Coral Ridge "The Gap" to Close

[cigaretteman]

The Gap — a khaki pants-selling mainstay at Coral Ridge Mall since the shopping center's opening 1998 — plans to close shop after the holiday season.

The Coralville Gap location will close Jan. 26, management at the store said Friday. The shop is one of 175 locations the struggling company plans to shutter beginning next month.

Coral Ridge's management said a new tenant has yet to be identified for the space.

"We don't know who's going to be going in there yet," said Melissa Gustas, a property management associate with the mall.

In June, the San Francisco-based company announced plans to close about 175 stores over the next few years, including 140 by the end of its fiscal year in January. The move is in response to slumping sales figures, and the closures are expected to save the company about $25 million a year, Gap executives have said.

The Gap is one of the largest retailers to pull out of Coralville's regional mall in recent years. One of Coral Ridge's original anchors, Sears, closed in January 2013, and while seasonal retailers have occupied the space since, no permanent tenant has been announced.

The mall, which is owned by General Growth Properties, has yet to announce a permanent anchor to take its place

The closures will reduce of the number of Gap stores in North America from about 960 to about 800.

Company leaders told the Associated Press earlier this year that the moves wouldn't effect its other brands. The Gap also owns Banana Republic and Old Navy, which have stores at Coral Ridge.

http://www.press-citizen.com/story/.../coral-ridge-mall-losing-big-tenant/77152404/

 

[lucas80]

Rumor has it there are several stores getting ready to pull out of Coral Ridge. The fact that the large space Sears occupied cannot be filled, even by cobbling it up into smaller spaces is pretty telling.

 

[Pinehawk]

The TIF District for the mall expires in 2018, at which point (20 years later) the county and schools will finally begin seeing tax dollars from the mall development. Right as the mall begins to die...

 

[naturalmwa]

Rumor has it there are several stores getting ready to pull out of Coral Ridge. The fact that the large space Sears occupied cannot be filled, even by cobbling it up into smaller spaces is pretty telling.

I was hoping they would move Best Buy into Sears and knock down the wall to allow Target to become a super center.

 

[22*43*51]

It's dying. Like all Malls.

 

[LuteHawk]

May the Good Lord preserve DILLARDS at the Coral
Ridge Mall.

 

[hawkeye54545]

I for one this holiday season have made every purchase online. The interwebz has to be hurting sales big time.

 

[UNIowaHawk]

Tear it down and put a Cabelas or Bass Pro Shop in. I think it would do well. Right off 80.

 

[lucas80]

Tear it down and put a Cabelas or Bass Pro Shop in. I think it would do well. Right off 80.

Cabela's is my choice, but they are pretty strict on store placement.

 

[lucas80]

I don't think it will wreck the mall, but, I think there is going to be a civil suit over the young woman from the children's museum getting murdered by the mall cop. I think they really effed up in how they handled that dude.

 

[Old_wrestling_fan]

Tear it down and put a Cabelas or Bass Pro Shop in. I think it would do well. Right off 80.

I am only guessing here, but I would suspect that Scheel's would have something in their contract that would prevent such a thing. If not, that is a HUGE risk to take IMO.

Also, as others have mentioned, online sales continue to grow and are displacing retail stores more and more. The future of mega malls is not bright IMO.

 

[Hawk and Awe]

I had hoped this thread would've been about how to fill the gap...... Whatever

 

[QChawks]

Mind the gap?

 

[Hawk and Awe]

The TIF District for the mall expires in 2018, at which point (20 years later) the county and schools will finally begin seeing tax dollars from the mall development. Right as the mall begins to die...

This isn't the full argument. How much sales tax was generated from the mall? Building permits? Development outside the District? I am generally against large TIF districts because of the unrewarded risks, but it is more complicated than both sides seem to acknowledge.

Werent calling you out by the way. It was interesting to hear the district is lapsing. I would bet they extend it for a project that "keeps the mall alive"

 

[Pinehawk]

For the County? Zero dollars.

Coralville? Not sure.

I believe Coralville has said they won't try to renew it, and the county supervisors are watching that closely. It's 2 million in tax revenue they've been waiting 20 years for.

 

[HawkMFT]

It's dying. Like all Malls.

Don't you live in DSM? Have you driven by Jordan Creek Mall lately?

 

[Hawk and Awe]

For the County? Zero dollars.

Coralville? Not sure.

I believe Coralville has said they won't try to renew it, and the county supervisors are watching that closely. It's 2 million in tax revenue they've been waiting 20 years for.

But it wasn't the County's investment.

 

[Pinehawk]

But it wasn't the County's investment.

It's the counties tax base. Especially when Coralville pulled a lot of those business out of Iowa City where they had been receiving those taxes. Take a look at what's happened to Sycamore Mall and the Old Capitol Mall over the last 20 years.

In related news...
"Despite Coralville's efforts to improve its status with credit rating agencies, Moody's Investors Service has downgraded the debt-saddled city's bond rating yet again.

Moody's, a market rating agency that assesses the credit-worthiness of cities and other governmental entities, dropped Coralville's general obligation rating down a notch last week and stamped the city with a negative outlook.

Moody's ratings range from Aaa, which is the best, to C, meaning Coralville now falls nearly in the middle of the scale. By way of comparison, Moody's in April awarded neighboring Iowa City a bond rating of Aaa, its top designation, for the 39th consecutive year.

Moody's said in its report that it lowered Coralville's rating because of elevated debt, highly leveraged tax-increment financing districts, and the "substantial liabilities" of owning properties that include a hotel, golf course, performing arts center and a brew pub.

"The negative outlook reflects our expectation that Coralville's debt and other contingent liabilities will continue to pressure the city's cash position and overall operating flexibility," Moody's said in its report.

http://www.press-citizen.com/story/...alvilles-bond-rating-continues-fall/77318722/

 

[Greenway4Prez]

While The Gap may be closing, I will still go to the mall on occasion to see gaps, ifyaknowwhatimsayin.

 

[LuteHawk]

Greenway4Prez likes him some cleavage which is in
fully display during Spring, Summer, Fall at the Mall.

 

[Run&Blade]

When Amazon opens up one of their distribution centers to the public as some sort of SAMs/Costco platform everything will close.

 

[Hawk and Awe]

It's the counties tax base. Especially when Coralville pulled a lot of those business out of Iowa City where they had been receiving those taxes. Take a look at what's happened to Sycamore Mall and the Old Capitol Mall over the last 20 years.

In related news...
"Despite Coralville's efforts to improve its status with credit rating agencies, Moody's Investors Service has downgraded the debt-saddled city's bond rating yet again.

Moody's, a market rating agency that assesses the credit-worthiness of cities and other governmental entities, dropped Coralville's general obligation rating down a notch last week and stamped the city with a negative outlook.

Moody's ratings range from Aaa, which is the best, to C, meaning Coralville now falls nearly in the middle of the scale. By way of comparison, Moody's in April awarded neighboring Iowa City a bond rating of Aaa, its top designation, for the 39th consecutive year.

Moody's said in its report that it lowered Coralville's rating because of elevated debt, highly leveraged tax-increment financing districts, and the "substantial liabilities" of owning properties that include a hotel, golf course, performing arts center and a brew pub.

"The negative outlook reflects our expectation that Coralville's debt and other contingent liabilities will continue to pressure the city's cash position and overall operating flexibility," Moody's said in its report.

http://www.press-citizen.com/story/...alvilles-bond-rating-continues-fall/77318722/

Yeah I don't think we disagree on TIF being unfair to Counties. I was being lazy in my response.

Coralville being in trouble financially is absolutely shocking to me. Their CFO should be thrown in jail. There is no reason any Iowa City should be at risk for default

 

[lucas80]

While The Gap may be closing, I will still go to the mall on occasion to see gaps, ifyaknowwhatimsayin.

I don't feel so bad for walking past Victoria's Secret a few times today. Goodness they hire some cuties to work there. Plus, you don't see uggos shopping there.

 

[UNIowaHawk]

I am only guessing here, but I would suspect that Scheel's would have something in their contract that would prevent such a thing. If not, that is a HUGE risk to take IMO.

Forgot about Scheels. Cabelas would be a far greater draw than Scheels though. It's a destination store and you'd get people driving from relatively great distances to go there.