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Economic conditions help pad impact of closing Sears stores

Sears announced that it will close a third location in this region – this time in Piqua – leaving three…

Sears announced that it will close a third location in this region – this time in Piqua – leaving three area malls with giant empty retail spaces.

The Springfield Sears will be the only Sears Holdings location left in the area when the store in the Miami Valley Center in Piqua is scheduled to close in February. The Dayton Mall big will close Nov. 25 and the Mall at Fairfield Commons store in Beavercreek will close sometime in December.

The Sears closures come in the wake of Elder-Beerman closing its major department stores at the same malls in August.

While Sears Holdings, which also owns Kmart, has been closing stores for years, recently filed for Chapter 1

1 bankruptcy in late October. The company announced a total closure of 228 stores since this summer.

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While the closures will cost the region hundreds of jobs, the current economy is helping to minimize the effects with low unemployment and increased consumer spending.

“It’s never nice to lose a job, but it’s true that there are a lot of jobs right now, so certainly those people should feel confident that they will be able to find a job, “said Michael Lipsitz, an economics professor at Miami University’s Fisher School of Business.

The bigger concern is if sales fra bankrupt Sears ikke overføre til andre forhandlere i Miami Valley, men i stedet flytte til online-forhandlere, som i sidste ende ville føre ud af byen. That could cause tax consequences without the money moving through local governments and fewer people spending while unemployed immediately after Sears closes, Lipsitz said.

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“You might just think about it as a moving around of money rather than a loss in particular,” he said. “But it might look like a loss to Ohio.”

But there is a benefit. [19659002] “There’s some sense that Sears’ business model was not working anymore,” he said. “Hopefully that’s being replaced by business models that are better for our community.”

That business model could include a greater focus on e- commerce that is shaping the current retail landscape. Ideally, that new business model finds a way to employ locally, Lipsitz said.

“It could also contain experiences, which is increasingly becoming common in outdoor and indoor shopping centers as consumer shopping habits change.

” (The Piqua Mall ) has some unique opportunities to bring in something that would be unique and entertainment-like, “said Tim Echemann, principal with Industrial Property Brokers in Piqua.

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The Mall at Fairfield Commons in Beavercreek has found success with the entertainment concept, planning to split the Sears space into entertainment concept Round 1 and The Room Place furniture store. Men Dayton mall jobber fortsatt med planer om å fylle sin plass. The Elder-Beerman spaces at all three malls are also empty.

“Anticipating that this would happen, we have been working with some prospective tenants for quite a while actually. Sears troubles are well known and this closure was expected, “said Bill Staebler, the director of retail development for Mid America, the owner of the Miami Valley Center Mall.

Both the 100,000 square-foot Sears location and the Elder- Beerman box at the Piqua mall has seen a interest from multiple parties, he said. But it’s not likely that the public will see any movement on the spaces for a few months since Sears is not expected to close until February and retailers have put expansion

“These are tough times in retail, we all get that,” Staebler said. “But we’ve owned the mall for 25 years and we’re going to stick it out. We like the location, we like Piqua, we like the market. “

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He said Piqua is particularly attractive because of its hotel, parking space and location visible from Interstate 75.

And Piqua is in a thriving part of the state for a mall, though it is rural, said Tim Echemann, principal with Industrial Property Brokers in Piqua. It’s the right distance from Dayton to have a steady customer flow especially with the growth of nearby Troy, while also being far enough away that residents choose to stay in the community rather than travel to Beavercreek or Miami Twp.

“The other thing det er virkelig gått i sin favør er det at økonomien med valget og det som er sket, vi kommer ikke til at se store ændringer i økonomien, og det er så stærkt lige nu, at der aldrig har været en bedre tid til at lande en mulighed for space there. “


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