Hull said it welcomes new and existing tenants that will be a good fit in the overall mall landscape. Remaining retail outlets include Burlington Coat Factory, JCPenney and Old Navy. Several mall stores have closed over the last few years, including Sears, the original anchor store. Stabilizing a property such as Whitney Field also involves “having the right tenant mix.” Similarly, that’s what the Leominster mall’s new owners have in mind.
#WORLD OF DEMONS LEASE UPDATE#
Pheasant Lane a decade ago saw the need to update its physical footprint, plus expand and update its retail and restaurant offerings. It’s far enough away from those two mega retail centers to cultivate - and re-energize - its own customer base. Leominster’s mall, while not on the scale of the Burlington Mall or Nashua, N.H.’s Pheasant Lane Mall, has location in its favor. “It is positioned properly, and it is something we can market to potential clients.
“It is all demand-driven and we are thinking because of the renovations and repositioning there will be additional demands and we are pretty good about opening that door,” he said of Whitney Field. When asked about examples of other malls that Hull has been able to revitalize, Mulherin mentioned properties in Alabama, Georgia, and Texas, among others, where their formula has proven successful. It’s our niche market, and we have that skill set that enables us to do that.” … You have to have a certain skill set in order to be able to operate these properties efficiently.
“There is not a more least-liked property in America than the enclosed mall. “When we first came up here, we talked about our process of buying struggling mall properties, some would even say failing mall properties,” Mulherin told the newspaper. It specializes in taking declining malls and turning them profitable again by following “a programmatic formula” that has proven successful. Hull, headquartered in Augusta, Ga., owns 30 malls nationally, with Leominster its lone property in New England.
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