Von Maur

[vaflyer]

[category=]Retail[/category]

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[category=]Far North[/category]
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Address: 2501 W. Memorial Phone: Hours: Type: Development: Quail Springs Mall Status: under construction, to open October 18, 2014 Square Feet 150,000 Links: Official Website Facebook Page

Information & Latest News

October 18, 2014: Grand Opening
10/31/13: $12.75 million building permit to remodel to retail space
10/31/13: $7 million building permit to renovate to shell
2/27/13: Von Maur to open store
2/23/12: Sears sells store

Here are the floor plans and elevations for this project. The exterior will look very similar to the color photo.













1st Level, south half:




1st Level, north half:




2nd Level, south half:




2nd Level, north half:

Gallery

[lasomeday]

What stores do General Growth operate?

[vaflyer]

General Growth owns Quail Springs Mall but they previously did not own the Sears store at the mall. Clearly, General Growth must have some plans for the store if they are purchasing it.

[SoonerDave]

Would not surprise me at all for this to represent the leading edge of the storm that will eventually bring an end to Sears entirely.

I'm no expert, but what I've read in some business articles suggests Sears may go down in merchandising circles as one of the most incompetently managed names in American retail history, just bungle on top of bungle on top of bungle. KMart's ownership may represent just the finishing touch on what used to be one of the U.S. biggest names. Although I haven't shopped at Sears in years, it was a nearly-weekly travail to Sears for something when I was growing up. Now its just a forgotten leftover, seemingly just trying to hang on until it finally goes kaput.

[scootinger]

Interesting. Is this a matter of the QS store not doing well, Sears liquidating real estate (in their present financial situation), or General Growth giving them a really good offer for properties that they have certain plans for?

I could see Sears closing the QS store because they don't get very good sales/performance for the value of the real estate that the store is at. They seem to manage to stay afloat even in "low-rent" locations that aren't retail hotspots (ie Heritage Park, 44th/Western in the OKC area). Perhaps another department store could get better value from the property than Sears.

Anyway, $270M seems like a very high price for this deal (especially since some of the sales are just leases?) Makes me think even more that it could be GGP having some sort of big plans for the malls (like a "town center"-style redevelopment). The assessor places the value of the QS Sears building at a bit under $7M. I'm not sure about the value of the rest of the properties they're getting rid of, but there don't really appear to be any that are insanely expensive pieces of real estate (maybe except for Honolulu). The only other area I know about is the Council Bluffs one, and that's probably not even worth as much as the Quail location.

If they plan to lease it to another department store, i'd be curious as to who would open a store there. I don't foresee high-end department stores like Saks or Nordstrom wanting to locate at Quail Springs, it's probably not as upscale as they like (as opposed to Penn Square for instance). And the cheaper department stores tend to open smaller stores in strip malls/power centers these days. In fact i'd wonder how long it will be until JCPenney moves out of Quail and opens a smaller store nearby (like they did with Crossroads).

[Pete]

It's probably a preemptive move by the mall owner as department stores have been failing all over the U.S. and they leave huge, depressing holes.

At least this way they can take control and try to redevelop or lease the space.


It wasn't that long ago that Sears was the biggest retailer in the U.S. An absolute stunning fall and cautionary tale to evolve or die.

[Oil Capital]

Would not surprise me at all for this to represent the leading edge of the storm that will eventually bring an end to Sears entirely.

I'm no expert, but what I've read in some business articles suggests Sears may go down in merchandising circles as one of the most incompetently managed names in American retail history, just bungle on top of bungle on top of bungle. KMart's ownership may represent just the finishing touch on what used to be one of the U.S. biggest names. Although I haven't shopped at Sears in years, it was a nearly-weekly travail to Sears for something when I was growing up. Now its just a forgotten leftover, seemingly just trying to hang on until it finally goes kaput.

You are exactly right. I think the end of Sears is fast approaching.

[Oil Capital]

Interesting. Is this a matter of the QS store not doing well, Sears liquidating real estate (in their present financial situation), or General Growth giving them a really good offer for properties that they have certain plans for?

I could see Sears closing the QS store because they don't get very good sales/performance for the value of the real estate that the store is at. They seem to manage to stay afloat even in "low-rent" locations that aren't retail hotspots (ie Heritage Park, 44th/Western in the OKC area). Perhaps another department store could get better value from the property than Sears.

Anyway, $270M seems like a very high price for this deal (especially since some of the sales are just leases?) Makes me think even more that it could be GGP having some sort of big plans for the malls (like a "town center"-style redevelopment). The assessor places the value of the QS Sears building at a bit under $7M. I'm not sure about the value of the rest of the properties they're getting rid of, but there don't really appear to be any that are insanely expensive pieces of real estate (maybe except for Honolulu). The only other area I know about is the Council Bluffs one, and that's probably not even worth as much as the Quail location.

If they plan to lease it to another department store, i'd be curious as to who would open a store there. I don't foresee high-end department stores like Saks or Nordstrom wanting to locate at Quail Springs, it's probably not as upscale as they like (as opposed to Penn Square for instance). And the cheaper department stores tend to open smaller stores in strip malls/power centers these days. In fact i'd wonder how long it will be until JCPenney moves out of Quail and opens a smaller store nearby (like they did with Crossroads).

Yeah, it's a little hard to figure out what GGP has planned. The Honolulu and Woodlands locations might be good candidates for a higher-end replacement stores, but not so for most of the rest of that list.

[SoonerDave]

I have a tough time believing that Sears at 44th and Western location is doing more than barely hanging on. The times I drive by there the parking lot is nearly vacant, certainly compared to Target across the street.

[Soonerman]

Yep It looks as if Sears is going the way of Montgomery Ward. I'm giving Sears 2 years and thats being nice.

[SSEiYah]

Lifetime warranty on all my craftsman stuff is about to be useless if they go under....

[jbkrems]

Yeah, and I know that QS Mall is having a lot of turnover, these days. I know Rue 21 is getting ready to open in the mall, but Stride Rite closed earlier this year, and Suncoast Music/Movies is closing VERY soon (every time I walk at the mall, at least one night a week, they have a Closing Sale and are selling fixtures). There may be other leases winding up, as well. So, the fact that Sears will close at some point does not surprise me. I hope GGP knows what they are doing at QS Mall.

[MikeOKC]

From CBS: Sears to spin off some stores, reports loss

"The operator of Sears and Kmart also says they will sell 11 stores to General Growth Properties for $270 million."

[poe]

Would be nice to see some type of development similar to The Woodlands (i.e. an outdoor shopping area as well as the typical mall) if, or when, the store closes. Of course, it could be an opportunity for one of those Midwestern department store chains to open up in OKC - Von Maur or Younkers. I would imagine Dillard's would ultimately win and move into the space since they're into segregation of women's and men's.

[Pete]

When a department closes at a mall near me here in Cali, they tore it down the created an extension to the mall that was outdoors, with several sit-down restaurants.

Turned out very nice and it kind of walks the line between mall and lifestyle center.

[transport_oklahoma]

Sears is still like the 4th or 5th largest retailer and is ranked number 7 in on-line sales.

[MDot]

When a department closes at a mall near me here in Cali, they tore it down the created an extension to the mall that was outdoors, with several sit-down restaurants.

Turned out very nice and it kind of walks the line between mall and lifestyle center.

That does sound pretty nice.

[Pete]

Sears Holdings also includes K-Mart.

[MDot]

Sears is still like the 4th or 5th largest retailer and is ranked number 7 in on-line sales.

Amazon, Apple, and Wal-Mart were no surprise to me but the rest of the top 10 was kind of unexpected to say the least.

[Chicken In The Rough]

Maybe a new home for Old Paris?

[Soonerman]

Maybe a new home for Old Paris?

They should go to Crossroads.

[ljbab728]

http://newsok.com/sears-store-in-okl...rticle/3651684

[oneforone]

I'm wondering if Sears may have a behind the scenes Gentlemens agreement with Walmart. The county assessors site still shows Sears owning the land the neighborhood market occupies on 44th. I'm willing to bet they were considering moving the store elsewhere and Walmart probably has a contract for lease to own and first dibs on the Sears store site. They could easily build a Supercenter on that site and convert the existing store into retail lease space.

[okc_bel_air]

I used to work at that Sears during the holidays. Talked to some friends still there and they were completely unaware this happened. Looks like employees have to read it in the news before Sears even tells their own employees.

[ljbab728]

I used to work at that Sears during the holidays. Talked to some friends still there and they were completely unaware this happened. Looks like employees have to read it in the news before Sears even tells their own employees.

It sounds like they will at least have about a year to make plans. Hopefully there will be something ready to take Sears place when it closes that they can fall back on.