Albany Mall Bucks National Trend
Wednesday, April 13th, 2011
Average mall vacancy rates in the top 80 U.S. markets reached 9.1 percent in the first quarter, the highest level in 11 years according to real-estate research company Reis Inc. Communities across the U.S. are grappling with an associated decrease in sales tax revenues and more importantly the loss of an important gathering place. Not so in Albany where the Albany Mall continues to thrive.
“Sales are up compared to last year, our occupancy rate is a little over 95 percent and we’re working on several deals that could increase that to 97 percent,” said Charles Cook, general manager of the Albany Mall.
Located at 2601 Dawson Road, Albany Mall is anchored by Belk, Dillard’s, JCPenney and Sears. The mall features more than 80 specialty stores, restaurants and service providers. It serves a total population of more than 446,000 including about 136,000 in the primary market with an average household income of $62,491.
Marketing the mall
Cook attributes the mall’s success to its loyal customers in the surrounding area and the large geographic trade area that it serves. The closest regional mall competition is more than 60 miles away. The mall management strives daily to ensure visitors have a pleasant environment to shop and an enjoyable shopping experience. A variety of marketing events and promotions throughout the year help bring in traffic to the area and into the mall.
“The carnival is here now and we’re working currently with local Boy Scout troops who want to have a show and hold a camp-out here,” Cook said.
Among the regular events are an annual Bridal Expo, seasonal and holiday-related events, fashion shows, Family Fun Nights and local community events such as student art exhibits, health screenings and community awareness programs. In addition, mall retailers offer events and promotions, which help to drive traffic.
“We’re definitely seeing retail tenants put on more sales than they have in the past,” Cook reported.
A stable mix
As malls nationally have had to compete with online sales, they have added more restaurant and entertainment venues. That is not the case at Albany Mall where the tenant mix has stayed relatively stable and Cook expects it to remain that way.
“We have a good mix of restaurants inside the mall. Any additions would be on the exterior areas of the property,” Cook said.
The local competitive mix has remained stable as well and the impact of online sales remains limited at this point.
“Competition has been stable. You’ve still got Kohl’s, Wal-mart and K-mart,” Cook explained.
Albany Mall is managed by Aronov Realty Management Company. Founded in 1952 by Aaron Aronov, Aronov Realty is one of the oldest real estate development and management firms in the United States and is the largest privately held, full-service real estate company in the Southeast. In addition to Albany Mall, the company manages five malls located in Tuscaloosa, Ala., Birmingham, Ala., Selma, Ala, Montgomery Ala, and Hot Springs Ark.
More information on Aronov Realty is available at www.aronov.com. More information on the Albany Mall is available at www.shopmalls.com/albany.
