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).
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.
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
The American Dream Project
A small business initiative that connects entrepreneurs with brick-and-mortar spaces and creates community opportunities and success.
A Small Business Initiative
We began to see more brands face financial troubles and close stores in small towns. But, where national retailers were struggling, local businesses were thriving. Many started in their homes, built followings online and needed space to grow. Seeing retailers leave behind beautiful move-in ready storefronts, we thought of what an opportunity this would be for a new business to see the value of brick-and-mortar without needing to invest in fixtures or a store buildout. We created the American Dream Project and launched a pop-up opportunity for local businesses to pilot a storefront.
Visit dreambighere.com to learn more about Hull Property Group’s small business initiative and current opportunities throughout the country.
The Future of Brick-and-Mortar
The initial pop-up opportunity launched in four markets and the response was overwhelming. Eight businesses popped open and half signed leases to stay. We learned many didn’t think they could afford to operate in a storefront previously home to a national brand. Understanding such concerns, we had open conversations about income, expenses and operations and worked to create agreements that allowed success and growth for the business and the property. We’ve now grown the American Dream Project well beyond pop-up shops to work with more small businesses seeking to grow a physical presence.
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.
Maximizing Retail Opportunities
Together integrated in house departments create functional shopping environments, achieve tenant needs and maximize outparcel space to create unique retail opportunities.
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.
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.
View photos showcasing new life for vacant anchor spaces across Hull Property Group’s retail portfolio.
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.