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FINANCE

New owner hopes to keep 70 Gander Mountain stores open

BY Marianne Wilson

Things may not be bad as they first looked for Gander Mountain Company.

Although there is a banner on the bankrupt company’s website announcing that all of its stores are going out of business, its new owner says that’s not exactly the case.

Camping World Holdings, which acquired Gander Mountain and its Overton’s boating business in a bankruptcy auction in late April, may now keep as many as 70 or more of Gander Mountain’s 162 stores open.

“It is my estimation that we are going to probably end up having around 70 — maybe 75 — stores,” Marcus Lemonis, chairman and CEO of Camping World, said in a video that was posted on Twitter on Sunday. “Our goal is to see the business survive and thrive, and take care of the people who work there.”

In a statement issued by Camping World, Lemonis said the ultimate fate of the stores is subject to, among other things, the company’s ability to negotiate lease terms with landlords on terms acceptable to it and approval of the Bankruptcy Court.

Lemonis added that the current liquidation of the existing Gander Mountain inventory will allow Camping World start with a clean slate of what it considers the appropriate mix and level of inventory.

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DEVELOPMENT/REDEVELOPMENT

Makeover complete at L.A. area center

BY CSA STAFF

A formerly troubled center in an affluent community south of Los Angeles has capped off an 18-month, $17 million renovation.

Just two years ago, The Vestar-owned Peninsula Center in Rolling Hills Estates was plagued by several vacancies and an image not in keeping with standards in the community, which has a median household income of $144,000.

Today Orchard Supply Hardware and Ulta Beauty occupy the made-over center, along with new dining options Chipotle and The Habit Burger Grill.

“We have to tailor our tenant mix to what’s going to be the most successful for the community we’re in,” Vestar executive VP Jeff Axtell told Daily Breeze, a local news site.

Click here for more.

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REAL ESTATE

PREIT issues State of Repositioning report

BY CSA STAFF

There was a time, not long ago, when mall owners crowed about their Sears, Macy’s and J.C. Penneys. Now, one has issued a chronicle of its systematic decommissioning of department store anchors.

That owner is PREIT, and CEO Joe Coradino claims his company was ahead of the curve in the decline of some of the biggest names in retail.

“PREIT was an early mover in its proactive anchor repositioning program,” Coradino said in releasing a compilation of moves made during PREIT’s strategic repositioning. “We are capitalizing on owning quality properties in the best locations in their markets, capturing a wide variety of tenant interest. At the same time, we are systematically reducing exposure to select department stores.”

PREIT reported that there are currently nine anchor locations in transition it its portfolio. Seven replacement tenants are under construction, and five are expected to be on the rent rolls by year’s end.

The locations:

Viewmont Mall (Scranton, Pennsylvania): Dick’s Sporting Goods, Field & Stream, and HomeGoods will replace a Sears store that PREIT recaptured in 2016.
Capital City Mall (Harrisburg, Pennsylvania): Another Dick’s moving into another former Sears.

Valley View Mall (Lacrosse, Wisconsin): Herberger’s Department Store will open in a former Macy’s.

Magnolia Mall (Florence, South Carolina): Sears replaced by Burlington.

Last year, PREIT installed Dick’s and Round 1 Entertainment in two recaptured J.C. Penneys locations at Exton Mall in Exton, Pennsylvania, and Cumberland Mall in Vineland, New Jersey.


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