A Mutually Beneficial Incentive
Following the departure of JC Penney, Hull Property Group recognized the potential to strengthen the LaGrange Mall by investing in the redevelopment of the anchor bay and surround space. Given the financial investment needed to create an attractive small market offering to big name retailers, Hull Property Group worked with the City of LaGrange leadership and Troupe County officials to create a Tax Allocation District (TAD).
A Powerful Regional Retail Center
The TAD froze property tax collections for the Mall at current rates with any increases in value going toward paying the debt incurred in the proposed development and tenant buildouts. By reducing the overhead costs for the tenant and alleviating Hull Property Group's financial burden of the initial investment, the collaborative effort has yielded commitments from a national sporting goods store and big-box home furnishing store in addition to a fully leased multi-tenant outparcel
Collaborative Civic Partnerships
Joint partnerships with local leadership generates a competitive advantage for cities interested in boosting retail growth and sales revenue.
Watch a video of the press conference announcing the official formation of the Tax Allocation District featuring remarks by Hull Property Group and local city and county leaders.
Unique Customer Experiences
Event driven marketing initiatives create customer traffic and inspire local shoppers to reinforce properties as an important part of the community.
The READS Program
Created and run by Hull Property Group’s marketing team, the READS Program is an event driven marketing series held in mall common areas that aims to foster community support and bring families to their local mall to encourage local reading success. The program hosts two events for partnering schools that inspire students and provide public recognition for reading achievements. Each event features interactive sets, programs and games created and staffed by Hull Property Group.
Connecting with Target Shoppers
An event platform that can be replicated and repeated to bring in family shopping traffic, boost weeknight sales and positively influence the community’s perception of the experience at the property. This year the READS program has partnered with over 100 elementary schools and hosted more than 50 events. To continue the program’s growth, Hull Property Group created a full service website www.ourcityreads.com to provide information to schools, parents, sponsors and volunteers.
Watch a video showcasing the READS events across multiple Hull Property Group properties to see how we bring reading fun and inspiration to life.
View a before and after presentation showcasing the transformation of the Liberty Fair Mall into the
Village of Martinsville.
A Risky Redevelopment
Hull Property Group purchased the Liberty Fair Mall in Martinsville, Virginia knowing it would not succeed as an enclosed mall property. With a high vacancy rate, a dated interior and ill functioning layout, the property was struggling. However, the highly trafficked location in this small market could not be beat. The company created a plan to shut down the interior, relocate select tenants to the exterior, demolish un-leasable space and market the property as a strip center.
Improving the Shopping Experience
Demolishing significant portions of existing space and converting the failing enclosed mall to an outward facing shopping complex with modern storefronts and exterior visibility enabled Hull Property Group to obtain a 97% occupancy with national tenants. The resulting center is now anchored by Belk, Kroger, Office Max, Marshalls, Dunham’s, Pet Sense, Jo Ann’s Fabrics, AT&T, Kay Jewelers, Maurice’s and Rack Room Shoes.
Maximizing Retail Opportunities
Together integrated in house departments create functional shopping environments, achieve tenant needs and maximize outparcel space to create unique retail opportunities.
Small Market Success
Dedication to finding the right tenant and creating a first-class tenant mix attracts retailers to smaller markets they may not otherwise consider.
With Sears and JC Penney closing stores, Hull Property Group was faced with vacant anchor spaces across its portfolio. Persistent that these markets could support a retail offering, the company’s leasing team took time developing relationships with big box stores looking to expand. Understanding our vision to create a first class shopping destination and over time seeing our dedication to only leasing to a tenant that matched that vision, new retailers began to consider unlikely new markets.
New Life for Enclosed Malls
The leasing team’s dedication led to new big box tenants for several enclosed malls in Hull Property Group’s portfolio including Dunham’s Sporting Goods, TJ Maxx, Marshall’s, Burlington Coat Factory, Michael’s, Hobby Lobby and Stein Mart. Recently, Dunham’s Sporting Goods opened a 90,000 sf store in a former Boscov’s in the Danville Mall in Danville, Virginia and construction on a 32,000 sf Stein Mart is underway in a former Sears in the Auburn Mall in Auburn, Alabama.
View photos showcasing new life for vacant anchor spaces across Hull Property Group’s retail portfolio.