Two bits of information about Best Buy and Crossroads Mall.

[Larry OKC]

megax, I'm laughing because in your own way, you got it right. The story should be posting at NewsOk shortly... but you deserve an early notice of it: Crossroads has indeed been sold ... to "two dudes," as you say - Michael Dillard and Roddy Bates. I'll let Richard Mize unravel the rest of the story....

Thanks to Megax11's insistence & Steve's "heads up", here it is:
Read more: http://newsok.com/oklahoma-citys-rap...#ixzz1XtfUSxym

Local investors bought Crossroads Mall on Tuesday in a deal that will surprise people who assumed it was doomed: They plan to keep it open as a mall.

Mike Dillard and Roddy Bates, owners of Raptor Properties LLC, paid $3.5 million... As recently as June, the asking price for the 762,532-square-foot property was $6 million, one-fourth the $24 million asked when the mall property, which then included other space that has since sold, landed among Price Edwards & Co.'s retail listings in summer 2009.

Raptor Properties acquired the main mall building with 383,784 square feet; the former J.C. Penney store, 198,358 square feet; the former Steve & Barry's, 157,000 square feet; and the former Ward's Automotive, 23,390 square feet. Several other former Crossroads properties previously sold to other investors.

Now all we need is confirmation from the County Assessor's site to show that the deal hasn't fallen through at the last minute and the property has indeed (no pun intended) changed hands...

[Thunder]

Great work, Steve.

I am truly happy that Crossroads Mall will revive and be back! Its going to be the hottest place in town! Who cares about outdoor shopping strips. Majority of people still love shopping multiple places in a climate controlled building. Now the key is advertisement. The word needs to be out there to remind the people that Crossroads Mall is not dead and that its up to them to be smart by continuing to shop at businesses there.

Next year's Christmas will have this place packed while Penn Square Mall watch in disbelief.

People will start to notice parking spaces easily available at Penn Square Mall and Quail Spring Mall. LOL!

[jn1780]

It's nice that someone bought it. But, there going to have to say something a little bit more then just "were going to give the mall some TLC and attract new businesses" for me to get excited. I don't usually associate TLC with major improvements.

[megax11]

Thanks, guys.

I just saw it on news9 this morning. It makes me happy. Now we can talk about what we want to see in the mall. If these new owners play their cards right, some good things can come out of this.

I don't mean to beat a dead horse, but I just want to speculate based on my dream. I'm only talking cosmetic, but maybe you guys can give your opinions on how you want it to look inside.

In my dreams, I have seen the mall in two different renovated styles.

The first one had white flooring with small green diamonds inbetween every 4 tiles. Green pillars divided each store. Both white and green had marble.

The second one, and I've started having dreams seeing it look this way more, still had a brown look. I keep seeing very bright neon, however. While brown in look, it still had a very modern feel.

Not that I'm saying my dreams will peg exactly how it looks, but my dreams have been known to come true more often than not.

How do YOU GUYS want it to look inside, if they indeed renovate?

Anyhow, good times ahead hopefully for the city. The more this city blooms, the better.

[megax11]

Oh, and I wanted to add that the credit isn't all mine. The guy at Best Buy was obviously right. I'm just glad he was right.

I wanted to add to my above post, in saying that I hope to god people at the businesses around the mall get out of dodge. Having business colleges next to the mall doesn't help anything. My friends at Toys R Us will be happy to know this, as at one time they were wanting to move to Moore, but decided to stay put. Maybe they will have more traffic now.

The empty jacked up parking lots near the mall should be sold off to anyone wanting to build small plazas for more retail use.

This is all hopes anyhow. If the city helps, as these two new owners want them to, or if others see what's happening, here's hoping lots of good stuff happens to the mall and its surrounding areas.

[Charlie40]

I would be all for remodeling the mall back to the way it looked when it opend in the 70's it was so cool looking in there then.

[MrZ]

Get rid of all the ghetto stores and hire a lot more security guards would be the first step to bringing Crossroads back to life. Not feeling safe and secure is one of the things that I think really drove people from Crossroads to other malls. A loooong way to go to even begin to bring that mall back to somewhere that would attract people who don't live within a few miles of it.

[megax11]

I agree. They need to get rid of all the stupid convienant stores inside the mall. If they're in a booth, fine. However, I see some of the worst style of stores for a mall, in the actual units.

They need to try and entice Dillards to come back, not as a clearance store, but as a normal Dillards store.

If I were these two guys, who obviously had the money to buy the mall, I would do this in this order -

1: Not be cheap about fixing up the mall.

2: Before fixing up Crossroads, I would sell the idea back to stores that left (anchors). I would ask them what it would take for them to come back. Tell them the plan is to lower rent and nickel and dime every store like previous owners did, without listening to their needs.

3: If I can get Penney's, Dillards, and Macy's back, I would then take the Steve and Barry's location, destroy it, and ask AMC theatres if they would like to build a movie theatre in that spot. This way the mall has a theatre built in.

4: With those people back on the list, I would start renovating the mall. Based on my dreams, personally, I would go with a lighter color. The White and green marble look. Brighten up the mall. However, any renovation to modernize is better than none.

Also in modernizing the mall on the inside, I would modernize it on the outside.

5: I would make the middle of the mall the food court. OR, I would put the eateries near the theatre if I could get one in the old Wards/Barry's location. Keep the eateries together.

6: I would get more security, although even Penn Square Mall has seen its share of rapes, murders, and robberies.

7: I would tell the small mom and pops stores to get booths for the middle of the mall, or just leave. No offense, but in bringing something back to life, Hollister wins over a convienance store.

8: I would try and get stores that are popular in other malls. For teens or adults like me who wear it, I would try and lure Buckle, Hollister, Abercrombie, etc. I would try and get back Candyopolis (sp). Spencers, I would like to see come back. Mall already has a Victoria's Secret and Gamestop.

These are some ideas. However, if these new owners want to hit the home run, they have to first and foremost, NOT BE CHEAPSKATES! They have to please the merchants and do some serious butt kissing to get anchors back. I wouldn't go for 4 anchors, because if I owned the mall, I would like to see a movie theatre inside, to streamline the surrounding area. Plus the AMC Crossroads (formerly Regal) is looking a bit dated.

Now then, the surrounding areas. If this is all successful, I would start fixing up the parking lot around the mall. The areas where the parking lot is jacked up further out, I would repave those and get some small plazas built in hopes of trying to lure something other than business colleges.

If those are successful and the money starts piling in, I would then make an offer to the business colleges for their buildings. If they agree, I give them the cash and send them on their merry way. AHA, here is the kicker. I wouldn't shape those buildings into new retail. I would doze it all. I am talking about the former Best Buy (not the one that's currently open near CRM) which is now a business school, and all of the buildings next to it.

What purpose does this serve? This would make it so people can see the mall from I-35. People always say the mall not being able to be seen is a bad thing, so make it visible.

Texas Roadhouse can stay, since it still looks in good shape.

[Martin]

3: If I can get Penney's, Dillards, and Macy's back, I would then take the Steve and Barry's location, destroy it, and ask AMC theatres if they would like to build a movie theatre in that spot. This way the mall has a theatre built in.

while i'm skeptical on crossroad's ability to make a rebound, i agree that getting anchors would be a wise first step. it'd be a longshot but dillards and macy's could maybe make a return if given the proper incentive. however, a jc penney in crossroads would compete against newer locations already a short distance away in both moore and midwest city. as for theatres, i'm pretty certain regal cinema is struggling. with destination cinemas such as warren just a few miles south and (to a lesser degree) harkins just a few miles north, i don't see how a new theatre attached to crossroads would be seen as a good risk.

-M

[megax11]

while i'm skeptical on crossroad's ability to make a rebound, i agree that getting anchors would be a wise first step. it'd be a longshot but dillards and macy's could maybe make a return if given the proper incentive. however, a jc penney in crossroads would compete against newer locations already a short distance away in both moore and midwest city. as for theatres, i'm pretty certain regal cinema is struggling. with destination cinemas such as warren just a few miles south and (to a lesser degree) harkins just a few miles north, i don't see how a new theatre attached to crossroads would be seen as a good risk.

-M

Well for the movie theatre aspect, I think of it like this. Hollywood Spotlight 14 is still alive and kicking in Norman, despite being about the same distance from Warren, as CRM is from Warren.

AMC runs AMC 24 in Quail Springs. They could simply make a nice theatre for Crossroads. AMC runs Regal 16 now, near Crossroads, not Regal. They're long gone. So it would be AMC.

Anyhow, I remember when Warren was sold out for the latest Harry Potter. People were going to AMC 16 Crossroads. I also remember at a certain time of the day, ALL of Moore lost power, so people got turned away in buying Harry Potter tickets. So again, they went to AMC Crossroads 16.

This means business can still be had, but if AMC were to even put in one of their bootleg IMAX's, despite Warren having a real one just a ways away, people would still go for various other reasons. Some may just not like the cramped nature of Moore. It does feel really cramped.

People could furthermore, enjoy some shopping at the mall, before heading to the theatre to see a flick.

Just an idea, but having a theatre built onto the mall, instead of outside, could help the malls image in being more modern.

[kevinpate]

Get rid of all the ghetto stores and hire a lot more security guards would be the first step to bringing Crossroads back to life. Not feeling safe and secure is one of the things that I think really drove people from Crossroads to other malls. A loooong way to go to even begin to bring that mall back to somewhere that would attract people who don't live within a few miles of it.

bleh, you're at less risk at CR than a northside mall, You're also more bored and have far less selection, but your risk is not greater at CR.

[Larry OKC]

As far as looks go, hard to lose with classy (marble) or even Retro and I love neon. The challenge to any of it is having DEEP pockets to pull it off. They got it for a surprisingly low amount. As mmm pointed out getting former anchors back doesn't seem realistic if they have built/relocated nearby (probably either owning or long term leases). Unless they open a store somehow related (like the rumored Clearance Dillards or outlet mall types). The outlet type seems to be the most promising right now if they can latch on to the coat tails of the success of the other one. That one is maxed out and and a retailer that was wanted to move quickly could renovate and get opened before an expansion could get built out there. Plus any expansion would probably have to be a certain amount pre-leased before they would begin construction where this could be done 1 by 1.

Crossroads was destination shopping when it was built, IIRC, it was the 8th largest mall in the country. Bring back the types of businesses that were there that we fondly remember.

[Thunder]

Get rid of all the ghetto stores and hire a lot more security guards would be the first step to bringing Crossroads back to life. Not feeling safe and secure is one of the things that I think really drove people from Crossroads to other malls. A loooong way to go to even begin to bring that mall back to somewhere that would attract people who don't live within a few miles of it.

I strongly disagree with this ill-informed statement. Crossroads Mall is extremely safe. I feel safe going there, so does many people. Lets look at Penn Square Mall where thousands of people flock to the mall knowing there is a high crime rate and that it could potentially happen to them. *yawnz*

[Thunder]

As far as looks go, hard to lose with classy (marble) or even Retro and I love neon. The challenge to any of it is having DEEP pockets to pull it off. They got it for a surprisingly low amount. As mmm pointed out getting former anchors back doesn't seem realistic if they have built/relocated nearby (probably either owning or long term leases). Unless they open a store somehow related (like the rumored Clearance Dillards or outlet mall types). The outlet type seems to be the most promising right now if they can latch on to the coat tails of the success of the other one. That one is maxed out and and a retailer that was wanted to move quickly could renovate and get opened before an expansion could get built out there. Plus any expansion would probably have to be a certain amount pre-leased before they would begin construction where this could be done 1 by 1.

Crossroads was destination shopping when it was built, IIRC, it was the 8th largest mall in the country. Bring back the types of businesses that were there that we fondly remember.

LoL?!

Look at Walmart. There are so many of them in close proximity. So what? Dillard's and JCPenney can have some stores being in close proximity. Remember, its always smart to cover as much bases possible. Who cares about stores competing against each other? They are under the same company! Having more stores spread out will bring in more money for the company overall, because there would be a store that is nearby that people would go there to shop. For example, someone in South OKC may not feel like driving all the way to MWC, but if there is one at Crossroads Mall, then BINGO! Like I said, look at Walmart. Of course, Walmart stores competing against each other, but all of them are managed by the same company overall and look how successful. Okay?

I want Dillard's, Macy's, and JCPenney to come back to their original location. I'm not sure about the location of previously occupied Steve 'n Barry's sports...any info on that space?

[Charlie40]

Bring back wicks and sticks and so forth

[Larry OKC]

Thunder: point taken about Wal-mart. However, it works for them. Now how many Dillard's or JCPenney's etc can you name that would be in that same close proximity as they would be if they were to open another store in CSM?

The more buildings you have, the more overhead you have and most likely the less shoppers per store you have. Throngs of people flock to Wal-marts. I don't see quite the same concentration with a regular department store. Their store "leakage" is going to be more profound and more of a concern. I am sure they have requirements that they aren't going to have locations within a certain radius of each other without the needed density of residents to support them. Have to remember we are highly spread out metro area without population density.

All of that said, I think I mentioned it before, and it goes along with what you are saying...get Wal-mart to be one of your anchors. Same goes for a grocery store DT to help with the residency situation there. get Wal-mart to build a Neighborhood Market DT and problem solved. Well, maybe not because there are many people who dispise anything to do with Wal-mart & wouldn't set foot inside one. Fine, let Sunflower build a DT location. That seems to be more in line with those types anyway.

[Thunder]

I doubt that Walmart will be interested in being a mall anchor. Although, it would boost traffic to the mall 10x.

[megax11]

I know if I were a frequent Penney's shopper, I wouldn't be going to Moore. I hate driving through that small, cramped, area.

Having the convienance of not having to drive 15 minutes from southside north, to get to Penneys, or 15 minutes south to get to Penneys would be ideal.

It's like Best Buy. They have one covering all areas of the city. They're not hurting each other. Penneys and Dillards could be the same thing. Dillards, though, doesn't have any location in Moore, so it's either Norman, or PSM as the closest for southsiders.

I think the new owners will surprise us.

[grandshoemaster]

Bring back Jeans West and Chess King! LOL!! Crossroads never dies baby!!

[jn1780]

Look at Walmart. There are so many of them in close proximity. So what? Dillard's and JCPenney can have some stores being in close proximity. Remember, its always smart to cover as much bases possible. Who cares about stores competing against each other? They are under the same company! Having more stores spread out will bring in more money for the company overall, because there would be a store that is nearby that people would go there to shop. For example, someone in South OKC may not feel like driving all the way to MWC, but if there is one at Crossroads Mall, then BINGO! Like I said, look at Walmart. Of course, Walmart stores competing against each other, but all of them are managed by the same company overall and look how successful. Okay?

Walmart is a bad example. Walmart is probably one of the biggest contributors to the decline of the indoor mall. Walmart has a much larger demographic base to pull from and they can get away with building stores all over the place. In fact, their the reason why these other stores can't.

[jn1780]

Nm

[Larry OKC]

i hope you are all correct

[Questor]

Sounds like lots of people in this thread are eating crow after being so mean to megax11.

[Larry OKC]

LOL, after they became substantiated, verifiable (and not just 2nd, 3rd hand or more rumors), we have been ready to say so...

Even the National Enquirer got things right every so often. I remember when they were the only media outlet that got the M*A*S*H finale right. Entertainment Tonight and what other ones existed at the time, nope.

[Larry OKC]

got my wires crossed on that one