The Decline
The mall did well in the beginning, despite its location in the relatively undeveloped southern portion of Dallas. The mall is located near the intersection of U.S. Route 67 and Interstate 20 at 3662 W. Camp Wisdom Road. As early as the mid-1980s, demographics began to change dramatically in the area surrounding Red Bird Mall, and at the same time a perception of crime began to brand the area so shoppers began taking their business elsewhere. And, in 1988, another regional mall—Parks Mall in Arlington, Texas—opened just 15 miles west of Red Bird Mall.
DeBartolo attempted to remodel the mall in 1996, in an attempt to rejuvenate the look. The mall was then sold to NAAMCO Financial, a California investment group. It was at this time that NAAMCO, in an attempt to attract new tenants, gave the mall a small refurbishment and new name – Southwest Center Mall. The name changed in 1997. A new food court was added under the reign of DeBartolo. The addition was finished and occupied in 1998 at the mall's northwest entrance. With a price tag of $18 million, the food court took up the lion's share of updates; upon its change of hands and change of name. In addition, though, Dillard’s increased their store size from 100,000 to 150,000 square feet (14,000 m2), and Sears renovated their entire store in 1998. Montgomery Ward left the mall when it liquidated, and J. C. Penney closed its store in 2001. This marked the beginning of the end of the mall as stores such as Sam Goody and Old Navy (which had moved in in 2000) closed their businesses in 2003 with other big name stores following suit including Dillards.
NAMCO attempted unsuccessfully to sell the mall to General Growth Properties in 2004.
The property eventually went into bankruptcy in 2008; then foreclosure, the lender Madison Capital picked up the property, Cityview Commercial was formed as a partner with Madison. A dynamic General Manager formed a partnership with the City, Community and Ownership to assist with the endeavor of turning the mall around. Much progress was made, the General Manager resigned and Boxer was hired to manage the property. The former General Manager is slated to rejoin Southwest Center Mall in April 2011 and is tasked with the final 25% of development and lease up.
Read more about this topic: Southwest Center Mall
Famous quotes containing the word decline:
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—Friedrich Nietzsche (1844–1900)