Mar 26 2013

Five years after Kinsey Probasco Hayes, the commercial developer for the Alcoa West Plant project, announced plans to redevelop the site, there is very little to show for their efforts. Since TDOT has not approved, and may not approve, a new interchange to the site, it is possible development will take longer, if at all.

Is it possible the project will take so long that retail centers will no longer be practical? Maybe they should focus more on the town center, New Urbanist portion of the project?

According to one article, retail centers are dying a slow death. One retail analyst, "has forecast that 10 percent of the roughly 1,000 large malls in the U.S. will fail within the next 10 years and be converted into something with far less retail." The president/CEO of a large retail property management company says, ""I don’t think we’re overbuilt, I think we’re under-demolished."

Another article discusses how shopping centers are having to evolve, re-purpose. Consumers are purchasing more on-line, but will still buy groceries and services (medical, gym, restaurants, movies) locally.

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