry Hill its name since the mall and the nearby Cherry Hill Inn made that monicker famous before what was Delaware Township formally assumed the name Cherry Hill in 1962.
The mall has sustained economic downturns before. But what it's facing now seems like a perfect storm. There's no telling when people will be comfortable visiting real, live stores and restaurants again or how that will work when the opportunity presents itself.
And, even before the COVID pandemic big retailers were facing problems. Now, the mall's three anchor department stores are all adrift in a sea of red ink. Both Macy's and Penney's have closed countless outlets. Penney's is teetering on the brink of bankruptcy and Macy's hardly seems far behind. On top of that, Nordstrom, once viewed as the most lustrous and solvent of all such chains, just announced plans to permanently close 16 stores. Though all three of the Cherry Hill department stores have thus far been spared the axe, the Nordstrom announcement sent shock waves through the industry.
The mall's owner, PREIT (Pennsylvania Real Estate Investment Trust) has seen its stock price decline by more than 75 percent since the beginning of the year, recently trading below $1. PREIT is now seeking federal emergency funds and has said it may also request tax relief from municipalities where its malls are located. Its nearby Moorestown Mall has been nearly emaciated with the closing of Lord & Taylor, Macy's and Sears.
Make no mistake about it: if the Cherry Hill Mall goes under, you can forget about Cherry Hill as we know it. Not only that but a major economic generator for South Jersey and the state will be gone. The jobs and tax dollars that the mall generates (in terms of property taxes, sales tax, income tax, etc) are nothing less than astronomical. A blighted mall at South Jersey's crossroads would be more than an eyesore, it would be a disaster of mammoth proportions.
In every season, the mall is a gathering place where people come to see and be seen. It's a place where people from all walks of life converge to stroll, shop, dine, gaze and simply experience an ever-changing showcase of food, services and merchandise. Cherry Hill without the Cherry Hill Mall is simply unimaginable.
That's why Cherry Hill's mayor and town council must act now to help ensure the survival of not just the mall but the entire business community that acts as a linchpin for the region. If a task force has not already been appointed to chart the post-COVID recovery it needs to be appointed now and it needs to tap the area's top economic minds and visionaries to put imagination and wise planning to use to get things rolling again. Indeed, a broad-based team must be assembled and the town must be prepared to make necessary accommodations to the mall and other enterprises. At the same time, county, state and federal reps must take the laboring all for what must be a high priority.
To be sure, the mall must do its part as well and recognize the vital role that it plays. In fact, even if the stores aren't operating, the mall itself needs to be reopened as soon as possible so that people can walk through it once again and perhaps order takeout from the food court or restaurants that are not yet operating. At the very least, it would be a way of beginning to invite people back into a place that has come to define what we call a critical mass.
Every day that the mall is shuttered is another day that people are out of work; another day without quick, reliable and appealing access to a wide variety of goods and services; another day without some sort of real-life interaction with real people and another day closer to economic devastation.
We cannot go on like this. We must turn the key and begin to unlock the doors to the mall and all such economic and social interaction.
The hour is late. The stake are high. The need is paramount!
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